Aguja Capital
Aguja Capital is an independent, owner-managed German investment boutique that runs the SQUAD Aguja Opportunities mixed fund and the SQUAD Aguja Bond Opportunities fund, applying capital-structure-arbitrage and special-situation value investing for professional advisors and institutional clients in Germany and Austria.
- Company typePrivate
- Founded2016
- HeadquartersKöln, Germany
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Aguja Capital does
Aguja Capital GmbH is an independent, owner-managed investment boutique headquartered in Cologne/Leverkusen, Germany, founded in 2016 by Fabian Leuchtner and Dimitri Widmann. Both founders previously worked at Flossbach von Storch AG, where Leuchtner co-managed fixed-income mandates exceeding €300M and Widmann was a Multi-Asset/Equity research analyst. The firm runs two public mutual funds under the SQUAD brand: SQUAD Aguja Opportunities, a global mixed fund (Mischfonds) launched in December 2016 with R, I, and IA tranches, and SQUAD Aguja Bond Opportunities, a bond-focused fund launched in 2023 with R and I tranches. The investment methodology is discretionary fundamental analysis grounded in Graham/Buffett-style value investing, focused on identifying mispricings across entire corporate capital structures (equities, hybrid capital, convertible bonds, and senior bonds), exploiting special situations and market inefficiencies outside mainstream indices.
The core technology is a domain-specialized investment process rather than a software platform: capital-structure arbitrage, bottom-up special-situation identification, prospectus analysis, and a proprietary ESG scoring system developed with the fund administrator. Both funds operate under the SQUAD Fonds umbrella (Discover Capital) and are distributed exclusively through professional investor channels, with Aguja acting as a contractually bound agent (vertraglich gebundener Vermittler) under the PEH Wertpapier AG liability umbrella. The firm does not serve retail clients directly; distribution reaches financial advisors, asset managers, family offices, and institutional clients in Germany and Austria. Custodian and asset servicing are provided by Hauck Aufhäuser Lampe.
Revenue is generated through fund advisory and management fees on AUM across share classes, a recurring subscription model. Specific fee rates are not publicly disclosed. AUM proxies indicate €122M in the flagship fund by July 2020, with a Bond Opportunities fund and a third share class added since. The boutique has earned multiple consecutive Austrian Fund Awards (2023-2025) in 'Mischfonds global flexibel', the German Fund Award 2024, Boutique Award 2022, and a 'Fonds der Woche' feature in 2025. Headcount is approximately 5–6, comprising the two managing directors, three analysts (Roman Solf, Tobias Buchwald, Sergi Suades), and one open working-student position.
Aguja Capital firmographics
Firmographics- Name
- Aguja Capital
- Legal name
- Aguja Capital GmbH
- Website
- https://aguja-capital.de
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Aguja Capital is an independent, owner-managed German investment boutique that runs the SQUAD Aguja Opportunities mixed fund and the SQUAD Aguja Bond Opportunities fund, applying capital-structure-arbitrage and special-situation value investing for professional advisors and institutional clients in Germany and Austria.
- Ownership category
- akta.pro rank
Aguja Capital industry classification
Industry- Product category
- Active Asset Management
- NAICS
- Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)
Keywords
Where Aguja Capital is headquartered
LocationHeadquarters
- HQ city
- Köln
- HQ country
- Germany
- HQ region
- Europe
Offices2 records
Markets served
Aguja Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Fund Advisory and Management Fees: Revenue generated through advisory fees and management fees charged on assets under management across the SQUAD Aguja Opportunities and SQUAD Aguja Bond Opportunities funds. Fees are collected based on the fund's NAV and specific share classes (R, I, IA tranches).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | R-Tranche (Retail-oriented share class) |
| Subscription | Annual | I-Tranche (Institutional share class) |
| Subscription | Annual | IA-Tranche |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Aguja Capital product offering
Product offeringCore offering
Aguja Capital is an independent, owner-managed investment boutique that runs two actively managed funds — the SQUAD Aguja Opportunities (global mixed fund) and the SQUAD Aguja Bond Opportunities (bond fund). Both apply a discretionary, fundamental, value-oriented investment style focused on identifying mispricings across entire corporate capital structures (stocks, convertibles, hybrid bonds, senior bonds, cash) and on exploiting special situations such as takeovers and complex structures.
