Lucerne Capital Management, LP

Lucerne Capital Management, L.P. is an investment firm that specializes in fundamental, bottom-up stock selection with a focus on European markets. Founded in 2000, it combines over four decades of experience in European equity research with a private equity investment style that involves tactical trading around value dislocations. The portfolio managers, Pieter Taselaar and Thijs Hovers, actively seek investment opportunities characterized by inefficiencies caused by reporting lags, inadequate analyst coverage, misunderstood trade and fiscal policies, and shifting industry dynamics. ### Investment PhilosophyThe investment approach of Lucerne Capital can be described as possessing a private buyer's perspective, aiming to own high-quality, sustainable assets at attractive prices for the long term. The firm emphasizes the power of compounding and employs a disciplined and repeatable process that is cash flow-focused in its methodologies. ### Goals and PhilosophyLucerne Capital is long-term focused, and their strategic sectors include Industrials, Consumer, Energy, Business Services, Telecoms, Technology, and Financials, with key geographic areas of investment being Benelux, Germany, France, Switzerland, Northern Italy, and Scandinavia. They offer various products including Long/Short, Long-Only, and customized SMA products, catering to investors seeking diversification, alpha, and geographic exposure.