History

We have been creating sustainable value for over 10 years. „CIIM Investing in Value & Values.“ – stands for our innovative as well as a long-term value investment approach.

Amongst others, CIIM’s investment approach was influenced by the state-of-the-art research of Bruce Greenwald from the Centre for Value Research at Columbia University, whose training courses our team has regularly attended since 2005. Columbia University in New York, where Benjamin Graham also taught and Warren Buffet and Walter Schloss studied, is considered the leading research university in value investing.

Our management team, Stefan Riesen, Otto Huber and Thomas Bergenroth, have not only built up deep knowledge of value investing over the years, but have also attained the firm conviction that one should follow one's own, self-generated convictions, and not mass trends.

CIIM has driven the development of the value approach further over many years, adding special «values» in the process. Within the framework of our self-developed multi-factor model, we have identified a variety of parameters that are relevant for the selection of potentially strongly undervalued value stocks.

Numerous filters and criteria are used in this investment process. Through backtesting, we have identified a large number of value factors and apply them consistently in the stock selection process. Among these criteria are factors that gauge the solvency of a company, such as the Altman Z Score. The right balance of factors identifies our «winners» – these are periodically (re)evaluated, bought or sold.

 

The DNA of CIIM AG is based not least on the historical research contributions of

• Fama French
• James P. O’Shaughnessy
• Joseph D. Piotroski

 

CIIM – our partners „in mind“

• Benjamin Graham
• Peter Lynch
• Walter Schloss
• Warren Buffett
• David L. Dodd

 

Further reading on value investing

• The Intelligent Investor
• Value Investing
• The Superinvestors of Graham-and-Doddswille

 

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