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, skin in the game, long-term ownership and total integrity. Focused on listed companies, we follow a value investing blueprint — in other words, we endeavor the disciplined pursuit of mispriced assets off the beaten path — and seek opportunities across all industries 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. Soundly 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) stand out as perfect vehicles to ride the recovery of oil and gas markets.
In Switzerland, Idorsia (SWX:IDIA) comes across as one of the most promising ventures in the pharmaceutical industry. Headed and 25%-owned by accomplished scientists Jean-Paul and Martine Clozel, of Actelion fame, the company was spun-off with a pipeline of 11 compounds, of which four have already entered late stage development. In Canada, Knight Therapeutics (CAN.GUD) is structured as a carbon copy of Jonathan Goodman’s first venture, Paladin Labs, listed at $1.50 a share in 1995 and sold to Endo in 2014 for $151 a share.
Run and controlled by Luc Tack — the turnaround artist of Picanol fame — Tessenderlo (BEL:TESB) sports an entrenched competitive position and has plenty of leeway to grow, especially in Europe where management is building up an operation modeled after the highly successful North-American subsidiaries. In a like manner, Colfax (US:CFX) is a fast-growing, well-capitalized conglomerate owned by brothers Mitchell and Steven Rales — founders of extraordinarily successful Danaher Corporation — that traded as a hopeless cause at the time of our investment.
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.