To celebrate the 20th anniversary of our Argonaut fund in style, we have put together a scrapbook album that sums up 20 years of adventures in the jungle of European microcaps, with a few key dates, facts and figures, anecdotes from company visits or trips, and some good and not-so-good memories.
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Argonaut Fund marks 20th anniversary of investment in small and micro-caps
In this interview on Proactive, Philip Best and Marc Saint John Webb tell us all about the Argonaut fund, on the occasion of its 20th anniversary.
20 years of investing in European microcaps: What has changed?

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Small is really beautiful

Small caps are virtually unavoidable in a diversified equity strategy as they now represent just over 11% of global market capitalisation (see chart below).
MSCI World AC: Small caps weighting in the index
A tailor-made ESG strategy

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Argonaut: 20 years of adventure serving investors

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QUAERO CAPITAL’s Argonaut fund celebrates its 20th anniversary
QUAERO CAPITAL is celebrating the 20th anniversary of its flagship fund Quaero Capital Funds (Lux) – Argonaut, which invests in European micro caps (including Switzerland and the UK). Managed on a pure value basis by Philip Best and Marc Saint John Webb, Argonaut has generated since its launch at the end of May 2003, a cumulative performance of +740.7% compared to +514.9% for the EMIX Smaller European Companies Index NR EUR[1]. While it has been soft closed to new investors for a long time, Argonaut is temporarily opening its doors for a limited period and for limited amounts.
Hunting for bargains in the small cap jungle

Once we have cleared up a few misconceptions about small and mid caps, we realise that there are major differences between them and that we can find some real nuggets that have been totally overlooked by the market. This is a particularly good time to be a gold digger.
Small caps may well be the best investment in 2023

Small caps are out of favour and valuations are low. Recession is ahead but business remains reasonably solid for the moment.
Back to the Future – the Return to Fundamentals?

Market commentators have spent a lot of time in recent months on the relative merits of “value” and “growth” styles of investing. As readers will know, we are firmly in the “value” camp, but it is important to define what this actually means.Mehr lesen