Idea Brunch with Marie Boyé of Influidence

Welcome to Sunday’s Idea Brunch, your interview series with great off-the-beaten-path investors. We are very excited to interview Marie Boyé!

Marie is currently the CEO of Influidence, a research firm focused on stock research, strategic insights, and manager diligence for professional investors and allocators. Before launching Influidence in July 2024, Marie was a portfolio manager at Monceau Asset Management, a French fund of funds, and a buyside analyst and fund selector at a family office.

Marie, thanks for doing Sunday’s Idea Brunch! Can you please tell readers a little more about your background and why you decided to launch Influidence?

Thank you so much for having me! I started working as a stock picker and fund selector in March 2020—right at the peak of the market chaos—in a value investing boutique called Preval (formerly Flinvest) in Paris. I already had accumulated a few months of experience in credit and broad research roles during the gap year of my master’s. My last internship was actually at Preval Luxembourg. When the fund selector in charge of private mandates left, they offered me the role.

A few years later, I was approached by Philippe Sarica, a well-known figure in the French fund selection space. He offered me a job at Monceau Asset Management and saw me as his successor for the CIO position once he retired.

Two years passed—enough time for me to realize I would never thrive in a corporate environment where bureaucracy mattered more than quality, and where compliance took precedence over deep research. It made me physically unwell to consider trading my integrity for a paycheck. So I looked around in France… but nothing truly aligned with what I was searching for.

That’s when I decided to go wider. In October 2023, I launched what I called the Investing World Tour—a journey to meet as many investors as I could, work for them if possible, and learn from the world as it is, not just through screens. In 8 months, I met 100+ investors and entrepreneurs, travelled to more than 15 countries and 40 cities across Asia, Europe and the US. I hoped I would find people who shared my values and vision. I didn’t. And I realized it could take a lifetime to stumble upon that perfect fit.

So I stopped looking—and decided to build it myself.

That’s how Influidence was born: an independent research firm built on the conviction that high-quality insights come from curiosity, from integrity, and from walking paths most others ignore. My goal is to offer a differentiated view on companies and fund managers—grounded in real-world observations and crafted for investors who want to go beyond traditional research.

You’re known for deep, on-the-ground research. Can you tell us a little bit about your research process and some examples of tangible benefits from your research approach?

Absolutely. For me, idea sourcing is less about staring at screens and more about observing, listening, and deliberately choosing where—and to whom—I want to be exposed to. I don't just screen for numbers; I screen through people, environments, and lived experiences.

On the fund manager side, I make a point of attending conferences and gatherings like RV Capital’s event, Citywire forums, the BRK AGM in Omaha, or smaller, private circles. These are rich grounds for serendipity. I almost always meet someone interesting. It's a long game—about planting seeds, building trust, and waiting to see what grows. That’s how I came across Xin from Banyan Partners or HK from Tcha Partners. No Bloomberg screen would’ve surfaced them.

On the equities side, my process blends quantitative screening with real-world reconnaissance. I always walk the streets, talk to locals, and observe how people live—what they consume, which brands they trust, and what they ignore. Whether I’m in Istanbul, Athens, or Shanghai, I try to meet as many people as I can. Sometimes, I get what I came for; other times, I stumble upon something I didn’t even know I needed.

Take Athens, for instance. I sent out a few LinkedIn messages before arriving and ended up in a meeting with the Athens Stock Exchange. What started as a random outreach turned into a strategic conversation about their regulatory lobbying, efforts to attract capital, and upcoming market reforms. I hadn't planned for it—but it shifted how I view Greek equities and put a few names on my radar I would’ve otherwise missed.

I do of course spend time at my desk—probably 50/50 between office work and fieldwork. I run fundamental analyses, build frameworks, and dig into data. But I’ve found that the magic often lies in what others overlook: the messy, unpredictable, human side of investing.

A lot of investors try to control the funnel, but I believe there’s power in randomness. Sometimes the best thing you can do is stay still and pay attention. The key is to stay curious, to listen without judging, and to leave your ego at the door. After all, we don’t create value—we capture the value others generate. That calls for humility.

You’ve traveled to dozens of countries as part of your investment and manager due diligence. Are there any countries that are particularly attractive emerging markets today? Or conversely, any you think investors should avoid?

