Lacuna
entrepreneurial investing

Philosophy

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.

Entrepreneur

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.

Andreas Böhm

Managing Director

Andreas Böhm has been working for FRONTERIS group since 2009 and took over management in 2012.

Accompanying the strategic repositioning of Lacuna, he was appointed managing director of Lacuna GmbH in 2017.

He adds the experience he gained during the creation of the FRONTERIS group as well as the knowledge he acquired in his previous profession in the banking sector.

Locations
LocationsUSAGermanyIndiaSingaporeCanada

USA

Jane Chen

is in New York as our specialist for the Global Healthcare Fund.

Germany

Frank Weippert

connects all threads in Regensburg and analyses global health stocks.

India

Pawan Kaul

concentrates on the Asian-pacific healthcare market in Mumbai.

Singapore

Amita Gupta

analyses Asian-pacific healthcare businesses in Singapore.

Helen Platis

Canada

Helen Platis

is in Toronto as a local expert for renewable energies for Lacuna Canada.

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

FRONTERIS GmbH

The FRONTERIS 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.

FRONTERIS Immobilien GmbH

The FRONTERIS Immobilien GmbH is the youngest member of our FRONTERIS Group and responsible for all our building projects.

Since our first construction project in 2013, we develop our projects in constant dialogue with all parties involved. That way we want to combine architectonically ambitious buildings with a holistic approach towards partners, nature and future inhabitants. We also want to create new living spaces while guaranteeing highest security of investment.

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.

Holistic GmbH

Holisitc has been insuring private customers and companies for more than 30 years.
The integrated photovoltaik department has been addressing the insurance of photovoltaik plants and their components for the past eight years.

najoba

Founded in 2013, najoba, an online shop for green living, is today one of the leading providers of natural cosmetics, wholesome food and Slow Fashion. With more than 240 brands and countless products, najoba offers the best product for every skin type, special diets, and a wide range of fashion. 

financial.com

financial.com 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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