The Fund: Equity Focus FIL
Audited. Regulated. Skin in the Game.
Welcome to the engine room.
The Hermit is the research. Equity Focus FIL is the execution.
We built this vehicle for one reason: Accountability.
Writing newsletters is safe. Allocating millions of Euros into illiquid microcaps is where the truth is found. We wanted to prove, to the world and ourselves, that our “Mosaic Theory” works in the real world.
📊 The Track Record (Don’t Trust, Verify)
Most funds show you a pretty Excel chart that they made themselves.
We don’t.
Screenshots can be manipulated. Audited NAVs cannot.
We believe in radical transparency. If you want to see our performance, you should check the official, regulated source.
Institutional Class (A):
ES0131237002(Min: €200k)Retail Class (Y):
ES0131237010(Min: €10k)
Note: Some platforms summarize returns poorly. The only truth is the NAV (Net Asset Value). If the NAV is up over a 3-year period, we are winning.
🏛 The Structure
We spent a year negotiating with 14 banks to build the most pro-investor vehicle in Europe.
The “Anti-Bank” Setup
Traditional banks hate this structure because it exposes how much they overcharge you.
Liquidity: Monthly entry/exit (with 20 days notice). No lock-ups
No Hidden Fees: No entry fees. No exit penalties. No “admin” nonesense
Alignment: We invest at least 80% of our net worth alongside you. We pay the same fees you do
The Strategy
We are war journalists… minus the flak jackets.
We don’t buy tickers, we buy businesses.
Target: Monopolies/Oligopolies under €2bn market cap
Hold Period: 5–10 years
Portfolio: 15–25 high-conviction names
The Edge: We go where the big funds can’t fit
💰 Fee Schedule (The Lowest We Could Go)
We rejected the industry standard 2.0% fee. We strip it down to the bone.
Class A (Institutional) — ES0131237002
Entry: €200,000
Fixed Fee: 0.85% (Scales down to 0.45% as AUM grows)
Performance: 20% over a 4% Hurdle.
Class Y (General) — ES0131237010
Entry: €10,000 (We lowered the wall so anyone can join).
Fixed Fee: 1.35% (Scales down to 0.70% as AUM grows)
Performance: 20% over a 4% Hurdle.
Transparency Note: I personally receive ~0.2% of the fixed fee. The rest pays for the auditor (Deloitte/EY/etc.), the custodian, and the regulator.
🌍 How to Invest
The fund is available on Allfunds and Inversis.
This means you can likely buy it directly through your existing bank (Andbank, Banca March, Banco Caminos, Mediolanum, etc.).
Instructions:
Copy the ISIN (
ES0131237010).Send it to your banker.
Ask: “Can you subscribe to this fund for me?”
If you hit a wall or have questions about the process:
📜 Documentation
For the regulatory details, download the official prospectus (Folleto) here:
A quiet sunrise to mark the start of something grounded, enduring, and built to last.
— Alejandro Yela, Founder, Equity Focus FIL
Sweet ! Great job Yela 🥳 congratulations
Low fees, no bloat, skin in the game, and an investment thesis that doesn’t involve chasing dreams or buzzwords. It’s lean, it’s clean, and it just might eat the lunch of half the overpriced “wealth management” clowns in Europe.