When Joel and Sam met, it was immediately clear that they shared a long-term goal: to start a fund where the investor only pays for performance. The Warren Buffett Partnerships model in mind.



Sam gained experience as an entrepreneur in his parents’ four multimedia stores,
which he later owned together with his sister.

He has been actively involved in investing since 1999, but only began consistently
applying the principles of Benjamin Graham and Warren Buffett, the sustainable rules of value investing, from 2004 after his first few years of learning. Sam wrote an extensive course on the best practices of value investing, which formed the basis of his book “Double Your Money in Five Years”. Since 2011, he has been an analyst and chief editor for investment magazines (BeursLoper, SMART Capital, BeursMagazine).

Investing is not a science. Investing is a craft. You can learn the techniques, but the rest comes down to practice, experience and emotional control.

Sam Hollanders

Joël has thirty years of experience in ICT, fifteen of which as a managing partner of Newtel. Following the merger with sister company Nextel, he exited through the sale to Telenet in 2018.

As a former youth chess player, he has retained his passion for chess. In 2010, the Go for Grandmaster non-profit organisation was founded with the aim of providing additional incentives and opportunities for Belgian top youth to reach the world top level. These days, you can find Joël on rented sailing boats or occasionally in Nieuwpoort as a sailing instructor.

My passion is to teach young people. That is why I like to be a guest speaker for VFB (Flemish Federation of Investors), give guest lectures or organise webinars myself.

Joël Schols



Optimal transparency

No chasing hypes

Only the long term matters

Alligned interests

No bureacracy

Fair cost structure

No second-rate investments

Independent thinking

We wish for the right partners at our side

More Information: download our "Owners Manual"



These world class investors have shown us the way to the fairest cost model for an equity fund. Both have applied the 0/6/25 principle for their investors: 0% management fee as long as a 6% return is not achieved. 

Warren Buffett


1957 – 1969 Buffett Partnerships

Buffet is the very first investor to start a fund on a ‘no cure no pay’ basis. He learned the principles of value investing from his teacher Benjamin Graham at Columbia Business School.

His results speak for themselves. From 1957 onwards, there was no less than a 31.6% annual return, a phenomenal result. Each dollar invested had grown to almost 27 dollars in 12 years.

Guy Spier


1997 – present Aquamarine Fund

Spier calls himself a passionate disciple of Warren Buffet. He is a fervent proponent of the 0/6/25 principle. He organised a symposium on the “zero management fee” theme which persuaded us to apply it.

In the meantime, we have come to know Guy as not only a good investor, but also a very amiable man. We feel blessed to be part of the ValueX community.


Please read the information on this page as it contains the legal and regulatory restrictions which apply to access this website. By using this website, you agree to and acknowledge the following terms and conditions. If you do not agree to and acknowledge these terms and conditions, you must not use this website and should exit it immediately.

This present website is a communication tool, provided by Chess Partners a company incorporated under the laws of the Grand-Duchy of Luxembourg and registerd as AIFM with the CSSF. Chess Partners is the AIFM of CC Multi Strategies SICAV-FIS S.A. (the “Fund”), a company incorporated under the laws of the Grand-Duchy of Luxembourg as an investment company with variable capital (“SICAV”) – Specialised Investment Fund (“SIF”). The Fund is registered pursuant to the Law of 13 February 2007, as amended and qualifies as an alternative investment “fund (“AIF”) in accordance with the AIFM Law. The Fund is an “umbrella Fund”. This website provides more information on the fund and specifically to its sub-fund “Chess Capital” The registered office of Chess Partners is 36-38 Grand Rue L-1660 Luxembourg, Grand-Duchy of Luxembourg. The Fund registered office is at 30, Boulevard Royal L-2449 Luxembourg, Grand Duchy of Luxembourg. The custodian, domiciliary, administrative agent and paying agent of the Fund is Banque Patrimoine Prive, working under the commercial name of Creand, Luxembourg. 

Use of Site

Please read the information on this page as it contains the legal and regulatory restrictions, which apply to access this website. By using this website, you agree to and acknowledge the following terms and conditions. If you do not agree to and acknowledge these terms and conditions, you must not use this website and should exit it immediately.

