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SOGEN FUNDS'
JEAN-MARIE EVEILLARD ET AL.
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"SOME OF THESE MAY NOT LOOK CHEAP. BUT APPEARANCES CAN BE DECEIVING...."
With Jean-Marie Eveillard at the helm, shareholders of SoGen International Fund have earned a compound return of 16.7% per year during his 17-year term at the helm - well above the 13.8% return of the MSCI World Index during that same period. Most impressive, he's done it while maintaining cash balances of 15-35% virtually the entire way. And since its inception in late 1993, SoGen Overseas Fund has earned a compound return of 13.4% per year - handily outpacing the MSCI EAFE Index's return of 8.0% per year despite also carrying significant cash. (All figures were provided by Societe Generale Asset Management and Morgan Stanley.)
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Having moved to the U.S. during his 20s, Eveillard retains a distinctive French accent and attributes some of his traits and perspectives to that heritage. For example, he confesses a preference for "original, obscure, oddball, out-of-the-way situations" and remains the only manager to have referenced the Panic of 1893 during an interview.
He seems to gain a certain satisfaction from being uncategorizable. Flagship SoGen International Fund, despite its name, has until recently usually had more of its assets inside the U.S. than outside it. Categorized by Morningstar as a "hybrid international fund," others have categorized it as a growth or capital appreciation fund.
In past interviews, Eveillard has told OID subscribers about some truly classic bargains. Among them have been leading national newspapers Oriental Press and Telegraaf at 6-8 times earnings, Sabeton at less than 60% of net cash, Huffman Koos at 1 - 1/2 times trailing peak earnings, JSB Financial at 50% of book and RJR PIKs at an amazing 54% per year yield-to-maturity.
This time, understated and humble as ever, he first warned us that he'd been assisted considerably in his bargain-hunting endeavors in past interviews by valuations much lower than today's. Then, he (and several associates) promptly began to tell us about some of the most intriguing ideas we've heard about in any environment.
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