30 years of independence, with a different perspective on investment

An independent management fund, specialized in investment in listed small cap.

Small is powerful

  • French and European small-cap

  • A human-sized management fund

  • Our investment methodology

  • Sustainable investment


Small- and medium-sized listed companies are a profitable asset class, with a higher-than-average profitability, growth, and investment rate.

Most of them are family businesses, managed with a long-term view. Their agility, resilience and alignment contribute to their performance.

Discover our funds

Our human-sized management fund is independent and easy to reach, guaranteeing ties-free decision-making, agile management and an aligned methodology.

We make sure we are easy to reach and open to dialogue with our partners, investors and business leaders to enhance our expertise day after day.

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Indépendance AM relies on 30-years experience, numerous annual meetings with business leaders and on Quality Value: our unique, thorough, long-proven methodology.

Quality Value is based on investment in European listed small-cap companies, that are developing profitably (Quality) with a low valuation (Value).

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The businesses we invest in have a long-term view, combining profitable development and values. We look up to these principles and we share them.

The same values guide us everyday within our company, through the implementation of our Responsible Investment Policy.

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We follow our judgment,
free from current trends.

“Here is how we see our job as investors. For more than 30 years, Indépendance AM has been seeking the best investment opportunities for its shareholders, among small- and middle-capital businesses, currently undervalued and growing fast. (…)
This is our greatest certainty, and our greatest strength.”

Small Is Powerful

Meet our team

We are a small team, and always easy to reach. We are experts in small-cap stocks, passionate about the companies we invest in.

William Higgons

President - Manager

Audrey Bacrot

Manager, CIIA

Victor Higgons

Manager, CIIA

Charles de Sivry

Manager, CIIA

Juan Diaz

Development Director

Bertille Sainte-Beuve

Responsible Investment Director

Gaëtan Ruet

Financial Analyst

Our funds

Our investment expertise in small-cap stocks is dedicated to 3 funds:

Indépendance et
Expansion – France

French businesses

Since 1993

Indépendance et
Expansion – Europe

European businesses

Since 2018

Family Value

Family businesses

2021 – 2028

You are considering investing, you have a question.
Our team is available