THE ACQUIRERS FUND
Acquirers Funds, LLC is a deep-value investment firm managed by Tobias Carlisle.
Our investment process begins with The Acquirer’s Multiple® The Acquirer’s Multiple® is defined in the book The Acquirer's Multiple as Enterprise Value / Operating Earnings. , the measure used by activists and buyout firms to identify potential targets. We believe deeply undervalued and out-of-favor stocks offer asymmetric returns, with the potential for limited downside and a greater upside.
The Acquirers Fund [ZIG:NYSE]
The Acquirers Fund is an actively managed exchange-traded fund. It seeks to achieve its investment objective by investing in equity securities of U.S.-listed companies that Acquirers Funds, LLC, the Fund’s investment adviser, believes to be undervalued, but fundamentally strong. The Adviser typically selects approximately 30 stocks from the largest 25 percent of all stocks (equivalent to a market capitalization greater than approximately $2 billion).
The Adviser identifies potentially undervalued stocks by using The Acquirer’s Multiple®, which is a valuation metric developed and published in 2014 by Tobias Carlisle. The initial universe of stocks is then valued holistically— assets, earnings, and cash flows are examined—to understand the economic reality of each stock. Each stock is then ranked on the basis of such valuation.
Potential holdings are further evaluated using statistical measures of fraud, earnings manipulation, and financial distress. Each potential holding is then examined for a margin of safety in three ways:
(a) a wide discount to a conservative valuation,
(b) a strong, liquid balance sheet, and
(c) a robust business capable of generating free cash flows.
Finally, a forensic-accounting due diligence review of each of the remaining potential components’ financial statements, particularly the notes and management’s discussion and analysis, is undertaken by the Adviser.
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ACQUIRERS FUNDS, LLC.
609 Deep Valley Drive, Suite 200
Rolling Hills, CA, 90274