SJB | Korschenbroich, 12.10.2023.
Im August schwenkten die europäischen Aktienmärkte in eine Abwärtsbewegung ein, da enttäuschende makroökonomische Daten sowie gesteigerte Zinserwartungen für Belastung sorgten. In diesem angespannten Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) eine Performance von -2,03 Prozent im Berichtsmonat, womit sich das Plus seit Jahresbeginn auf nunmehr +9,11 Prozent ermäßigt. Die größten Positivbeiträge zur FondsEntwicklung leisteten Total Energies und Philips, während sich die Aktien von Husqvarna schwächer entwickelten. In seinem aktuellen Monatsbericht analysiert ECP-FondsManager Léon Kirch die jüngsten Marktbewegungen und gibt Auskunft darüber, welche Veränderungen er im Portfolio des ECP-Fonds vorgenommen hat.
European financial markets experienced a downturn throughout most of August, attributed to persistently disappointing macroeconomic indicators. However, in the month’s final days, equity markets exhibited an uptick, a phenomenon often interpreted as ‘bad news being good news’ in financial contexts. This rise in equities suggests that investors are increasingly confident that central banks may adopt a less aggressive stance in light of the slowing economy, thereby potentially concluding the current cycle of interest rate hikes.
Our portfolio was not an exception to this downtrend. However, it continues to outperform the market for the second month in a row, taking our year-to-date (YTD) returns to 9.64% (I share class).
This month’s top contributors to our performance were TotalEnergies, Philips, and Anima, while Husqvarna, Elekta, and STMicroelectronics acted as headwinds. Importantly, we continued to hold our portfolio composition without alterations during the month.
We believe that our portfolio remains well positioned to navigate the current market conditions: a unique combination of businesses with undervalued earning power. While we maintain our conviction in the quality of our holdings, a cautious approach continues to guide our decisions, with a healthy cash position standing by, ready to be deployed. We are prepared to act when opportunities arise, and valuations become increasingly attractive.
