Platforms are the most successful digital business model and act as interaction managers between suppliers, demanders and ecosystem participants. These platform companies can benefit from two-sided and multi-sided markets, network effects and data monetization.
Modern ecosystem and information-driven platforms are considered for the fund. Stock selection is guided by an individual proprietary investment process to select the most promising platform models. We review current market developments to keep the most attractive stocks in the portfolio for us.
Companies that are new to the stock market or have switched to a modern platform model are reviewed as candidates for the fund. A sale or exchange takes place when a company is more attractive, both fundamentally and quantitatively, than a company already in the portfolio.
In order to exploit their advantages, platforms often need a long start-up phase before they embark on their typical growth path. We therefore invest in the models for the long term, ideally right at the start of this growth path. Since good platform companies can better play out their advantages as they grow in size, we also hold their shares for the long term.
In most industries, platforms have developed particularly well in regions with large populations, large numbers of companies and a high propensity to invest, such as the Americas and Asia. We are monitoring these markets closely, also looking at Europe, Africa and Australia, where successful platform models are currently establishing themselves.