It’s funny—because the more I travel, the more I realize how little I’ve actually seen. I’m not a macro forecaster, and I approach countries much like I approach companies: with humility. Understanding the internal dynamics of a single business is already complex—so when it comes to a country, with all its cultural, political, and economic layers, I don’t pretend I can predict its future. But I can observe momentum, energy, and shifts on the ground.

Asia, without a doubt, is the most dynamic region I’ve explored. There’s a strong sense of purpose. People are focused, ambitious, and rebuilding entire systems in real time. I was particularly struck by Korea—still quite inefficient as a market, which creates opportunity. If you’re well-informed and patient, I believe Korea could become a fertile ground for alpha in the next few years.

Turkey is another one. The talent pool is remarkable, and the entrepreneurial grit that’s been shaped by years of adversity is something I deeply respect. That said, the political climate has a heavy impact—not just on markets, but on national morale. The brain drain is real, and that weighs on the country’s momentum. There’s no question about the potential, but when things will truly take off again is anyone’s guess.

I haven’t been to Latin America yet, but I’m excited about it—especially Brazil. It’s a massive market, and with the Mercosur-EU trade agreement recently signed, sectors like soy, beef, palm oil, coffee, and cocoa could benefit from expanded access to European markets.

I’ve also heard encouraging things about Romania. A few entrepreneurs flagged it to me, and I’ve started screening some equity names there—it seems to be gaining traction under the radar.

I tend to stay away from African stock markets for now—mainly because of persistent issues around corruption and a corporate culture that often clashes with the standards I look for when investing.

Ultimately, every investor has their own threshold for volatility and risk. For me, corporate governance is non-negotiable. I’m cautious around traditional family-owned conglomerates in Asia for that reason—but at the same time, I’ve found small, well-run businesses in those markets that create tremendous value. I try not to take a binary view. When you’re a bottom-up stock picker, it’s more about being selective than about ruling out entire geographies.

Many Idea Brunch readers either manage investment funds or aspire to manage funds. As someone who has worked allocating capital to investment professionals, what have you found are the things managers often get wrong? And what are the ingredients for success both in terms of good returns and strong fundraising for investment managers?

Great question. One of the biggest misconceptions I see is the belief that strong performance alone will attract capital. The reality is that investing is one of the most competitive talent pools in the world—there are brilliant people everywhere. So it’s rarely just about background, credentials, or even track record. Success often hinges on your ability to attract and retain capital—which, frankly, comes down to whether people like you and trust you.

What’s often overlooked is how commercial this job actually is. Commercial instincts—how you communicate, how you position yourself, how well you understand your clients—are usually ranked second or third in importance. But from what I’ve seen, being good at selling (without being salesy) can make a world of difference. It’s not just about what you deliver—it’s about how you tell the story.

Second, differentiation is critical. The last thing the market needs is another generalist long-term value fund—especially when you’re competing against firms with 10, 20+ year track records. What draws attention—and capital—are managers with a sharply defined identity or niche. That could mean a crossover equity strategy, a freight futures ETF, or even something as original as an equestrian-themed fund. Scarcity creates appeal. When you’re the only one doing what you do, and you do it well, you become sticky to the right investors.

As for the ingredients to long-term success, I’d say it starts with knowing yourself. That sounds abstract, but it’s actually very operational. Track your decisions. Understand your biases. Use tools—especially AI-driven ones—to create feedback loops. Isolate what worked and why. Know your process intimately. When you’re in alignment with yourself, it shows. You attract people and capital more naturally.

Purpose matters too. I’ve seen a lot of managers launch funds for ego-driven reasons. That usually doesn’t end well. You need a deeper reason—a real ‘why’—because the journey is long and often humbling.

And finally, think about your business model early on. Fund managers today are increasingly adopting hybrid models, mixing asset management with education, advisory, or content-driven revenue streams. The traditional model is under pressure, and innovation on the business side is just as important as innovation in the portfolio.

What are some interesting ideas on your radar now?

On the fund side, I’ve been exploring niche strategies—like Breakwave, which runs a passive vehicle giving exposure to freight futures. They’re the only player in the world doing this in an investable format. Maritime shipping still moves 80–90% of global goods, yet the futures market remains incredibly opaque—often cleared by voice -actually over WhatsApp! It’s illiquid, tightly networked, and largely closed off to non-professionals. But that’s what makes it so compelling: it’s a unique way to diversify, get exposure to the shipping market without embedding corporate risk and the team behind it are absolute experts.

On the equity side, I tend to gravitate toward unconventional but high-quality businesses. One that stood out to me during a recent research trip to Greece is: