The fund maintains a concentrated portfolio with top 5 holdings representing 22.68% and focuses primarily on US-listed equities (97.03% as of August 2025). Recent top holdings include Uber Technologies, Markel Group, and Alphabet, comprising over 33% of portfolio weight. The fund targets mid-cap (36.7%), small-cap (22.7%), and micro-cap (17.0%) companies across diversified sectors including Financial Services, Communication Services, and Technology. Performance has been variable, with August 2025 showing 2.68% returns versus 3.63% for S&P 1500 Value, though year-to-date 2025 achieved 8.10% returns. The fund demonstrated strong 2024 performance with over 9% gains, with Uber making the largest contribution. The strategy emphasizes analyzing overlooked securities with little analyst coverage to identify undervalued opportunities. Portfolio construction follows a rigorous investment process targeting long-term capital growth through mainly US equities. The fund has shown ability to navigate challenging market conditions while maintaining disciplined value approach. Pricing occurs daily with Luxembourg SICAV structure providing institutional-quality access. The fund size reached €92.27 million as of August 2025, demonstrating significant growth since 2019 launch.

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The fund applies classical value investing principles developed by Benjamin Graham and David Dodd, focusing on companies trading below intrinsic value. The strategy emphasizes identifying specific catalysts such as spin-offs, management changes, and share buybacks that could release value. The fund uses Boyar Asset Management's research process, refined over 50 years, to find overlooked companies on Wall Street. The approach involves analyzing stocks with a venture capital mentality, as if purchasing entire companies. The objective is to maintain holdings until their hidden value is recognized by markets, following Warren Buffett's investment philosophy. The fund targets high-quality companies undervalued by markets through intensive research and disciplined analysis. The strategy emphasizes securities with little analyst coverage to reduce risk of purchasing overvalued assets. The fund maintains at least 75% allocation in US-listed shares, focusing on mid to small-cap undervalued companies. The ultimate goal is achieving superior long-term returns through in-depth analysis of securities outside mainstream investor focus. The investment process combines economic common sense with scientific rigor and mathematical techniques.

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