Factsheet: September 2021
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
The European markets were in turmoil during the month of September, driven by inflation at 3.4%, ahead of the European Central Bank’s targets, and mainly accentuated by the energy price surge (gas and oil in particular). Despite expectations that the ECB should still be particularly accommodating, inflationary fears overwhelmed the calm of the preceding months.
The Euro Stoxx 50 lost -3.71%, the CAC 40 -2.46% and the Stoxx Europe 600 -4.12%. The energy sector (+9.84%) surged, while utilities (-8.57%) trailed behind, influenced by the rise in interest rates.
The Fund
The fund underperformed the indices with a correction of -5.92%. Most stocks that catalyzed performance at the start of the year corrected significantly: Kone fell by -15.32%, Temenos lost -12.56% and Simcorp dropped -11.14%
The only stock that rallied, Pernod Ricard (+7.49%), benefited from the maintained level of discretionary consumption. LVMH (+0.08%) also managed to stay afloat.
In terms of exposure, we reduced our position in Dassault System.
For more information, please email us: contact@fisconsult-sinews.com
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