Product overview
Aguja Capital is an independent, owner-managed investment boutique based in Cologne/Leverkusen, Germany, specializing in two main fund products: the SQUAD Aguja Opportunities (a global mixed fund launched December 2016 with three tranches: R, I, and IA) and the SQUAD Aguja Bond Opportunities (a bond-focused fund launched in 2023 with two tranches: R and I). Both funds employ flexible, discretionary investment strategies targeting misvaluations and special situations across entire corporate capital structures, with a strong emphasis on fundamental analysis and value investing principles.
Differentiator
Problem solved
Functional benefit
Brands
- SQUAD Aguja Opportunities: Global mixed fund (Mischfonds) focusing on special situations, mispricing across the entire capital structure of companies, combining equities, bonds, derivatives and cash with a flexible, discretionary, value-oriented approach.
- SQUAD Aguja Bond Opportunities
Products and services
- SQUAD Aguja Opportunities Global mixed fund (Mischfonds) that identifies mispricings across entire corporate capital structures (equities, convertibles, hybrid bonds, senior bonds, cash, derivatives) using discretionary, fundamental, value-oriented analysis. Targets special situations, market inefficiencies, and 2nd/3rd-tier issuers. Launched December 2016; available via R, I, and IA share-class tranches.
- SQUAD Aguja Bond Opportunities Bond-focused fund using a bottom-up approach to identify misvalued bonds across convertibles, senior bonds, hybrid bonds, and cash, with special-situation themes including takeovers, complex structures, and positive-but-undiscovered developments. Issued via R (WKN: A3EYU7) and I (WKN: A3EYU8) share-class tranches.
Quantifiable outcome
- ~10% return in first 6 months after launch (Dec 2016 - Jun 2017)
- +3 more outcomes
Companies that use Aguja Capital
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Aguja Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Aguja Capital partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- SQUAD Fonds (Discover Capital GmbH, Stephan Hornung, Christian Struck, Michael Kugelmann)coreSQUAD Fonds serves as the fund initiator and umbrella structure. Discover Capital GmbH (Augsburg) is the fund initiator. Stephan Hornung, Christian Struck, and Michael Kugelmann provided the initial partnership that enabled the fund launch. The SQUAD Fonds network includes multiple boutique asset managers: Discover Capital GmbH, Capanum GmbH, HC Capital Advisors GmbH, Point Five Capital GmbH, and Aguja Capital GmbH working together under the SQUAD brand.
- PEH Wertpapier AGcorePEH Wertpapier AG serves as the liability umbrella (Haftungsdach) for Aguja Capital's investment advisory and distribution activities. Located at Bettinastr. 57-59, 60325 Frankfurt am Main, PEH is a bank-independent asset manager and member of the EdW (Entschädigungseinrichtung der Wertpapierhandelsunternehmen). Aguja Capital operates as a contractually bound agent (vertraglich gebundener Vermittler) exclusively for PEH's account and liability.
- Hauck Aufhäuser LampecoreHauck Aufhäuser Lampe serves as the custodian bank and asset servicing partner for the SQUAD Aguja funds. Located in Frankfurt, Germany.
- CIXON GmbHminorCIXON GmbH (cixon.de) provides web design, development, and search engine optimization services for Aguja Capital's website and digital presence. Located in Germany.
- UN Principles for Responsible Investment (UN PRI)coreAguja Capital GmbH has signed the UN PRI, committing to six principles for responsible investing including integrating ESG issues into investment analysis and decision-making processes, being active owners, promoting ESG disclosure, and reporting on activities and progress.
Scale indicators4 records
Recent moves5 records
Expansion highlights5 records
Aguja Capital competitors and assessment
Company assessmentBroad incumbents
- DWS Group: One of Europe's largest asset managers with extensive multi-asset and credit fund offerings. While operating at vastly different scale, it competes for German intermediary recommendations and institutional mandates in the same Mischfonds and corporate-bond categories.
