Factsheet: March 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
War in Ukraine and high inflation were the main concerns for the markets in March. Volatility was at its highest levels for all asset classes. Bonds, equities and commodities all suffered wild movements and commodities ended at peaks.
Despite this complicated context, European markets were positive for the reference period, with +1.91% for the Euro Stoxx 50, +2.13% for the CAC 40, and +3.85% for the Stoxx Europe 600.
The best sector was the Basic Resources Sector, up +6.30% while the Retail Sector was down a whopping -15.42% for the month.
The Fund
The fund largely outperformed the indices with +6.08% over the month, and made up for part of the lag at the start of the year.
We benefited from Novo Nordisk’s performance (+10.85%) as it continued its impressive rise, as well as the rebound of Sonova (+9.31%) which returned to its January levels. Alfa Laval also showed a strong performance (+7.34%).
Conversely, despite the extension of a partnership with SGSS, Simcorp continued its correction with -15.94%. Kone (-9.14%) suffered in particular from structural and real estate difficulties in China, while Unilever lagged behind with -7.98%.
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