On Field Investment Research, LLP (“Adviser,” “On Field” or “OFIR”) was launched on 18 October 2017
and is owned by Arnaud Pinatel and Yassine Touahri. Its principal place of business is London in the
United Kingdom.
OFIR provides independent equity research to institutional investors. OFIR publishes and distributes
independent global investment research, with a specialist focus on listed companies in the building materials
sector. The firm provides research only to sophisticated institutional professional investors and does not
provide services to individual private investors.
We may provide corporate access to companies we cover or related peers.
OFIR does not provide portfolio management services, manage investment advisory accounts or other client
assets on either a discretionary or non-discretionary basis and does not interact directly with client assets
or accounts.
OFIR aims to:
• Provide high quality, independent investment research on the building materials industry;
• Provide institutional investors with original investment ideas and in-depth analysis of the sector;
• Apply rigorous compliance standards to its operations and business processes.
As a research firm, On Field focuses on:
• Assessing the key strategic challenges and opportunities of the sector
• Monitoring the sector top line and margins trends globally
• Monitoring the cash flow power of the key players and top management strategies
OFIR will provide Investment recommendations on covered companies which will be published in reports
available to all clients. OFIR intend to publish target prices showing upside/downside with a 12-18 months’
time horizon. However, within this framework, the specific advice that On Field will provide to each
individual client will be nuanced and tailored to take into account their specific circumstances, taking into
account:
• Asset class/classes;
• Attitude to risk
• Investment strategy; and
• Specific Time horizon
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The table below shows OFIR products and services pricing. We offer 4 different levels.
CORE SUBSCRIPTION
READERSHIP +
READERSHIP AND MODELS
READERSHIP ONLY
Product Reports & presentations
Reactive market comments
Interactive financial models
Service Analyst access *
Bespoke requests
Ideas dinners
Pricing (ex. VAT) $50k $23k $15k $10k
* Readership+ entitles OFIR clients to 4 hours of analyst interactions (meetings/calls) per year
OFIR will also provide differentiated network Access (Industry expert meetings, field trip etc.). Pricing
will be ad-hoc and will depend on the scope of the specific project.
In certain cases, some large institutional investors may already have in place their own structured payment
process for research that they apply to all research providers. For example, in addition to fixed fees, some
investors are paying for research per interactions (meeting, calls, bespoke request). Other investors are
paying for research with votes from analysts and portfolio manager. In any such cases, OFIR may agree to
enter a compensation system different from the one presented in the table above. OFIR Management
however endeavor to be as fair and transparent as possible with its clients and will compare regularly the
level of services it provides to investors vs. the compensation received.
Fees are negotiable in the sense that some investors may be willing to get an intermediate level of services
between the four offers.
OFIR’s fees are billed quarterly in arrears. Some clients may negotiate different payment terms. To the
extent that fees are paid in advance and the service is terminated by the client according to our terms of
business, OFIR will provide a pro-rata refund for unearned fees.
When implementing securities transactions, clients may incur brokerage and other transaction charges.
OFIR does not hold, manage or trade securities on behalf of its clients, it does not accept any form of trading
authorization over its clients’ assets and it does not recommend broker/dealers to its US based clients.
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OFIR provides investment advice to institutional investors, including hedge funds, long only institutions
and other strategic investors with long term positions in listed equity.
There is no minimum account size. On Field’s lowest tier of service is
Readership Only, as described in
Item 5 above.
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OFIR’s research methods are based on objective, empirical analysis and consider a wide range of
information. Methods include but are not limited to: bottom-up fundamental company analysis, theme based
sector/ industry analysis and valuation analysis.
Our valuation analysis will include methodologies, such as near term ratios like dividend yield, P/E,
EV/EBIT and EV/EBITDA in the perspective of their long term history, as well as longer-term metrics,
such as discounted cash flow models, and mid-cycle profit multiples.
OFIR primarily provides advice on and analyses individual company equities and investing in these
instruments involves the risk of loss clients should be prepared to bear. Additional potential risk factors are
foreign exchange losses outside the US market and geopolitical events. The research is only to be used as
part of a broader investment process and clients need to make their own investment decisions based upon
their specific investment objectives and financial situation.
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Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary
events that would be material to the evaluation of the Adviser or the integrity of the Adviser’s management.
OFIR has no information applicable to this Item.
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OFIR and its management persons do not have relationships or arrangements with other financial services
companies or businesses that create a material conflict of interest. OFIR and its management persons do
not recommend or select other investment advisers clients and therefore do not receive compensation
directly or indirectly from such advisers.
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OFIR has adopted a Code of Ethics (the “Code”) for all supervised persons pursuant to Rule 204A-1 of the
Advisers Act (the “Code of Ethics Rule”). The Code describes the Adviser’s high standard of business
conduct and its fiduciary duty to its clients. The Code includes provisions relating to the confidentiality of
client information, a prohibition on insider trading, and personal securities trading procedures, among other
things. All supervised persons at the Adviser must acknowledge the terms of the Code of Ethics annually
or when materially amended.
There are also transaction and holding reporting requirements. Within 10 days of hire, all supervised
persons must submit to the CCO account statements for accounts in which they have a Beneficial Interest
in covered securities, per definitions within the Code. All supervised persons must submit within 30 days
after a quarter’s close such statements of account holdings, or appropriate reports and attestations.
Supervised persons also have annual reporting responsibilities to OFIR.
The CCO will monitor such statements and reports to ensure compliance with the Firm’s personal trading
policy and procedures and Code of Ethics Rule.
A copy of the Code will be provided upon request to any existing or prospective client or investor. Please
see the Cover Page of this Brochure for contact information.
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OFIR does not hold, manage or trade securities on behalf of our clients and does not select broker-dealers
for client transactions.
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OFIR does not hold, manage or trade securities on behalf of its clients and does not accept any form of
trading authorization (discretionary or otherwise) over clients’ assets.
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OFIR does not directly or indirectly compensate any person for client referrals. The Adviser’s compensation
is derived from management fees charged to clients for providing investment management services.
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OFIR does not have custody or control over any client accounts or assets. OFIR does not manage client
assets, hold client securities or otherwise have any direct access or control over client funds or securities.
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OFIR does not require nor solicit prepayment of more than $1,200 in fees per client six months or more in
advance and does not have discretionary authority or custody of client funds or securities.
OFIR has no financial commitment that impairs its ability to meet contractual and fiduciary commitments
to clients and has not been the subject of a bankruptcy proceeding.
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