Investor FAQ
32 answers regarding Haute Capital Partners and the HAUTE share
This page answers the most frequently asked questions about Haute Capital Partners: private equity and the company's model, the HAUTE share, portfolio valuation, governance, shareholder information and risk factors. The up-to-date figures and information can be found on the investor page, which is the authoritative source.
What is Haute Capital Partners?
Haute Capital Partners SA is a Swiss investment company dedicated to private equity, listed on the BX Swiss under the ticker HAUTE (ISIN CH1115678950). Its registered German name is Haute Capital Partners AG. Founded in 2017 by Thibault Leroy Bürki and admitted to trading on May 23, 2022, it is active in Biel/Bienne and Zurich.
It invests its own balance sheet in the capital of unlisted Swiss and European companies, which it holds as long-term positions and supports in their development.
What is private equity?
Private equity is the investment in the capital of companies that are not listed on a stock exchange. The investor acquires a stake in the company, supports its development over several years, and realizes their capital gain during a sale or an initial public offering (IPO).
Haute Capital Partners practices direct private equity on its own balance sheet through a listed company. Its shareholders own the company that holds the stakes.
What does Haute Capital Partners actually do?
It identifies unlisted companies with high potential, acquires a stake in them, and then works with their managers on structuring, governance and market access. It connects them with co-investors and maintains its positions over a long period.
An investor who buys HAUTE shares gains exposure to this entire portfolio through a single security, with no term commitment.
What does Haute Capital Partners invest in?
In unlisted Swiss and European companies, in deep tech, life sciences and health, and financial technologies. These are areas where Switzerland has an established scientific and industrial base, where development cycles are long, and where access to growth capital remains narrow.
The company intervenes at different stages, from seed to established growth, in a minority position. The composition of the portfolio is shown on the portfolio page. New shareholdings are announced in the newsroom.
How does Haute Capital Partners select its investments?
On the readability of the growth trajectory and on the gap between the company's value and its valuation. The examination focuses on the technological or industrial substance, the quality of the management team, and the company's capacity to finance its development.
The company applies neither exclusive sector specialization nor predefined ownership thresholds. Each position corresponds to its own investment thesis. Investment guidelines are published on the investor page.
Which companies make up the portfolio, and what percentages are held?
The list of holdings and their activity can be found on the portfolio page. Ownership percentages are indicated there when the company has published them, as well as in the corresponding press releases. Financial information relating to the portfolio can be found in the annual financial statements, available on the investors page.
Is Haute Capital Partners an investment fund?
No. It is a listed Swiss joint-stock company, and not a collective investment scheme within the meaning of Swiss law. An investor acquires a company share, with the corresponding shareholder rights, and not a fund unit.
Haute Capital Partners invests its own balance sheet. Its shareholders own the company that holds the investments.
How is the company regulated?
Like any issuer listed in Switzerland, it is subject to Swiss corporate law and the rules of BX Swiss applicable to its issuers: listing requirements, periodic disclosures, ad hoc publicity, and disclosure of transactions by its management bodies. Compliance with these rules is monitored by the stock exchange authorities, which are themselves authorized and supervised by FINMA.
Swiss market abuse rules also apply to all market participants, regardless of any authorization.
How to buy HAUTE stock?
The share can be purchased like any listed security, via a bank or a broker with access to the BX Swiss. No specific subscription procedure is required: you simply need to place a buy order from an ordinary securities account.
The security references are: ticker HAUTE, ISIN CH1115678950, Swiss security number 111567895.
Is there a minimum amount to invest?
No. The share can be purchased individually, at the stock market price, with no minimum commitment, from an ordinary securities account. Access to private equity is at the price of a single share.
On which stock exchange is the share listed, and in which currency?
The share has been listed on BX Swiss since its admission on May 23, 2022. It is fully denominated in Swiss francs, which avoids any exchange rate risk for investors domiciled in Switzerland.
BX Swiss is a regulated Swiss stock exchange established in Bern.
Where can I find the HAUTE stock price?
The price is published by BX Swiss under the ticker HAUTE and is available on the main market data platforms and through banks. The company's official communications are published on its investor page and in its newsroom.
How to sell your shares, and what is the liquidity of the stock?
Shares are resold on the stock exchange, via a bank or a broker with access to BX Swiss, without any lock-up period.
BX Swiss is a market with lower volumes than a major exchange. Available liquidity may be limited during certain sessions, and the order book should be consulted before placing a large order.
What rights does the HAUTE share confer?
The rights of a shareholder in a Swiss joint-stock company (société anonyme): the right to vote at the general meeting, at the rate of one vote per share, the right to information, and the right to a share of the profit if a distribution is decided. The company's articles of association are available on the investor page.
Does Haute Capital Partners pay a dividend?
The company reinvests its earnings into the development of its portfolio. Any distribution decision is made by the general meeting and is communicated to shareholders through the company's official publications.
Why invest in private equity through a listed company?
For access and liquidity. A listed company allows investing in unlisted companies without a minimum entry ticket, without any time commitment, and with the possibility of selling on the stock exchange at any time.
The counterpart is that the share price is formed on the market. It can deviate from the book value of the portfolio, in either direction. The investor in a listed company accepts this variability in exchange for liquidity.
What is the net asset value per share?
This is the net asset value of the company divided by the number of shares. For an investment company, it is the indicator that reflects the book value of the portfolio held. It is distinct from the stock market price. The published net asset value and its calculation date are included in the financial reports.
Why can the stock price differ from the net asset value?
