Factsheet: May 2022
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
US markets settled down after having experienced one of their worst month in history in April. Over the relevant period (27.04.2022 to 01.06.2022), the S&P 500 lost -1.98%, the Nasdaq 100 -3.50%, and the Dow Jones Industrials -1.47%.
Under the hood, things were much volatile, with the Oil & Gas Exploration Sector up 19.70% while the General Merchandise Stores Sector (think Target, as discussed before) down -18.12%.
The Fund
The FFM American Growth Fund was down for the relevant period (27.04.2022 to 01.06.2022) by -2.60%..
The monthly top three consisted of Autodesk (+9.76%, good earnings), Waters (+8.23%) and Adobe (+5.18%). On the other side, we find Verisk Analytics (-14.28%), Idexx Labs (-9.03%) and Salesforce.com (-8.92%).
We partially took our profits on McCormick highest levels and invested the proceeds in connector specialist Amphenol (now a 3.8% position). We also initiated a small position (2.7%) in Fastenal, a distributor of industrial products.
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.
For more information, please email us: contact@fisconsult-sinews.com