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English version2018-08-30T11:23:15+00:00

Our background

Hauser & Friends is a partnership of investors with the goal of achieving long-term market-beating returns. The brothers Phillip and Fritz Hauser founded their first investment partnership, solely for family members, in 2006. As friends became interested and asked to participate, Hauser & Friends AG was started in 2012.

On behalf of the partnership, we primarily invest in stocks and pursue a risk-averse investment strategy:

  • We buy shares of companies which are undervalued in relation to their assets and earning power.
  • We concentrate on simple, solid and enduring business models.
  • We measure our success by long-term increase in value, not short-term fluctuations.

Despite the turbulent capital markets in the past few years, we have beaten the German market index DAX since May 2006.

Our value propositions

  • Partnership: Most of the investment products currently being offered on the market have one problem: The investor usually comes last. At Hauser & Friends, we wanted to change that attitude and decided to structure the partnership in a way that our investors come first. Being major shareholders of Hauser & Friends ourselves, we eat our own cooking.
    Our invested assets currently amount to €11.0 million (as of 06/30/2018), so we still have room for more Friends.

  • Experience: Although we are still young, we have been able to gain valuable experience running the family partnership. In 2012 we decided to expand by founding Hauser & Friends. Take a look at what we have achieved below (> Our performance).
  • Proven strategy: Our investment strategy is based on a thorough analysis of financial statements of companies and was heavily influenced by Benjamin Graham and Warren Buffett.
    The first question we ask ourselves when considering an investment is: What’s the worst case? We focus on risk avoidance. Our past performance was achieved during turbulent financial times, thus emphasizing our risk aversion.

  • Favorable cost structure: At Hauser & Friends, there are no hidden costs. We shun all unnecessary costs, run the company on a bare-bone basis and focus our time on finding attractive investments. Investors do not have to pay any fixed administration charges – Management covers them! Furthermore, we only get paid for performance, there are no fixed compensation fees. This ensures that management’s incentives are aligned with our investors‘ interests.
  • Giving back: We pledge to annually give away a part of our share of the profits of Hauser & Friends for good causes.
  • Sustainability: We refrain from investing in socially destructive industries, such as armaments production and gambling.

Our performance

17 May 2006 – 30 June 2018

 

Hauser & Friends‘ goal is to beat the market, long-term: Since 2006 we have achieved +12.0% p.a. net on average, vs. +6.6% p.a. for the DAX, while taking into account a much higher volatility which we happily accept to improve our results in the long run.

Past performance is not indicative of future results. The comparison with the German DAX Performance Index (Source: S&P CapitalIQ) stretches from 17 May 2006 to 30 June 2018. The results until 31 December 2012 include all investments conducted by Phillip and Fritz Hauser for their previous, private partnership. It has been prepared by the accounting firm Hecht & Partner GmbH (part of HBM Hecht Bingel Müller & Partner), Freiburg im Breisgau (Germany) and the rate of return represents the changes in market price of all portfolio holdings by year-end in comparison to the previous year, including dividends, after costs and withholding tax, before profit tax.

From 1 January 2013 the performance solely reflects the results of Hauser & Friends AG, and are thus after all costs and taxes according to IFRS. The returns have been calculated as part of the financial statements by the accounting firm HBM Hecht Bingel Müller & Partner, Freiburg im Breisgau (Germany). In addition, starting in 2015, the yearly annual report is audited by the audit firm BANSBACH GmbH, branch Baden-Baden (Germany). To improve comparability, the returns until 31 December 2012 have been retroactively reduced by the performance fee of Hauser & Friends AG. In doing so, losses had to be made up in the years thereafter before a reduction was made (high-water mark).

The aforementioned results were obtained by accepting a high (share-typical) volatility. In the past, our peak return amplitude has been -22,7% (2008) up to +77,3% (2013). We expect our results to continue being very volatile. Hauser & Friends is thus only suitable for investors that are able to accept this kind of volatility.

The founders of Hauser & Friends

Phillip HauserFounder & Co-President

After high school and mandatory social service, Phillip studied business administration from 2003 to 2005 at the University of Mannheim, Germany. During this time he gained some firsthand work experience at Credit Suisse in Frankfurt/Main. In 2005 he founded Wopping, an online grocery delivery service in Düsseldorf, Germany. The love for reading annual reports led to him taking charge of the family office investments, and later on investing full-time as founder and Co-President of Hauser & Friends.

Fritz Hauser, BA HSGFounder & Co-President

Fritz studied business administration at the University of St.Gallen (Switzerland) after high school and mandatory social service. During college, he attended Harvard University (Boston, USA) for an exchange semester and worked in Investment Banking in Frankfurt/Main. Afterwards he worked as an analyst for the Private Equity Secondaries Team of Partners Group in Zug, Switzerland. In 2012 he founded Hauser & Friends AG together with his brother.

Investor process

In three steps towards a relaxing investment:

Contact

You want to know more about Hauser & Friends?

Then please don’t hesitate to contact us.
We look forward to talking to you.

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Phillip & Fritz Hauser
Founders & Co-Presidents