Concentrated global quality — for institutional portfolios.
A concentrated portfolio of around 30 global compounders with high returns on capital, strong free cash flow and sturdy balance sheets — an active quality building block (active share ~90%) that complements passive and factor allocations. Available as an institutional share class and as a segregated mandate.
Raiffeisen banks & many more…
I-class · CHF/EUR-hedged · accumulating · UCITS
Quality stocks are in one of their weakest stretches in decades.
With market attention fixed almost entirely on a handful of AI-driven mega-caps, classic quality businesses — high returns on capital, strong free cash flow, low leverage — have been left behind. Relative to the broad market they trade at a valuation last seen in April 1999. That very weakness is a contrarian opportunity to accumulate quality with real cash flows, cheaply — for those who think in decades, not quarters.
Left: 6-month return spread of the S&P 500 Quality Index vs. the S&P 500, 1994 to November 2025. Current level: −8.8% — comparable to the April 1999 low of −11.5%. Right: long-short total return, FTW US All-Cap Quality vs. FTW US All-Cap Momentum since 2 April 2025. The quality factor sits at roughly −25%.
Historical valuation analogues are not an indicator of future returns. The sample of comparable extremes since 1994 is small (n=2), and past factor dislocations have in some cases persisted for 12 to 24 months.
Sources: Refinitiv, S&P 500 Quality Index vs. S&P 500 (6M rolling), as of 10 Nov 2025 · Bloomberg, FTW US All-Cap Quality vs. Momentum factor indices, period since 2 Apr 2025
(since April 2025)
Standard indices are more concentrated in mega-cap tech than in any period of the past 25 years — on P/E, EV/Sales and ROIC premium, at historic valuation highs. This is exactly where the arvy Equity Fund complements a passive allocation: an active strategy with high active share that deliberately diverges from the index — broader sector exposure, sturdier balance sheets and valuations at 1999 levels.
After comparable dislocations, history has tended to see a multi-year mean reversion in favour of quality. The arvy Equity Fund invests systematically in exactly this category of business.
A hybrid
investment approach.
We combine fundamentals (Good Story) with technical analysis (Good Chart). Behind every chart is a story — and behind every investment, your future.
Good Story
We invest not just in numbers but in businesses with a solid base and long-term potential — strong models, durable growth, visionary leadership.
- Clear, future-proof business models
- Durable revenue and earnings growth
- Strong free cash flow and fair valuations
- Low leverage, high discipline
- Structural growth drivers
Good Chart
We trust the voice of the market. However compelling the story — it has to be confirmed by the chart. Real conviction comes when both say the same thing.
- Strong price action
- Clear, stable trends
- Accumulation and relative strength
- Breakouts to new highs
Boring is good.
Better businesses, measured.
We look for the tortoises, not the hares: cash-rich businesses with high returns on capital and stable models. Over a full cycle, consistency wins.
| Fundamental metric | arvy | Global equities | Factor |
|---|---|---|---|
| Gross margin | 56% | 35% | 1.6× |
| Operating margin | 27% | 15% | 1.8× |
| Net margin | 20% | 10% | 2.0× |
| FCF Yield* | 3.0% | 2.3% | 1.3× |
| ROIC* | 16% | 10% | 1.6× |
| ROCE* | 25% | 16% | 1.6× |
| Net Debt / EBITDA | 0.7 | 1.3 | 0.5× |
| Dividend yield | 0.9% | 1.5% | 0.6× |
| ROIC + DVD model** | 12.0% | 6.9% | 1.7× |
| Earnings-growth model** | 15.3% | 9.2% | 1.7× |
| Owner’s Earnings** | 18.5% | 8.3% | 2.2× |
* vs. S&P 500 · ** expected-return models · Source: arvy, Fiscal AI · weighted average of portfolio holdings, as of 04/2026
An active building block alongside your index and factor allocation.
Most portfolios get their market exposure cheaply through index funds. Yet those are now more concentrated in a few expensive mega-cap tech names than ever before. The arvy Equity Fund is the deliberate counterweight.
Index / ETF
Broad and low-cost — but concentrated at record highs in a handful of richly valued tech giants.
- Concentration risk in mega-cap tech
- Valuations near historic highs
- You own the market — including its weaknesses
arvy Equity Fund
High active share, deliberately built differently: quality, cash flows and sturdy balance sheets rather than mere index weighting.
- ~90% active share — low index overlap
- Broader sector and regional exposure
- Target: 12–15% return p.a. in USD
Our convictions — monthly in the NZZ.
Behind the fund is no anonymous committee, but a school of thought you can follow in public. Our founding partner writes monthly for The Market.
Specialised in global quality equities and macro strategy. Each month, Thierry writes about the very principles the arvy Equity Fund invests by.
Monthly column
We’re on board with you — with real skin in the game.
arvy was built by three Swiss founders — Florian, Patrick and Thierry, all CFA charterholders — who hold over CHF 100,000 of their own money in the very same strategy.
No conflicting incentives: we invest in the very same strategy as our clients. When your investment grows, so does ours.
Look over our shoulder — every quarter.
Thinking in decades — not quarters.
arvy belongs to the three of us founders. We think in decades, not quarters — and, with real skin in the game, we manage our own money solely for the long run, through every correction, bear market and crisis still to come. Your capital sits with a fully aligned team that thinks as long-term as you do.
Share classes, terms & fund facts.
Portfolio characteristics
Key information
~1.22% TER
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Your investments are in good hands.
With the arvy Equity Fund, your investments are protected by Swiss banking standards and managed with full transparency.
arvy is licensed by FINMA as a manager of collective assets (FINIG Art. 24) and works exclusively with regulated custodian banks.
Talk to the team
behind the fund.
Request the institutional pack — factsheet, monthly reporting, DDQ and presentation — or arrange a call with our team.
Investing involves risk, including the possible loss of the capital invested. The value of investments can rise and fall; past performance is no guarantee of future results. arvy is regulated by FINMA as a manager of collective assets. This page is intended for qualified / professional investors and is for information purposes only; it does not constitute investment advice or a personal recommendation. Please consider the relevant product documents (factsheet, PRIIPs KID, prospectus) and your regulatory classification before investing.
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