Edwin Flick brings more than 30 years of experience in investment research and has been active as an independent financial analyst since 2001, previously serving as a senior equity analyst at MeesPierson specializing in European IT services and software, holding an M.A. in Quantitative Business Economics from Erasmus University Rotterdam (1992). Felix Oberdorfer contributes more than 25 years in investment research and management, including leadership roles as Head of Research at MeesPierson and Fortis Bank, where he was awarded the no. 1 rating in the Thomson-Extel Institutional Investor survey for three consecutive years and obtained an M.A. in Financial Economics from Vrije Universiteit Amsterdam in 1998, operating as an independent analyst since 2016. Together, they form a highly experienced investment advisory team with deep expertise in fundamental analysis and value investing principles. Both managers have extensive backgrounds in European equity research and have built their careers on rigorous, bottom-up fundamental analysis. Their combined 55+ years of experience in investment research provides the foundation for the fund's disciplined value investing approach.

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The Citadel Value Fund follows a disciplined deep value investing philosophy inspired by Benjamin Graham's principles, guided by the principle that 'Investing is most intelligent when it is most business-like.' The fund's approach emphasizes that 'Price is what you pay, value is what you get' and believes that 'All intelligent investing is value investing — acquiring more than you are paying for.' The main objective is to protect against capital loss while realizing superior long-term returns by investing in undervalued companies. The fund employs a bottom-up, fundamental analysis approach with a 'buy and hold' strategy, focusing on small and mid-cap companies across global OECD markets. The investment process involves rigorous screening and in-depth fundamental analysis to estimate intrinsic value, seeking stocks trading at significant discounts (often 50% or more) to intrinsic value. An investment is made only when forecasting potential total return exceeding 100% over a 4-year time horizon. The portfolio is concentrated, typically holding 20 to 40 stocks, with low turnover (20-25%) emphasizing patience and long-term value realization. The fund avoids derivatives, borrowing, and short selling, maintaining a conservative risk management approach.

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