- Union Investment Institutional GmbH: Large German cooperative-bank-affiliated asset manager with multi-asset and special-situation funds competing for the same German professional and institutional allocations at greater scale.
- Flossbach von Storch AG: Germany's largest independent multi-asset manager, where both Aguja co-founders previously worked. Directly comparable multi-asset and bond strategies, serving German professional and retail clients, but at significantly larger AUM scale (€70B+).
Direct peers
- DJE Kapital AG: German owner-managed multi-asset boutique with global flexible mixed funds (DJE - Zins & Dividende, DJE Dividende & Substanz) competing in the same Mischfonds global flexibel category. Comparable AUM profile and distribution approach via German advisor networks.
- Acatis Investment GmbH: German value-oriented boutique manager running mixed and equity funds with special-situation characteristics (e.g., Acatis Value Event, Acatis Value Size). Competes for the same German advisor-driven allocations.
- Shareholder Value Management AG: Frankfurt-based value boutique running the Shareholder Value Funds family with global flexible and German equity strategies. Comparable in size, philosophy, and Frankfort/Rhine-Main advisor distribution profile.
- ETHENEA Independent Investors: Independent German-Luxembourg boutique running multi-asset and bond funds (Ethna-AKTIV, Ethna-DYNAMISCH) with a flexible capital-preservation mandate. Direct competitor in the conservative mixed-asset and global flexible categories.
- FPM Frankfurt Performance Management AG: Boutique German multi-asset manager with global flexible mixed funds (FPM Funds Ladon, FPM Stocks Ex Europe) - similar value-oriented, benchmark-independent philosophy and German advisor distribution model.
- Discover Capital GmbH (SQUAD Fonds): Initiator of the SQUAD Fonds platform under which Aguja's funds are distributed. Operates other boutique manager funds (e.g., Capanum) within the same brand - the closest direct platform peer and distribution partner.
Others
- PEH Wertpapier AG: Bank-independent German asset manager serving as Aguja's regulatory Haftungsdach and distribution partner. Not a product competitor but a structural enabler and channel peer in the German boutique distribution ecosystem.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks5 records
Key highlights7 records
Customer concentration
Aguja Capital social profiles
Digital presenceAguja Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aguja Capital leadership team
Management profileNumber of profiles
Profiles5 records
Aguja Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aguja Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aguja Capital
What does Aguja Capital do?
Aguja Capital is an independent, owner-managed investment boutique that runs two actively managed funds — the SQUAD Aguja Opportunities (global mixed fund) and the SQUAD Aguja Bond Opportunities (bond fund). Both apply a discretionary, fundamental, value-oriented investment style focused on identifying mispricings across entire corporate capital structures (stocks, convertibles, hybrid bonds, senior bonds, cash) and on exploiting special situations such as takeovers and complex structures.
Is Aguja Capital a public or private company?
Aguja Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Aguja Capital founded?
Aguja Capital was founded in 2016. It employs 1 to 10 people.
Where is Aguja Capital based?
Aguja Capital is headquartered in Köln, Germany, in the Europe region.
How does Aguja Capital make money?
One revenue line is on record: fund Advisory and Management Fees.
Who are Aguja Capital's main competitors?
Broad incumbents on record are DWS Group, Union Investment Institutional GmbH and Flossbach von Storch AG. Direct peers are DJE Kapital AG, Acatis Investment GmbH, Shareholder Value Management AG, ETHENEA Independent Investors, FPM Frankfurt Performance Management AG and Discover Capital GmbH (SQUAD Fonds). PEH Wertpapier AG is listed as an others.
Does Aguja Capital have an API?
No public API is recorded for Aguja Capital.
What industry is Aguja Capital in?
Aguja Capital's product category is Active Asset Management. Its primary akta.pro industry code is FSAAAGAL, Institutional Separate Accounts & SMAs (Mandates). Its NAICS code is 52394 and its SIC code is 6282.