Factsheet: November 2021
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.
European markets did badly in November, with the Euro Stoxx 50 down -3.35%, the CAC 40 down - 0.51% and the Stoxx Europe 600 down -2.12%.
Most sectors were in the red as well during the month, with the Consumer Products and Services sector a rare outlier (+2.03%) while the Travel and Leisure sector bore the brunt of the losses (- 21.50%).
The fund did better than the Stoxx Europe 600 (-0.45% vs -2.12%). The month’s top three consisted of Sika (+14.49%, excellent quarter), Ferrari (+13.27%) and Kone (+4.80%).
The month’s worst three were Simcorp (-17.79%) and Temenos (-14.80%), not a great month for banking software, obviously, and Sonova Holding (-12.84%).
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