INDÉPENDANCE AM

The firm runs a concentrated, long-only equity strategy focused exclusively on European listed small and mid-cap companies. The portfolio typically holds 30 to 40 names selected through bottom-up fundamental research. There is no top-down sector allocation; sector weightings emerge from individual stock selection.

The firm is led by co-founders William Higgons and Arnaud de Ménibus, who serve as managing directors and portfolio managers. The team structure is deliberately lean and flat, ensuring that all investment professionals participate directly in research and idea generation rather than working through multiple layers of delegation.

Indépendance AM invests across developed Europe, including the Eurozone, the United Kingdom, Switzerland, and the Nordic region. The firm does not restrict itself to any single country or sector, though the portfolio has historically gravitated toward industrial technology, niche manufacturing, and specialized business services companies.

Indépendance AM operates as an independent asset management boutique, not a family office. The firm was founded by two professional investors who built the business around a single investment strategy, and it manages capital on behalf of external clients — though it does not publicly disclose the breakdown of its client base.

Because the firm operates in liquid listed equities rather than private markets, co-investment in the traditional private-equity sense is not applicable. The firm executes its own stock-picking independently and does not operate an institutional co-investment or club-deal program.

The investment team relies on proprietary fundamental research, direct company meetings, and field-level industry analysis rather than sell-side consensus. The firm targets smaller European companies precisely because they are less covered by large brokerage research departments, creating an information advantage for disciplined, on-the-ground research in the small-cap space.

No. The firm does not publicly report a total AUM figure. As a privately held boutique with no listed parent company and no regulatory requirement to publish aggregate fund-level data in a consolidated format, the number remains undisclosed.