Factsheet: January 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.
US markets were red in January, with the S&P 500 index down -5.26%, the Dow Jones Industrials index down -3.31% and the NASDAQ 100 down -8.52% (sector rotation at work again).
Once more, sector winners and losers were all over the place, with the Oil & Gas Exploration and Production sector up -21.38% while the Semiconductor Equipment Sector was down -15.26%.
For a one-month period, this is quite a spread and indicative of the many crosscurrents the market is currently facing.
The fund underperformed the S&P 500 Index (-13.50% vs -5.26%).
The monthly top three consisted of Visa (+4.37%), McCormick, the spice specialist (+3.83%) and Becton Dickinson (+1.06%). On the other side, we find Idexx Labs (-22.96%), Sherwin- Williams (-18.64%) and Automatic Data Processing (-16.39%).
The absence of stocks driven by inflation and rising interest rates (energy, commodities and banks) in our portfolios clearly had an impact, but we believe the negative performance of our portfolios was more due to inflationary fears than on the fundamentals of the companies concerned.
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: firstname.lastname@example.org