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‘Structural underweight position in capital intensive sectors’Within his fund, Keuppens puts a strong emphasis on companies with a high return on invested capital. "The companies must generate a high free cash flow and their shares must, of course, be traded at a price with a substantial discount compared to the net asset value," the fund manager explains. Keuppens regards companies with a high cash flow as “recession proof”. They have capital to fall back on in difficult economic times for investments, repurchasing shares or maintaining their dividend payments.