Factsheet: February 2022
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.
Due to the turmoil in Ukraine and the high volatility, especially linked to the uncertainties on the outcome of the crisis, the American markets were in the red, in February. The S&P 500 fell -2.86%, the Dow Jones Industrials index -3.03%, and the NASDAQ 100 -4.68%.
The fall was fairly homogeneous between the indices, however with large disparities between sectors: exploration and production of oil and gas soared by +31.44%, while the residential construction sector was down -19.52%. Such as in January, these large performance gaps underline the high volatility that persists in the markets.
In February, the fund underperformed the main indices with a decline of -8.46%.
We benefitted from the good resistance of Becton Dickinson (+5.82%), McCormick (+5.08%) and Visa (+4.90%).
On the other hand, echoing our last publications, PayPal (-35.84%) and Meta Platforms (-32.64%) showed strong declines, followed by Adobe (-14.25%). As mentioned, we remain confident about the outlook for these companies whose prices now appear undervalued..
Disclaimer: Past performance is not a reliable indicator of future performance and in no way constitutes a guarantee of future performance or capital. This non-contractual document is for information purposes only and does not constitute an offer for sale.
Prior to any investment, we recommend that you consult your advisor for a better understanding of risks. In the event of disagreement or litigation arising from this document, the full prospectus will prevail.
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