entrepreneurial investing


entrepreneurial investing

We think in generations,
not in quarters

We invest in assets which endure. Investors who only think in quarters create opportunities for those who think outside the box.

We focus on the company,

not the stock

We don't consider stocks as immaterial shares but as effective pieces of a business. While a company is the entrepreneur's artwork, high quality materials decide about the result. Our basic criteria are a good quality business model, sensible balance sheet, and strong economic moat.

We trust in entrepreneurs' actions,
not in predictions

We are convinced that independent leaders decide the rise and fall of their business: They risk their own capital and don't have a golden cushion to land on. We judge them for their acts, not their speeches.

We evaluate the essence,
not the facade

The right capital allocation strategy and an outsider mentality are key characteristics for our investment process. We rely on proficiency instead of smart charades. Mentality and personality are much better indicators of a successful businessman than intellect. Thus we regard open acknowledgement of mistakes and the willingness to resolve them as a prerequisite for a lasting learning experience

„Price is what you pay,
value is what you get“

It is said that everything that is good has to be expensive. However that is not always true. Short- and mid-term mistakes, exaggerated apprehensions, and misdirected trends result in chances for us to rate a company sensibly and invest in it.

We approach risks cautiously,
not timidly

Risk is the currency of the entrepreneur and an awareness of risks is essential in asset management as well. Three decades worth of experiences with investments teach caution and humility, as well as determination in the right moments.

We invest rationally,
not emotionally

Personal emotions are the investor's worst enemy, while other investors' emotions are their best friend. Whoever acts emotionally in financial circumstances puts themselves and their clients in danger. We make decisions purely based on rationality and sober analysis.

We follow investment cycles,
not linear trends

It is hard to resist a trend, but sometimes it is essential. More than 20 years as an entrepreneur have taught us when and how to disregard short-term opportunities. Constant linear extrapolation do not lead to success and simply following the crowd only leads to the same old results everyone gets.

We only buy assets
we understand.

That's all.


Werner Engelhardt

Founder and Fund Manager

"A good investor can modulate between humility and the boldness to occasionally oppose the market."


After many years of entrepreneurial activities in a diverse corporate group with around 300 employees, Werner Engelhardt returns to his roots and re-takes the management of his funds. The expertise he has collected over the last two decades shape the philosophy of Lacuna: entrepreneurial investing.

Manuel Kohl

Managing Director

Manuel Kohl has been working for the Lacuna Group since 2014 and was able to successfully shape all business areas during this time. In 2019 he takes over the management of Lacuna GmbH.

With extensive experience in the capital market, especially in fund administration, Manuel Kohl, a bank economist with an in-depth Finance University degree (M.Sc.), manages the activities of Lacuna GmbH as the perfect link between fund management and sales.


Locations Germany India


Team Germany

connects all threads in Regensburg and analyses global health stocks.


Team India

concentrates on the Asian-pacific healthcare market in Mumbai.

Business group


The FRONTERIS business group unites a diverse network of competent business partners from sectors such as renewable energies, financials, and related fields.

Fronteris Firmenlogo


The FRONTERIS Projekt GmbH is the operative foundation and the central authority for the renewable energies sector within the FRONTERIS group.

Spanning the period fromthe first idea to the last kilowatt hour, the Regensburg-based company coordinates, accompanies and supervises the creation of renewable energy. Be it wind parks, biogas plants, or solar power systems, FRONTERIS shows holistic expertise. We are just as qualified in examining projects and realizing them as we are in conceptualisation and financing ventures. We also manage finished projects and can market the generated energy.


As part of the FRONTERIS Group, FRONTERIS Energie has been successfully developing, implementing and operating renewable energy plants in Bavaria for 20 years.

Our mission is to shape a sustainable energy future and make a positive contribution to the energy transition in Bavaria and beyond.

Primus GmbH

Before the building or even the planning of a wind park can begin, experienced project developers and wind plant specialists have to prepare the base for the project. They look for the perfect setting for the park, set up lease agreements and look into legal questions. Primus is a highly specialised unit to solve those initial issues with a strong focus on developements for wind power plants. builds software and systems which process financial data provided by Thomson Reuters and turns them into an individual, customized report. Almost 15 years of working with Thomson Reuters culminates in the best data, which the experts in software developmet and programming then turn into comprehensible, user-friendly visualizations.

Iliotec GmbH

Iliotec offers more than 20 years of experience in renewable energies and thus fits perfectly into our business group. Apart from projecting planning and installations of solar plants, Iliotec offers a wide range of maintenance and services as well as insurance for solar panels.

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