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The Acquirers Podcast
Undervalued stocks in Japan and England with Ben Beneche, co-founder Tourbillon Partners | S06 E40
Nov 4, 2024
Ben Beneche, co-founder of Tourbillon Partners, shares his insights as a global investor in durable businesses. He dives into the unique characteristics that make smaller and mid-sized companies resilient. Discussions include portfolio construction and the importance of cash flow, along with the cultural aspects of Japanese companies. Beneche also examines market dynamics in Japan's drugstore sector and the growth potential of Howden Joinery in the UK. Finally, he offers strategies for finding undervalued stocks, focusing on high-quality investments with a margin of safety.
01:00:17
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Quick takeaways
- Torbillon Partners focuses on small to midsize businesses globally, leveraging opportunities not typically available in large-cap firms.
- The investment strategy emphasizes identifying durable companies with competitive advantages, narrowing down options to a few hundred strong contenders.
Deep dives
Introduction to Torbillon Partners
Torbillon Partners is an offshore fund that primarily invests in a select number of durable businesses globally, typically ranging from 15 to 25 investments. The firm focuses more on small to midsize companies due to the greater availability of opportunities in this segment compared to large-cap firms. Currently, only about 20% of their portfolio is allocated to U.S.-listed companies, with significant investments in Europe and Japan. The approach emphasizes understanding both qualitative and quantitative factors rather than adhering strictly to conventional small/mid-cap definitions.
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Discover
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