As asset protectors, Appian's investment style centres on "value investing".   We seek to buy excellent assets at reasonable prices. Investment opportunities are created by discrepancies between stock prices and the underlying value of the asset.   This underlying value is estimated via discounted cash returns and appraised asset values.   The objective of value investing is long term capital appreciation subject to protecting the original capital.

Value investing is centred around fundamental analysis.   The basis of fundamental analysis is the financial analysis of individual company reports, including profit/loss, balance sheets and cash flow statements. The fundamental approach takes as given, that asset prices do not always equal true value because the market can at times be irrational and inefficient.

Not all assets are efficiently priced, therefore as an investment manager Appian requires patience before it experiences an opportunity to make an investment.   Other characteristics needed for value investors include self discipline, independent critical thinking, thoroughness, perseverance and courage of conviction.

Appian's investment process consists of a framework that looks at the macro economic environment, the individual investment and the underlying characteristics of it.   This combination ensures that we are not over exposed to any one asset class (Cash, Bonds, Equities and Property) and at the same time allows us to focus on the characteristics of each individual investment made.

An asset allocation split is decided upon by the investment committee of Appian based on their observations of the Macro Economic Environment and the intrinsic value of each individual asset class at a particular time.  The allocation of the investor's funds is centred on the following asset classes as mentioned above:

• Cash
• Bonds
• Equity
• Property

Post the allocations of the assets within a balanced portfolio, Appian ensures that each individual investment meets the criteria of value investing and the risk parameters of each individual investor.

Appian has defined characteristics of what we look for from each of our individual investments.

Discretionary Portfolio Management

The portfolio will include (but not be limited to) shares, bonds and cash and will be managed by Appian.   As manager we will manage the account on behalf of private individuals, families, private companies and partnerships, with discretion over all investment decisions i.e. purchasing, selling and holding investment as he/she best sees fit, within agreed investment parameters decided with the client at the outset of the agreement between us.  The account will be managed on a long term basis with the potential for income, capital growth or a balance of income with capital growth.

Requirements - You must be over 18 years of age. The minimum investment requirement for this type of account is €500,000.

This account type is available to individuals/joint and corporate investors.
As part of the service each client receives contract notes for each investment purchased or sold and a full valuation on a quarterly basis.

Appian Value Fund

The investment objective of the Appian Value Fund which is a Revenue approved gross roll-up Fund, is to achieve long-term capital appreciation with moderate risk exposure.  The Fund invests in equity and debt securities in Europe and North America.

The Manager will select equity securities based on an analysis of the value of those equity securities and the quality of the issuer.  The Manager takes a long-term approach to investment and adopts a conservative approach to risk.

The Fund may also invest in government and corporate, fixed and floating rate debt securities which have a debt rating of A or higher from Moody's Investor Services.  The Fund may also hold cash deposits for liquidity purposes.

The Fund will not invest in emerging markets.

Requirements - You must be over 18 years of age. The minimum investment requirement for this Fund is €50,000.

Appian Liquidity Fund

This is a cash Fund with all funds placed with a range of banks thereby spreading the financial risk.  The Fund is approved by the Revenue as a gross roll-up Fund thereby ensuring that no tax is payable until exiting the Fund or at the end of 8 years.

Requirements - You must be over 18 years of age.  The minimum investment requirement for this Fund is €25,000.

To find out more information about these services including the documentation required to open an account, the current rates of management fee and dealing commission please contact Patrick Lawless or Declan Redmond on 662 3001.