Andrzej Lis, fund manager at Rockbridge TFI, invests where the market is wrong
Andrzej Lis, a fund manager at Rockbridge TFI, describes his investment philosophy as holistic, combining macroeconomic analysis, fundamental research and valuation rather than relying on a single strategy.
He begins by assessing inflation, interest rates, market liquidity and the economic cycle before looking for high-quality companies at attractive prices. Lis is cautious about common valuation metrics such as P/E and EV/EBITDA, arguing that neither fully captures a company’s intrinsic value or future earnings potential.
He favors businesses that can consistently generate returns on invested capital above their cost of capital, supported by pricing power and durable competitive advantages. He also stresses the importance of identifying areas where the market is wrong.
Lis manages three Rockbridge funds with more than PLN 200 million in combined assets. Their strategies range from liquid Polish blue chips to global growth companies such as ASML and Uber, as well as value-oriented investments including Telecom Italia and selected Spanish companies.
(pb.pl)
