An experienced, motivated and very involved team…

François Badelon, Fund Manager, ESCP Graduate

25 years of experience in investment.

Rated AAA by Citywire, named best fund manager in the Equity Europe category (31 July 2006)

Founded Amiral Gestion in 2003

2001-2002: Joined Financière de l’Echiquier to create Sextant PEA

1986-2001: Director of European equity sales to institutional investors, with Exane

1986-1995: Equity trader with Meeschaert-Rousselle, and then with Exane

“I invested a part of my first student loans (at 9.50%) into RATP 81/91 securities at 17%. I made my first arbitrage without knowing it, and especially without the slightest risk! After long stays in Japan and in Africa, with Renault and Total, and a few nice races on the eight sweep of ESCP, I started my career as a broker in 1986 in the Parisian stock market with the firm Meeschaert-Rousselle. From 1990 to 2001, I had the opportunity to participate in the success of Exane, starting from nothing and becoming the top broker in France. I was able to understand the importance of excellent management, an essential net asset for any mid-sized company. From daily contact with excellent portfolio managers and reading the prophetic thoughts of Warren Buffett and Benjamin Graham, I was able to discover the main principals of investment. I then went on to team up with the company Financière de l’Echiquier. With the support of Didier Le Ménestrel, the manager of the famous Agressor fund, I launched Sextant PEA in January 2002, which I continue to manage with my partners at Amiral Gestion.”

Dominique Fière, Fund Manager, EM Lyon Graduate, SFAF* Certified Financial Analyst

25 years of experience in institutional investment.

Joined Amiral Gestion in 2006

2003-2006: Head of European equity large cap with Oddo Asset Management

2000-2003: Research sales coordinator with Exane

1999-2000: Institutional fund manager, European equities with Paribas Asset Management

I have known François Badelon since 1989 when I started as an asset manager with the firm Paribas Asset Management. At that time, he was the only salesperson in “la place de Paris” who never called his clients, he was too busy reading. I continued my career with passion, as an institutional investment manager for European stocks (Paribas, Oddo) and as an analyst (Exane) for 20 years, arriving at a simple conclusion: investing is working a lot all of the time to act only rarely. The entire asset management industry is nowadays ruled by the opposite principal. By joining Amiral Gestion, I found analysts and managers who shared the same values.”

Julien Lepage, Fund Manager, ESC Bordeaux Graduate

18 years of experience in investment. (initiated by a personal experience, the loss of my savings from my first summer job in the Crash of 1987 !)

Joined Amiral Gestion in 2004

1996-2004: Equity trader with Crédit du Nord, Gilbert Dupont, and Exane

“I had originally thought I could make it as a professional bridge or chess player; but going up against Gary Kasparov was maybe not the best idea for winning… I finally started my professional career with Crédit du Nord working on the Forex exchange market, a very lively sector in the 1990’s, but the arrival of the Euro enticed me to return to my passion: investment. After a brief stint with Gilbert Dupont, I rejoined Exane, where I spent 6 years advising French institutional managers. I learned a great deal, from contact with my clients, from the Exane management, and from my colleagues, one of whom suffered from a serious obsession. The symptoms: bringing up the name Warren Buffet at least 10 times a day and trying at all costs to dress in Camaïeu brand clothes, even though they have nothing in his size. Since March of 2004, I’ve been a partner at Amiral Gestion.”

Nicolas Komilikis, Fund Manager, ENS Cachan Graduate, French professional certification in economics and management

10 years of experience in investment.

Joined Amiral Gestion in 2005

2001-2003: Equity investment manager with Exane, intra-sector long/short equity

2000-2001: Financial analyst with Exane

1998-1999: Financial analyst with BNP Paribas

“I took my first steps in the stock market at the age of 20 when I was able to obtain a loan from my bank in order to invest the totality in shares of Carrefour and PPR. Losing a lamentable 40% of my earnings, I learned the first rule of investment; work to understand! I left at the age of 22 for London to discover the world of finance with Paribas doing financial analysis. Still marked by the image of Gekko’s suspenders in the film « Wall Street », I decided to conquer New York where I worked as an analyst with Exane before joining their management team in Paris. Having a great admiration for Amiral Gestion, I decided to become part of their team in January 2005. I am also passionate about the piano, and had thought that nothing demanded as much rigor and relentlessness until I discovered the career of an investor.”

