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. A similar dynamic is taking shape at Washington Prime Group (US:WPG).
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.