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GAM's Swiss equity head reveals his best idea

GAM's Swiss equity head reveals his best idea

In his GAM Swiss Opportunities Equity fund, Daniel Häuselmann looks for companies with the potential for big margins.

One such firm is Lausanne-based Logitech – a company which had a tough start but which has managed to get into the right shape over the past few years.

‘Logitech changed from a bureaucratic company with low growth into a dynamic leader. It is possible that we underestimate even now what the company is able to develop over time,’ says Häuselmann, the head of Swiss equity at GAM.

He adds that one of Logitech’s most attractive features is its broadly diversified portfolio. Not every theme has played out perfectly in the past, as when the company’s remote controls brand Harmony became a ‘problem child’ in the early 2000s. But the fund manager says it’s important to have faith in the management.

The fund manager said Logitech used to refresh its product portfolio with major product launches for the Christmas season. However, today renewal is on an ongoing basis.

He added that the company has ample opportunities to tap into new adjacent businesses to grow – it's always good to have a broad range of things to invest in.

'Some years ago it developed out of the PC-keyboard business its iPad business and more recently it developed out of the webcam business its unified communication business, which is growing strongly.'

Häuselmann adds that gaming is one theme that the company could explore further. Five years ago, Logitech missed the gaming trend but now invests heavily in this area.

‘Electronic gaming is where Logitech can really dream big. This market is growing at 20%, they are gaining market share and can continue to grow for quite some time.’

This article was originally published in the September 2017 issue of Citywire Switzerland.

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