The company


Pastel & Associés is an independent asset manager which, since its inception in 1997, has implemented a “value” investing process, based on the concepts of intrinsic value, margin of safety and independent investment research. The objective of our investment process is twofold: to reduce the risk that our funds suffer a permanent loss of value, and to generate for each of our funds a satisfactory long term rate of return per share*.

The two investment funds (UCITS) managed by the company, Valeur Intrinsèque (established in France and started in 2001) and Margin of Safety Fund (established in Luxembourg and started in 1998) are invested primarily in shares of companies listed on the stock exchanges of OECD countries. But if the manager considers that reasonably priced investment opportunities have become too scarce, the investment portfolio may be allocated, to a significant extent, to fixed income and monetary assets.

The investment process implemented by Pastel & Associés is detailed in “Our investment principles”.

Any decision to subscribe to any of these funds should be based on a thorough analysis of the funds’ Prospectus and KIID under the heading “Funds”.

* The investment time horizon of the funds Valeur Intrinsèque and Magin of Safety Fund is 5 years or longer and the risk of permanent loss of capital is significant.

David PASTEL

Chief Executive Officer at Pastel & Associés

Although a scientist and an engineer by training, David chose to work in the capital markets industry, after graduating from Ecole Polytechnique (France). After five years working as an option trader in France and the US (1985-1990), David had his epiphany when, in the spring of 1992, he started to read his first Berkshire Hathaway's annual report. He then proceeded to learn how to invest by working for a few years in the investment departments of two French insurance companies, while reading everything he could get his hands on with regard to value investing and financial history. In 1997, he co-founded in Paris with Yves-Pascal Pelcener, Pastel & Associés, a value investment boutique with around $170M in AUM (as of 12/31/2016) through two mutual funds, Margin of Safety Fund (Luxembourg) and Valeur Intrinsèque (France).

Management & Directors

David Pastel - CEO / Founder (Chairman)

Claudia Pommier - Managing Director / Partner

Yves-Pascal Pelcener - Founder / Partner (Director)

Antonio Perez (Independent Director)