Indépendance Asset Management is an independent firm which specialises in investing in small and medium-sized European companies.
They have maintained the same investment policy for 30 years and have achieved an annual return of more than 13% since 1993. They invest in companies that are listed:
a) At low multiples
b) With high margins
c) With high returns on capital employed, mainly family businesses
William Higgons is the president of the company and has been a manager since the beginning. His son Victor Higgons is also a manager and ensures the investment policy is being followed. They also have three very good professionals on the management team to assist them: Audrey Bacrot, Charles de Sivry and Vincent Rouvière.
In addition to specific funds and mandates, Indépendance Asset Management offers the following funds:
*Indépendance France Small. This is a Luxembourg fund that invests mainly in small and medium-sized listed companies. It has around €400m in assets.
*Indépendance Europe Small. This is a Luxembourg fund launched in 2018 that invests in small and medium-sized listed companies. It has close to €1,000m in assets.
*Indépendance Europe Mid is a Luxembourg fund launched in October 2024 that invests in European mid-cap companies. It has over €400 million in assets.
*Family Value (I and II). Family Value I is a closed-end fund dedicated to long-term investments listed in small- and medium-sized French family companies. Family Value II is a closed-end fund with the same focus of investing in small- and medium-sized European companies.
The Family Value team regularly offers its investors visits to the headquarters of its portfolio companies. This is to create a link between the fund’s investors and these companies and for investors to understand the companies in which they invest.
Presentation of Juan Diaz, Director of Development at Indépendance AM, at the Tenvalue Annual Conference (12 minutes):
Top 10 holdings of the Indépendance Europe Small fund (July 2026):
– Danieli (4.5%)
– CAF (4.2%)
– Royal BAM (3.8%)
– Dassault Aviation (3.5%)
– Saf-holland (3.2%)
– Keller Group (2,9%)
– Heijmans (2.8%)
– Porr AG (2.6%)
– Havas (2.4%)
– Tecnicas Reunidas (2.2%)
Top 10 holdings of the Indépendance Europe Mid fund (July 2026):
– Danieli (4.2%)
– CAF (4.2%)
– Keller Group (3.7%)
– Dassault Aviation (3.5%)
– Royal BAM (3.5%)
– Capgemini (2,9%)
– Saf-holland (2.6%)
– Asr Nederland (2.5%)
– Ageas (2.4%)
– Edenred (2.4%)
