Investing in special situations

Scherzer & Co (PZS) is a listed asset holding company, focusing on equity investments. PZS invests in special situations, small and micro caps and value stocks, chiefly in Germany. PZS has a dual investment approach: it acquires stocks that are in takeover situations, buy-outs or similar capital restructuring situations and ‘mispriced’ value stocks with a perceived valuation floor due to high asset values, net cash positions or strong major shareholders. This approach has been successful in the past five years.