Standard manages its founding family’s shareholdings and serves in an advisory capacity for investment funds and like-minded partners worldwide.
We believe in hard work, humility, singularity, long-term ownership and total integrity. Our current holdings span a broad range of industries including real estate, pharmaceuticals, energy and consumer staples. Focused on public equities, we follow a value investing blueprint — endeavoring the disciplined pursuit of mispriced assets off the beaten path — and seek opportunities across all sectors and geographies.
Commercial Real Estate
Designed as a platform to redevelop a vast portfolio of prime but underexploited real estate assets, Seritage (US:SRG) upgrades and leases commercial space formerly occupied by Sears to a diversified group of tenants. Rents grow fourfold in the process, paving the way for splendid value creation over the next decades.
To buy when others are despondently selling requires the greatest fortitude but pays the greatest rewards. Well-capitalized, superbly managed and trading for a fraction of their reserves values, Canadian low-cost producers Peyto Exploration & Development (CAN:PEY) and Gear Energy (CAN:GXE) represent perfect vehicles to ride the recovery of oil and gas markets.
In Switzerland, Idorsia (SWX:IDIA) stands out as one of the most promising ventures in the pharmaceutical industry. Headed and 25%-owned by accomplished scientists Jean-Paul and Martine Clozel, founders of Actelion, the company was spun-off with a pipeline of eleven compounds, of which four in late-stage development. In Canada, Knight Therapeutics (CAN.GUD) is structured as a carbon copy of Jonathan Goodman’s successful first venture, Paladin Labs.
Run and controlled by Luc Tack — the turnaround artist of Picanol fame — Tessenderlo (BEL:TESB) sports entrenched competitive positions in each of its subsidiaries and has plenty of leeway to grow, yet it remained chronically undervalued on a sum-of-the-parts basis. In a like manner, Colfax (US:CFX) is a fast-growing, well-capitalized conglomerate controlled by brothers Mitchell and Steven Rales — founders of extraordinarily successful Danaher Corporation — that traded as a hopeless cause at the time of our investment.
The fifth largest brewer worldwide, Molson Coors (US:TAP) sports a 25% market share in North America, where it also controls highly strategic distribution networks. Despite stable earning power and multiple short-term catalysts — dividend reinstatement, asset sales, restructuring program, etc. — the company saw its shares trading at badly depressed valuations during the pandemic, triggering our interest and most sizeable investment in recent years.
We support two philanthropic organizations. With the help of our network of partners, we also strive to develop high-impact social enterprises, with a particular focus on children and education.