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European Selection Fund - Apr 2022

Factsheet: April 2022


Strategy


The Fund's objective is to achieve optimal capital growth over the long term through the active management of a portfolio of large-capitalisation stocks based primarily in a member country of the European Union or the European Economic Area.

The investment strategy is based on a fundamental analysis. The stock selection process is based on the activity of companies, their governance, financial structure, and development prospects. The fund aims to identify companies with dominant positions, high reinvestment capacity, and low debt.

The recommended investment horizon is 5 years. The reference currency is the Euro.


Markets


In a context of extreme volatility and intense tensions linked to the rise in inflation, the Ukrainian crisis and the economic slowdown in China, European markets were in the red in April, with the Euro Stoxx 50 down -3.22%, the CAC 40 down -2.28% and the Stoxx Europe 600 down -1.93%.


Defensive sectors performed best, with the Food, Beverage and Tobacco sector up 4.69% while Financial Services (down -7.15%) and Technology (-6.91%) were the biggest laggards.


The Fund


The FFM European Selection Fund outperformed the indices slightly, since it was down for the relevant period (31.03.2022 to 28.04.2022) by -1.15%.


The month’s top three consisted of Temenos (+11.53%), Swedish Match (+10.95%), and Novo Nordisk (+8.45%). The month’s worst three were InterPump (-15.14%), Alfa Laval (-12.73%), and ASML (-8.39%).

In April, we took partial profits on Sonova, which had almost come back to its all-time highs, completely sold Simcorp, which had proved extremely disappointing. This allowed us to increase our exposure to InterPump and create a starter position in Schneider Electric. Both stocks had experienced pretty impressive corrections and seemed to offer attractive entry points.


For more information, please email us: contact@fisconsult-sinews.com

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