Constance AssociésPure Global Equity
Elephant pressing its forehead against a tree in Botswana — photograph by Philippe Robert.

Process

We invest in businesses, not in market movements.

  1. 01Anticipate
  2. 02Analyse
  3. 03Decide
  4. 04Manage

Four pillars

An investment process grounded in facts.

We seek to anticipate profound transformations in the global economy, identify their inflection points ahead of market consensus, and find the companies positioned to benefit from them over time. We listen widely, but we always take responsibility for our own decisions.

  1. 01Anticipate

    Anticipating structural change

    We analyse geopolitical, economic, social, climate-related, regulatory and technological developments… We assess their effects on industries, infrastructure, value chains and companies.

  2. 02Analyse

    Searching for opportunities for long-term value creation

    We identify the sectors, value chains and companies where the transformations we anticipate open up opportunities for long-term value creation. We then assess whether, for each company, this potential is supported by the quality of its leadership, its strategy, its execution capabilities and the human and financial resources it commits.

  3. 03Decide

    Forming our own judgement

    We meet management teams to exchange views, test our analysis against the facts and understand each company within its ecosystem: customers, suppliers, competitors, new entrants, substitutes and partners. In particular, we challenge long-term competitive advantages. Each discussion also provides read-across insights into other companies and industries.

  4. 04Manage

    Building portfolios

    Every investment decision weighs valuation against the potential for value creation. Each portfolio — whether a fund or a discretionary mandate — is built around its investment objective and universe, combining selectivity with diversification across sectors, geographies and business cycles, within a defined risk framework.

Process

One investment discipline

Constance applies a single investment discipline across all its funds and discretionary mandates: every portfolio is managed using exactly the same process and to the same standard.

A consistent approach to risk

Our investment horizon is long term, but risk is assessed and managed daily. A common discipline governs liquidity, diversification, and the number and weight of positions. Positions are built progressively and reviewed regularly.

ESG factors are an integral part of our investment process

To assess a company’s quality, the strength of its business model and its capacity to create value over the long term, we consider all relevant factors, including environmental, social and governance (ESG) factors.

All three Constance funds — Constance Be World, Constance Be America and Constance Be Europe — fall within the scope of Article 8 under the SFDR (view the ESG page).

Acting as shareholders

Our responsibility does not end with investment decisions. We monitor the companies held in our portfolios, engage with their management teams and exercise our voting rights on resolutions put to shareholders.

Constance Associés has been a signatory to the United Nations-supported Principles for Responsible Investment (PRI) since 2023. It publishes and regularly updates its shareholder engagement, voting and ESG integration policies, together with information on their implementation.

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