Factsheet: August 2021
Strategy
The Fund's objective is to achieve optimal long-term capital growth through active management of a portfolio of large-capitalisation stocks based primarily in North America.
The investment strategy is based on fundamental analysis. The stock selection process is based in particular on the activities of the companies, their governance, financial structure and development perspectives. The fund aims above all to identify companies with dominant positions, with a significant reinvestment capacity and low levels of gearing.
The recommended investment period is 5 years. The reference currency is the US Dollar.
Markets
Despite a few setbacks linked to persistent concerns about a sudden return of inflation and profit-taking by some investors wishing to protect themselves against a potential slowdown in the recovery, US markets had a positive month of August, with the S&P 500 gaining +1.28%, the Dow Jones Industrials +0.57% and the NASDAQ +1.61%.
Still supported by solid economic figures, this nice progression is further accentuated by the implementation of President Joe Biden's plan to rebuild infrastructure & reshape the country, adopted at the end of July. For the second month running, this month's winner is the steel sector (+13.02%), while the automotive equipment sector receded (-9.63%).
The Fund
The fund lost some ground to the S&P 500 index (-0.03% vs. +1.28%).
Alphabet (+6.32%), Intuit (+8.22%) and Adobe (+6.89%) are the top three winners of the month, while Fidelity National Information Services (-14.18%), Black Knight (-6.70%), and Visa (-7.22%) close out the month.
We consider Visa's reduced value as investment opportunity. Indeed, the company suffered from concerns, which we believe to be exaggerated, about a fourth wave and its potential impact on tourism. Alphabet, the big winner of the month, has instead maintained its strong forward progress, supported by excellent subscription results in some of its businesses, notably through Youtube.
For more information, please email us: contact@fisconsult-sinews.com