Access to eligible investors

The sub-fund is registered for distribution in Luxembourg and Belgium. In Luxembourg, this website is intended for well-informed investors. A well-informed investor means a professional investor, an institutional investor or any other investor who: a) has confirmed in writing to adhere to the status of the well-informed investor, and b) (i) invests a minimum of 125,000 EUR in the SIF, or (ii) has been subject of an assessment made by a credit institution within the meaning of the Directive 2006/48/EC, by an investment firm with the meaning of Directive 2004/39/EC or by a management company within the meaning of the Directive 2009/65/EC, certifying the investor’s expertise, experience and knowledge in adequately apprising an investment in the SIF.

In Belgium, this document is only intended for a) Professional investors as per MiFID (Annex II) adhering to the status of well-informed investors; and b) Non-professional investors, who have confirmed in writing to adhere to the status of well-informed investor, and investing a minimum of 250,000 EUR (by investor and by category of securities) – as per Art. 5, § 1er, 2°of the Belgian law of 19 April 2014 on alternative investment funds and their managers.

Please note that the Fund and sub-funds are not registered under the U.S. Securities Act of 1933, as amended. This marketing document is not intended for U.S. Persons. “U.S. Person” means, with respect to individuals, any U.S. citizen (and certain former U.S. citizens) or “resident alien” within the meaning of U.S. income tax laws as in effect from time to time. With respect to persons other than individuals, the term “U.S. Person” means (i) a corporation or partnership created or organised in the United States or under the law of the United States or any state, (ii) a trust where (a) a U.S. court is able to exercise primary jurisdiction over the trust and (b) one or more U.S. Persons have the authority to control all substantial decisions of the trust and (iii) an estate which is subject to U.S. tax on its worldwide income from all sources. The term “U.S. Person” also means any individual or entity that would be a U.S. Person under Regulation S of the U.S. Securities Act of 1933, as amended.

The information and services provided in this website are not directed to, or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or incorporated or located in any jurisdiction where such distribution, publication, availability or use would be contrary to local laws or regulations, or where the Fund or the AIFM would infringe any registration or licensing requirement within such jurisdiction. This website is also not intended for any “Prohibited investors” as defined in the issuing document of the Fund.

No offer / No advice

This website is for information purposes only and should not be construed as an offer to buy and sell any securities or other financial instruments. Nothing contained on the website constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision.

The Fund and sub-fund may not be suitable or appropriate for all investors. The information does not take into account individual circumstances, investment objectives, financial situation or specific needs of the investors. The website does not refer to any particular tax treatment. Tax regimes depend on each potential client’s own circumstances and may be subject to change in the future. You should obtain appropriate professional advice before making any investment decision.

Past Performance

Past performance figures are not a reliable indicator of future performance and may be misleading. Past performance figures are presented net of all fees, excluding exit and entry fees (unless indicated otherwise). Return may have decreased since the posting of information in this website.


Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/ index is directly comparable to the investment objectives, strategy or universe of a sub-fund. The performance of a benchmark shall not be indicative of past or future performance of any sub-fund.


Investing in the Fund involves risks. The value of investments and any income from them may go down as well as up. You may not get back all of your original investment as there is no guarantee of capital protection. The return may increase or decrease as a result of currency fluctuations. Before taking any investment decision and before investing, please read the latest version in force of the Issuing Document, and particularly pay attention to “Section 5 the Appendix I presenting the inherent risks of the sub-fund, as well as the latest annual report and the Key Investor Documents.

Costs and fees

Please pay attention to all the direct and indirect costs incurred by investing in the Fund. For more information pay attention to “Section 9 –  Fees and Expenses” and Appendix I of the Issuing Document.

Fund documents

Copies of the following English documents may be obtained for inspection during usual business hours on any Business Day in Luxembourg at the registered office of the Fund: 30, boulevard Royal, L-2449, Luxembourg: the Articles, the Issuing Document, the last financial annual report, the key information documents amongst others. These documents can also be accessed on this website or on Other information on the Fund, as well as on the Net Asset Value, the issue and redemption prices of the Fund’s Shares may be obtained on any Business Day at the registered office of the Fund and of the Administrative Agent.

Complaints service

In case of any complaints about the management or administration of the Fund, a written letter may be sent to the person responsible for the complaint handling at the level of the management of the Fund (Chess Partners 36-38 Grand Rue L-1660 Luxembourg) or by mail to

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