We own interests in a diversified portfolio of assets across Western Europe and North America.

Exploration & Production

In Canada, Standard controls equity interests tied to an aggregate production of over 150,000 barrels of oil equivalent per day, with a heavy weighting on natural gas drilling in the Alberta Deep Basin. In the midst of an unprecedented dislocation across the sector, Peyto Exploration & Development, Lotus Creek Exploration (formerly Gear Energy) and Petrus Resources, all chaired by Don Gray, traded at the time of our investments for a fraction of their proven reserves value and represented ideal vehicles to ride the recovery of energy markets.

Midstream Infrastructure

Industrials & Distribution

A key player in complex supply chains, family-controlled Groupe Guillin is a steadily growing food safety and packaging company. In the wake of the energy crisis in early 2022, it got tarred with the wrong brush as it faced a terrifying but temporary rise of input costs, triggering our first involvement with the company. In a like manner, French building materials distributor Groupe Samse is a century-old company with a pristine M&A record, unusually high employee shareholding, and a thoughtful, value-driven expansion strategy guided by its superb leadership and controlling families. In spite of remarkable resilience through crises, it traded at a single-digit earnings multiple at the time of our investment.

Software

Engineering & IT Consulting

Founded and led by industry veteran Simon Azoulay, French engineering and IT consulting group Alten tripled its earnings and revenue over the past decade. Despite its resilient business model, fortress-like balance sheet, and prolific M&A strategy, its stock market valuation bore the full force of the severe recession that started in Europe in late 2023, as it fell to less than eight times operating earnings. The same applied to IT services consulting firm Neurones, whose shares we started to buy in February 2026. Controlled by Luc de Chammard, a business figure we’ve long known and admired, Neurones upholds old-fashioned financial orthodoxy values we embrace keenly. Both groups have gone through many such downturns in the past, only to emerge stronger when the economy recovered.

Lottery & Gaming

Alongside French veterans and disabled war victims associations, Standard is a shareholder of FDJ United, formerly La Française des Jeux. Ranking among the top three gambling operators in Europe, FDJ has delivered spectacular growth in earnings and revenue since its listing in 2019, in particular following its acquisition of Kindred Group and its popular iGaming platform Unibet. In February 2026, shares traded near a double-digit dividend yield following fiscal pressure from the French state—a short-term pain we thought created vastly excessive distress around a de facto monopoly with steady cash-flows.