Alexander Aukner

Provides brokerage services

Provides brokerage services

ECM is an active alternative investment manager which follows a long/short equity strategy with a long- to very long-term investment horizon. They seek to generate excess risk-adjusted returns, conducting comprehensive analysis and proprietary research to invest in European equities. They focus mainly the Nordic countries and Germany, following investment themes such as oil services, IT consulting, healthcare software and technology, and the European power market deregulation. The firm leverages their expertise on small European companies as well as their international network of contacts to conduct research, visiting companies and avoiding investing in countries where they do not have dependable contacts. Their research process combines qualitative and quantitative analysis and includes developing models for potential investee companies. ECM evaluates companies on a qualitative basis for strategy, business model, management track record, execution abilities, management incentive programs, and ownership structure particularly in the case of closely-held businesses. They also meet with a company's customers and competitors. Their quantitative approach focuses on profit and loss, balance sheet, cash flow, significant ratios and peer group analysis. The firm manages a high-conviction, high-concentration portfolio of under-researched European small- to mid-cap stocks and tolerates a high level of volatility. They maintain reasonable exposure levels and a strong long bias. They also seek short investment opportunities among companies with a low-growth business model combined with high expectations and poor execution.