Factsheet: July 2024
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 wait-and-see position, European markets had a weak month, with the Euro Stoxx 50 down -0.43%, the Stoxx Europe 600 up +1.32% and the CAC 40 up +0.70%.
Sector wise, the Construction & Materials sector led the charge at +6.20%, while the Technology Sector lost -6.05%.
The Fund
FFM European Selection ended the month (27.06.2024 - 01.08.2024) down -2.25%, underperforming all relevant indices, with the exception of the Euro Stoxx 50, over the same period, with a drop of -2.79%, while the Stoxx Europe 600 fell by -0.15% and the CAC 40 by -2.13%.
The monthly top three consisted of Gaztransport et Technigaz (+11.89%), DSM-Firmenich (+11.79%) and Euronext (+8.09%). On the other side, we find Universal Music Group (-20.84%), VAT Group (-12.58%) and ASML (-11.63%).
During the month, we took advantage of new incoming funds to increase our investments in ASML, L'Oréal, TVA Group and ABB.
For more information, please email us: contact@fisconsult-sinews.com
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