Because the two data points do not measure the same thing. The share price results from the confrontation of buy and sell orders. It incorporates the market's assessment of the portfolio's prospects, the quality of management, and the liquidity of the security.
The net asset value reflects the book value of net assets at a closing date, according to the applicable framework. The difference between the two can be significant and lasting, in either direction. An investor must examine both data points and not deduce the former from the latter.
How are unlisted equity holdings valued?
By valuation methods described in the notes to the financial statements. An unlisted company does not have a daily observable market price: its balance sheet value does not result from a stock market listing, but from a method applied as of a closing date. The accounting framework and the chosen method are presented in the annual report, which is the authoritative source.
How often does the company publish its accounts?
Twice a year. The company publishes an annual report, with its audited accounts, and a half-yearly report. The publication dates can be found in the financial calendar, available on the investor relations page.
Where can I view the financial results and reports?
On the investor page of haute.com, you can find the annual and semi-annual reports, the consolidated and statutory financial statements, the auditor's reports, the remuneration report, the investment guidelines, the disclosure of shareholdings, the minutes of the general meeting, the risk disclosures, and the financial calendar. These documents are authoritative.
Who leads Haute Capital Partners?
The company is led by its founder, Thibault Leroy Bürki, CEO, who is also the reference shareholder. His interests are aligned with those of the other shareholders: he is exposed to the same security and at the same price. The up-to-date composition of the management and the board of directors can be found on the governance page. Learn more
How is the company governed?
Its bodies are the general meeting of shareholders, the board of directors and the auditing body, the latter two elected by the general meeting and registered in the commercial register. The board appoints the operational management and supervises its actions. An advisory board provides external support.
Official entries can be viewed on zefix.ch under the UID number CHE-225.664.737.
Who are the shareholders of Haute Capital Partners?
Thibault Leroy Bürki, founder and CEO, is the reference shareholder. The status of declared shareholdings, with details and the closing date, is published on the investor page and is authoritative.
How does the company handle transactions with related parties?
By means of an ad hoc announcement and treatment in the annual accounts, without exception. Any transaction between Haute Capital Partners SA and a related party, including an entity controlled by its reference shareholder, is published in the newsroom in accordance with the listing rules, and appears in the financial statements.
Haute Capital Partners SA has its own governance, its own board of directors and its own reporting. Its accounts are prepared and audited separately.
What is an ad hoc announcement?
An obligatory communication by which a listed issuer informs the market of a fact likely to influence the price of its security. The listing regulations of BX Swiss determine its conditions. The ad hoc announcements of Haute Capital Partners are published in the newsroom and reproduced on the investors page.
How does the company communicate with its shareholders?
Through its official publications: annual and semi-annual reports, ad hoc announcements, press releases, notices and minutes of general meetings. The annual general meeting is the moment when shareholders exercise their voting rights and ask questions to the bodies. The financial calendar indicates the publication and meeting dates.
Where can I find the financial calendar?
On the investor page of haute.com. It indicates the publication dates of the annual and half-yearly results and the date of the general meeting. It is updated for each financial year.
What are the risks of investing in HAUTE stock?
An investment in shares carries a risk of total loss of the invested capital. The main factors related to the model are as follows.
The possible, lasting, and two-way discrepancy between the stock market price and the published net asset value. The valuation of unlisted investments through valuation methods, and not by a market price. The concentration of the portfolio on a limited number of positions, where the movement of one can impact the whole. The illiquidity of the underlying asset: an unlisted investment cannot be sold quickly, nor at a price known in advance. The limited liquidity of the share on the BX Swiss. A long horizon, poorly suited for a short-term investment. The concentration of governance, with the founder being both the executive manager and the anchor shareholder. Exposure to regulatory developments and the demands of the competent authorities.
This list is neither exhaustive nor investment advice. The risk disclosures and financial reports available on the investor page are authoritative.
What is the recommended investment horizon?
The model is built for the long term. An industrial thesis takes years to materialize, and the value of a portfolio of unlisted companies is revealed over several financial years. HAUTE shares are not suited for a short-term investment horizon, even though they remain tradable at any time.
Does this information constitute investment advice?
No. The information published on this website is provided for informational purposes. It does not constitute an offer, a solicitation, or a recommendation, and does not take into account the financial situation or objectives of any individual investor. The company's official documents are authoritative. Any investor who questions the suitability of the security for their situation should consult their advisor.
Where is the company based and how can I contact them?
Haute Capital Partners is present in Biel/Bienne and Zurich. The head office is located at Plänkestrasse 32, CH-2502 Biel/Bienne, in the canton of Bern. The Zurich office is located at Gerbergasse 5, CH-8001 Zurich.
Investors, media and authorities can reach the company at +41 32 321 35 35, at info@haute.com, or via the contact page on haute.com. Media and authority inquiries receive a response from management.
What is an ad hoc announcement?
An obligatory communication by which a listed issuer informs the market of a fact likely to influence the price of its security. The listing regulations of BX Swiss determine its conditions. The ad hoc announcements of Haute Capital Partners are published in the newsroom and reproduced on the investors page.
How does the company communicate with its shareholders?
Through its official publications: annual and semi-annual reports, ad hoc announcements, press releases, notices and minutes of general meetings. The annual general meeting is the moment when shareholders exercise their voting rights and ask questions to the bodies. The financial calendar indicates the publication and meeting dates.
Where can I find the financial calendar?
On the investor page of haute.com. It indicates the publication dates of the annual and half-yearly results and the date of the general meeting. It is updated for each financial year.