Michel Vigier, Portfolio Manager, IEP and Law Degree, SFAF* Certified Financial Analyst

35 years of experience in finance.

Joined Amiral Gestion in 2005,

1996-2001: Investment advisor with Exane

1980-1995: CEO of Cholet-Dupont

“First as a financial analyst, then as a director of various brokerage companies, I came back to asset management a few years ago and have been with Amiral Gestion since September 2005. With my investments, I favor “ethical” criteria, that is to say, the quality of the relationships the different companies have with their personnel, their sub-contractors, their environment and their stock holders. Companies displaying deficiencies in one or more of these categories are therefore absent from my portfolio…”

Louis d’Arvieu

Financial analyst, Graduate Degree in International Taxation, HEC School of Management

"Starting with my first investment, I have been following the luminous principals of Warren Buffett: « an exceptional company, managed by people whom I appreciate, whom I admire and in whom I have confidance », whose activity I understand, having met the clients, the suppliers, the competitors and the directors ; and finally, largely undervalued by my competitors in the market: Amiral Gestion. It is in this company that I invested 100% of my professional life. My present objectif : to find another idea of this calibre in the next 40 years."

David Poulet

Financial analyst, Law Degree, ENS Cachan.

"With a background in law, at the age of 18 I invested my first paycheck in managed funds. I then became passionate about net asset management, investment and commerce. As an intern with Amiral Gestion in 2004, my collegues appreciated that I explained to them why I wanted to learn about investing with their firm. I left the next year to work at CLSA Asia-Pacific Markets in Hong Kong. I treked all over China on a quest to find a rare pearl for the management team at Amiral. Since returning to France, I continue to develop my passion by taking courses from the SFAF (Société Française des Analystes Financiers)."

Qilin Yang

Financial analyst, ESCP-EAP, University SISU of Shanghaï.

"I left China in 2004 to discover another form of capitalism in Europe. Having spent my youth in China, I benefit from first-hand experience (very much appreciated by the management team of Amiral Gestion) in my analysis of companies in the Asian market. My university studies (effectuated both in China and in Europe) permit me to have an excellent understanding of the different companies that I study. Now, as an analyst specializing in Asian zone markets, I often take my backpack and accompany the management team to meet with Chinese, Singapourian and Indonesian companies... The strength of the Asian market reassures me of the possibility of finding new investment opportunities in the next 20 years."

Raphaël Moreau

Financial analyst, Master of Business Administration, Essec Business School.

"I made my first investment in the stock market in 1998, when the French State listed a portion of its shares in France Telecom. Progressively, being won over by a passion for the markets, I gladly exchanged my school books for the financial press. Very quickly, the year 2000 took it upon itself to make me understand that you shouldn't put the carriage in front of the horses and that easy money didn't exist.

It was only in 2004, after my first finance classes at Essec, and especially after the enlightening reading of the writings of Warren Buffet, praising a simple but rigorous work ethic, that I understood the true meaning of the word "investment". My personal portfolio then became for me a veritable learning tool. Then, diverse experiences in the world of finance, numerous voyages and meetings - of which that of François Badelon - naturally led to my choosing Amiral Gestion after graduating. Since 2008, I too am participating in the relentless quest for that rare pearl."

Vincent Dubois

General Secretary, Graduate degree in Asset Management, University Paris Dauphine, IESEG School of Management.

"I met François during a conference he was giving at my University in March 2004, I immediately adhered to his vision of investment and regretted not having investing with him sooner. I joined the Amiral Gestion team in September of 2004, since then I have accompanied the management team on their quest for the grail: the "eternal" value (Warren Buffet style). A little work in perspective…"

Stéphane Granger - Middle office

20 years of investment experience. Degree in ITB and SFAF* Certified Financial Analyst.
"As a former singer / guitar player and former international asset manager, I can vouch for Julien Lepage's qualities since 1998. After having experienced the craziness of benchmarked management at the end of the "Internet bubble", I am on the lookout today, between two net asset value calculations of the Sextant Funds, for unjustly neglected values."