But all indicators are finally fixed beautiful

On listed companies in Central and Eastern Europe as on many others, the wrong time to will be quickly dissipated. For the management of the sicav Eurasud team, renamed IXIS Europe future last June, the agitated passage will be mainly provided an opportunity to make purchases in good balance. "If we had reduced the weight of this area in the early spring, the magnitude of this correction, mainly psychological, did not appear we justified in view of the quality of the fundamentals." "Eastern, EU member countries offer in effect of safeguards in the world of emerging countries since access to the EU imposes strict discipline financial and accounting," notes Dominique Delaporte.

Two years ago, IXIS Europe future flagship of IXIS Asset Management, had taken a watershed to the East. Created in 1989 by Marie-Jeanne Missoffe, initial ambition was to build on the convergence of the countries of southern Europe with growth took off with the influx of Community funds. Was the Manager assumed then that this area would result in a higher ROI with, in Exchange, a volatility higher that it should strive to reduce via the selection of values. "In 2004, these mechanisms of convergence were again on the agenda of the day with the enlargement of the European Union." "I then sought Dominique Delaporte, a Manager recognized for his expertise on the countries of the East, to accompany this change," traces the origin of the project manager.

Over these two years, the share of Central and Eastern Europe in the portfolio constantly increased from 25 to 49, while the two managers have maintained the possibility of reducing the wing for excitement more on emerging markets.

Now, the management of the funds therefore decomposes two-pronged. The first, led by Marie-Jeanne Missoffe remains invested in southern Europe. If this historic basement in theory designed to smooth out the volatility of the Fund, the Manager did not lowered its growth requirements and does not waive select volatile securities. "My priority is always to find companies whose turnover and margins can sustainably grow faster than the average European, says.". For example Geophysics, a title that I have recently strengthened has long been penalized by the underinvestment in the sector. But all indicators are finally fixed beautiful. Its order book is replenished, the profitability of its capital employed improved strongly, and the acquisition of Veritas, which in fact the leader of the seismic marine, will enable it to identify important industrial synergies.

Same logic for Finmeccanica, the Italian defence and aeronautics group. After years of acquisitions and restructuring, the group is refocused successfully on its core activities as evidenced by its order book and the progression of its margins.

Always in Italy, Marie-Jeanne Missoffe distinguishes Hera, a group of utilities (water, energy, environmental services) to consolidate this sector still fragmented across the Alps, and Trevi Finanziaria Industriale, a construction company that has found a growth relay in oil installations, through large contracts with Petrobras.

The Manager highlights also that convergence is not fully completed in southern Europe. "As in Eastern Europe, Greek banks are much higher than the average margin European with a growth rate without comparison (in part through the development of the credit which is developed through access to lower than in the past interest rates).". The National Bank of Greece is a good vehicle to invest in this sector as she won shares of the market in the Balkans.

The second part, entrusted to Dominique Delaporte, aims to find the nuggets of Eastern Europe. The funds are eligible for EAP (which assumes that 75 of the companies in the Fund are in the EU) new entrants are favored. "My principle is to find the best of each country, the former Soviet bloc countries are still relatively specialized." In Poland, I for example selected Bioton, a manufacturer of insulin which is gaining rapidly in Eastern Europe and China market share. In the Czech Republic, I am interested to Cez, a power producer whose margins are twice those of EDF.

Dominique Delaporte uses then the 25 margin to push the boundaries to the gates of the old Continent, via Gazprom in Russia, Kazakhmys, a producer of minerals based on the Khazakstan and listed in London, or BIM, a Turkish discounter in the agri-food distribution. "In view of the distrust on the Turkey, I have opted for very defensive companies on this market, prevents the Manager. Or BIM advantage to grow rapidly with low capital intensity. The profitability of its invested capital stood at 69. While the Turkish stock exchange lost 14 since the beginning of the year, the title rose by 14.