Factsheet: October 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 persistent problems in production chains, fears about inflation linked to soaring commodity prices and real estate difficulties in China, US markets have rebounded strongly, following the violent correction in September, and post very positive performances in October.
The S&P 500 index is up +6.79%, the Dow Jones Industrials index up +5.66% % and the NASDAQ 100 up +7.44%.
Once again, sector winners and losers were all over the place, with Automobile manufacturers up a whopping 37.85% (thanks, Tesla) and Airlines down 12.68%.
The Fund
The fund lagged the S&P 500 Index (3.50% vs 5.70%). The monthly top three consisted of Microsoft (+13.79%, excellent quarter again), paint maker Sherwin-Williams (+12.44%) and Intuit (+12.10%).
On the other side, we find PayPal (-9.29%, rumors of them buying Pinterest were not taken well), the artist formerly known as Facebook, now Meta Platforms (-8.07%) and Visa (-4.81%).
We have liquidated our positions in Black Knight, introduced Wingstop and reinforced Visa.
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