Die globalen Aktienmärkte hatten einen volatilen Start ins neue Handelsjahr. Der MSCI All Country World Index erreichte ein neues Rekordhoch, bevor es im Zuge der Sorge um die Ausbreitung des Coronavirus wieder nach unten ging. In diesem Marktumfeld verzeichnete der Pictet Global Megatrend Selection P dy EUR (WKN A0X8JZ; ISIN LU0386885296) ein Minus von 1,10 Prozent. FondsManager Hans Peter Portner liefert in seinem Monatsbericht für Januar Details über die jüngsten Veränderungen in der Portfoliostruktur des Megatrend-Fonds und analysiert die aktuelle Marktlage. Wertvolle Informationen direkt vom Pictet-Aktienstrategen für alle Investoren der Strategie SJB Substanz.
Market review
Equities had a volatile start to the year. The MSCI All Country World Index climbed to record highs before turning tail to finish the month in the red. Sentiment was hit by news of the coronavirus spreading across China and beyond.
Performance analysis
The strategy outperformed the MSCI ACWI (-1.10 % in USD) during the month. Top contributors were Clean Energy, Water, Security, SmartCity, Digital and Robotics while Timber, Nutrition, Premium Brand and Health detracted from performance.
Portfolio activity – overweightings & underweightings
We rebalanced the portfolio during the month to reach the strategic weights of the underlying themes.
Market outlook
Global growth is bottoming and set to improve. We are monitoring the recent outbreak of the coronavirus, however, at this stage the virus is expected to have a temporary negative
effect on economic growth and will be mostly contained to China. Monetary stimulus from central banks globally and a higher likelihood of complementary fiscal policy reduces growth risk. We analyze the impact of geopolitical headlines on the shortterm and long-term business environment of our investment opportunities. In the end, company profit growth and return on investment drives investment returns. The estimated returns on invested capital are close to all-time highs, but the equity prices imply significantly lower levels of profitability. This is particularly true for our portfolio.
Portfolio strategy
Global Megatrend Selection is a unique investment solution for investors looking to gain exposure to promising investment themes supported by strong secular trends. The strategy invests in a combination of Pictet’s thematic investment strategies: Water, Timber, Robotics, Premium Brands, Nutrition, Health, Digital, Security, SmartCity and Clean Energy.
