Undervalued stocks in Japan and England with Ben Beneche, co-founder Tourbillon Partners | S06 E40
Episode publishedPodcast: The Acquirers PodcastThe Acquirers Podcast
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It looks like we're live, which means this is value after hours. I completely forgot what it was that we were doing here. Value after hours. I'm Tobias Carlisle joined as always by my co host, Jake Taylor. Our special guest today is Ben Beniche, and his firm is Tourbillon Partners. How did I go with that pronunciation, Ben? Nailed
it. Do
you wanna do you wanna give us the authentic French version of,
Yeah. We'll we'll go with, tourbillon. There
we go. Tourbillon. That sounded much better when you said it. I should have had you introduce it. Yeah. Ben, welcome to the show. Would you please give us a brief introduction to Torbjorn and yourself and, we'll go from there.
Yeah, sure. So Torbjorn is, an offshore, an offshore fund. We invest globally in pretty small number, 15 to 25, what we view as durable businesses. We skew sort of smaller and midsize than most of the companies we look at. Now that's not necessarily by design. We we try and we kind of try and step away from standard definitions of small and mid cap or growth in value. But simple reality is 70,000 companies listed globally. There's more small ones than big ones. So that's that's where we've tended to find opportunity. And we're also invested pretty heavily outside of outside of the US. So only
And when you construct a portfolio, what is a sizing, at initiation? You know, how big would you let something get? What's the criteria for buying and selling and so on? Yeah.
So I mentioned 15 to 25 investments, total. That's pretty top end skewed. So 80% of the assets are in the top ten investments. Then we we think there's some value to having a tail of smaller investments where sort of reduce the mental friction associated to being able to increase or decrease the size, somewhat quickly as a behavioral element as opposed to a purely rational type of thing. But the sizing beyond that is driven by, a, our approach to valuation. We like to see cash flows upfront as opposed to somewhere in the ether. So we we just think about basically normalized free cash flow yiel
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