The relevance of Altaroc’s investment strategy

Frédéric Stolar explains why Altaroc a consistent investment strategy from one year to the next, particularly between 2022 and 2023. This stability is based on a strong conviction: sector selections must be guided by solid and sustainable economic fundamentals, not by passing trends. The goal is to maintain exposure to sectors capable of structurally outperforming global growth over the long term. Four major sectors form the core of this strategy: software, healthcare, B2C digital platforms, and B2B digital platforms. These segments offer particularly attractive characteristics: strong organic growth, resilience, low cyclicality, and business models based on recurring revenue. Unlike cyclical themes such as certain “trendy” technologies, Altaroc deep-rooted and enduring trends. Even amid falling tech valuations, the strategy remains unchanged. Stolar emphasizes that the underlying companies’ operational performance more than offsets the adjustments in multiples. The example of Vintage Odyssey illustrates this resilience: despite a significant decline in market valuations, the portfolio continued to grow thanks to sustained growth in the companies’ EBITDA.Emphasis is also placed on the strength of the SaaS (subscription-based software) model, which offers exceptional revenue visibility, low churn rates, strong pricing power, and ongoing growth opportunities through upselling and cross-selling. Concrete investments such as Access and IFS exemplify these dynamics, with high growth rates and solid margins. In summary,Altaroc strategyAltaroc on long-term convictions: investing in sectors that are fundamental to the new economy, capable of generating sustainable growth and strong value creation, regardless of market cycles.