Our fund invests in public companies.
We are value investors.

Successful investing is more an expression of a way of life than a mere investment style.

Investment philosophy

Zeno of Citium was a Greek philosopher. He was the founder of the Stoic school of philosophy and lectured in the eponymous portico in Athens. His philosophy influences Western culture until the present day. Successful investing requires character traits that are very much in line with the guidelines of Stoicism:
Humility, independent thinking, emotional self-control, serenity and the lifelong pursuit of self-awareness and personal growth.

Capital preservation and asymmetric risk profile

Safety of principal is our prime focus, but not avoiding volatility.
We search for undervalued stocks with an asymmetric risk profile.
No matter how long it takes, we look for the few good investment opportunities.

Crises as opportunities

We exploit irrational movements at financial markets by buying stocks below their intrinsic value. Such opportunities arise, for instance, during company-specific, industry-specific or macroeconomic crises.

Knowledge gained through analysis

We only invest in companies and situations that we understand. By this, we mean we understand the business model, management character and valuation.

Focus and long-term perspective

We are long-term investors. Our portfolio is focused.
In value investing, our role models are Benjamin Graham, Warren Buffett and Charles Munger.

Team

Zenon Investments is an entrepreneurial-led partnership.Since its foundation in 2008, Michael Birkel and Bernd Muehlfriedel have been its Managing Partners.

Dr. Michael Birkel

Since 2009 business angel and supervisory board member.
From 2009 to 2020 venture partner with VC firm Target Partners.
From 1999 to 2008 founder and CEO of 12snap AG (a mobile-commerce and -marketing pioneer).
Post-exit, member of the supervisory board for two years until 2010.
From 1998 to 1999 senior consultant with McKinsey&Company.
Ph.D. in Theoretical Physics (University of Oxford).

Prof. Dr. Bernd Mühlfriedel, CFA

Since 2013 Professor for Entrepreneurship at University of Applied Sciences Landshut.
Since 2008 university lecturer and supervisory board member.
From 1999 to 2008 founder and CFO of 12snap AG. Sale of company in 2006/2007.
From 1998 to 1999 senior consultant with McKinsey&Company.
Ph.D. in business science (TU Munich).

Investorenprofil

Our investors share our investment philosophy. They show tolerance for volatility and have an investment horizon of 5 years, at least.
They understand that often bear markets offer good investment opportunities.
Anyone looking for the following will not find it with us:
a broadly diversified portfolio of well-known stocks, panic attacks in face of temporary losses, an analyst team or fancy offices.

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