The ICZH Fund

Focus

We analyse real estate markets across residential, commercial, and mixed-use assets — identifying opportunities driven by macro trends and local dynamics.

Approach

Our team combines top-down sector analysis with bottom-up property-level due diligence, examining yield spreads, cap rates, and development pipelines.

Coverage

Switzerland, Germany, and broader European markets are our primary coverage universe, with a focus on publicly listed REITs and real estate holding companies.

Focus

We cover the full commodities spectrum — energy, metals, and agricultural markets — tracking supply-demand imbalances and macro drivers that move prices.

Approach

Our analysis combines fundamental supply/demand modelling with positioning data and seasonal patterns, across both spot and futures markets.

Coverage

Primary coverage includes crude oil, natural gas, gold, copper, wheat, and soft commodities — traded on CME, ICE, and LME.

Focus

We analyse luxury goods companies spanning watches, jewellery, fashion, yachts, and premium real estate — sectors driven by aspirational demand and pricing power.

Approach

Our team tracks brand equity, pricing trends, and consumer sentiment across high-net-worth demographics, with a focus on companies with durable competitive moats.

Coverage

Coverage includes LVMH, Richemont, Hermès, Swatch Group, and other listed luxury conglomerates and independents across European and Asian markets.

Focus

The Technology Group analyzes global tech trends and the innovations driving long-term prosperity, from AI and semiconductors to digital platforms and infrastructure. Our goal is simple: identify the right companies early by understanding where the world is heading.

Approach

We look at businesses across the globe, challenge each other's ideas through open and critical discussion, and translate insights into investment decisions. At the same time, we keep things dynamic, collaborative, and genuinely enjoyable.

Focus

We cover Latin American equities across Brazil, Mexico, Chile, Colombia, and Peru — a region defined by commodity cycles, demographic momentum, and structural reforms that create distinctive long-term opportunities.

Approach

Our team blends macro analysis of currency, inflation, and political risk with bottom-up research on regional champions. We hunt for businesses with pricing power, dollar-linked revenues, and resilient management teams able to navigate volatile cycles.

Coverage

Coverage spans Bovespa, BMV, and IPSA-listed names across financials, materials, energy, consumer staples, and selective fintech and infrastructure plays — with attention to ADRs accessible on US exchanges.

Focus

We hunt for under-followed small and micro-cap companies — businesses too small to be on the radar of large institutional funds, where mispricing and information asymmetries create the sharpest edges.

Approach

Our process is bottom-up and idiosyncratic: deep reading of filings, management interviews where possible, and patient screening for niche market leaders, founder-owned businesses, and quiet compounders before consensus arrives.

Coverage

Coverage spans European and North American small caps below $2B market cap, with a tilt toward specialty industrials, niche software, regional financials, and overlooked consumer brands.

Focus

We research digital assets and the protocols underneath them — Bitcoin, Ethereum, layer-2 scaling, decentralized finance, and the infrastructure that turns code into capital. Our interest is in fundamental value, not narratives.

Approach

Our analysis combines on-chain data, tokenomics, and protocol-level due diligence with traditional valuation thinking. We assess networks like businesses: usage, fees, moats, and the economic logic that holds them together.

Coverage

Coverage spans large-cap layer-1s, leading DeFi protocols, infrastructure plays, and selectively crypto-adjacent equities — accessed through major exchanges and listed instruments.

Focus

The R&D Team explores ideas before they become teams. We test new sectors, frameworks, and analytical methods — the experimental layer that feeds the rest of the fund with conviction once a thesis matures.

Approach

We work hypothesis-first: scoping a question, building a small prototype model or framework, and pressure-testing it against live markets. Promising threads graduate into dedicated coverage; the rest become lessons.

Coverage

Topics rotate by cohort — recent threads include alternative data, factor research, niche international markets, and cross-sector thematic baskets. Anything underexplored is fair game.

Focus

We research healthcare companies across pharma, biotech, medtech, and health services — identifying value in innovation pipelines and structural growth trends.

Approach

Our team evaluates clinical trial data, regulatory pathways, and competitive positioning alongside traditional financial metrics to assess risk-adjusted returns.

Coverage

Coverage spans large-cap pharma, specialty biotech, and medical device companies listed on NYSE, NASDAQ, and major European exchanges.

Focus

We analyse the global macroeconomic landscape — monetary policy, inflation, growth cycles, geopolitical risk, and cross-asset dynamics. Our goal is to understand the forces that drive markets at the highest level and translate them into actionable investment themes.

Approach

Our research combines top-down analysis of central bank policy, fiscal dynamics, and global capital flows with bottom-up assessment of how macro regimes affect specific sectors and asset classes. We publish a monthly macro report covering the US, Eurozone, Switzerland, and key emerging markets.

Coverage

Coverage spans equities, fixed income, FX, commodities, and credit across all major economies. Primary focus regions are the US, Eurozone, Switzerland, China, and Japan — with thematic coverage of emerging markets during periods of elevated macro stress.