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Indépendance et Expansion SICAV is an equity fund which targets French and European Small and Mid Caps listed on a regulated market. The fund operates through two separate sub-funds, France Small and Europe Small.

Indépendance et Expansion follows a ‘quality value’ investment strategy. The main elements of analysis are low price-to-cash-flows and high returns on capital employed.Fondements théoriques

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The management company

The management company

Indépendance et Expansion is managed by 4 portfolio managers who share the passion of 'value' investing.

William Higgons, president of Stanwahr, manages the fund since 1992 without interruption,which allows him to display one of the industry’s longest track-record.L'équipe de gestion

Performance & NAV

Indépendance et Expansion - France Small

Subscriptions opened

Base 100 by end of December 1993

Past performance is not a guide to future performance; Initial investment is not guaranteed
* SBF Second marché until 31/12/2004 ; CAC Small NR from 31/12/2016 ; CAC Mid & Small NR since 01/01/2017

Statistics
Cumulated performance
CAC Mid & Small NR *
Annualized performance
CAC Mid & Small NR *
Volatility
CAC Mid & Small NR *
Tracking error
Information ratio

Data as of 
Information related to the share class X(C)

Indépendance et Expansion - Europe Small

Subscriptions opened

Base 100 by end of June 2018

Past performance is not a guide to future performance; Initial investment is not guaranteed

Statistics
Cumulated performance
STOXX® Europe ex UK Small NR *
Annualized performance
STOXX® Europe ex UK Small NR *
Volatility
STOXX® Europe ex UK Small NR *
Tracking error
Information ratio

Data as of 
Information related to the share class X(C)