Bio
GNB Sociedade Gestora de Fundos de Investimento Mobiliário SA (GNB FIM) is the Lisbon-based subsidiary of ESAF Espirito Santo Activos Financeiros SGPS SA, ultimately owned by Banco Espirito Santo SA (XL: BES) in Portugal.\nFounded in 1987, the firm manages domestic funds for individual and institutional investors.
Mandate
GNB FIM is an active, research-oriented manager which follows a combined top-down and bottom-up investment methodology to construct geographically diversified portfolios with a focus on developed markets.\nThe firm performs analysis of economic growth projections by region, evaluating countries' growth patterns, interest rates and currency forecasts. This analysis is used to forecast potential returns over a one-year period for different asset classes.\nGNB FIM makes sectoral allocation of equity and bond investments based on macro- and microeconomic conditions. The firm selects suitable companies for investment following a bottom-up approach, analyzing a company's turnover profile, forecast of operational margins and operational leverage as well as the financing structure and financial leverage.\nFor equity investments, they also check if the current price is appropriate to the company's growth pattern and implicit risk, using in-house models to determine dividend discount and the price-to-earnings ratio.
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