BWM AG was founded in late 1997 in order to offer equity funds for long-term capital appreciation in the value style. Since inception, our flagship product, the Classic Global Equity Fund, has delivered attractive annualized returns in CHF (after deduction of all fees, without leverage). Our style of investing entails buying only those securities that offer value from an absolute return perspective. We estimate the intrinsic value of a company on the basis of normalized earnings multiples and normalized earnings over a business cycle. This approach allows us to capture the academically proven value-premium, if not a higher excess return. Our investment process is very research intensive and clearly structured. Our portfolio consists of our best 25-30 ideas. Our team is very stable. The founding partner is still in the same operating role, and the four-man research team has been working together since 2004. We own BWM ourselves and we have almost all of our wealth invested in our funds.