SJB | Korschenbroich, 11.01.2023.
Im Börsenmonat Dezember zeigten sich die europäischen Aktienmärkte schwächer und legten zum Jahresausklang Kursverluste von 4,2 Prozent hin. Negativ auf die Marktstimmung wirkten sich die aggressiven Zinserhöhungen der Zentralbanken sowie der andauernde Krieg in der Ukraine aus. In diesem angespannten Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) eine Wertentwicklung von -2,20 Prozent in Euro und entwickelte sich besser als die Benchmark. Bei den Einzeltiteln lieferten FLSmidth, Adidas und Caixabank die größten Positivbeiträge zur Performance. 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 equities fell 4.2% in December, giving up a good part of the market gains of November. Investors remained pessimistic in an environment marked by aggressive central bank tightening and the war in Ukraine. Investors also fled equities over concerns about stubborn inflation, the energy crisis and a looming recession. Our portfolio focussing on quality value proved again relatively resilient losing 2.2% (I share class), outperforming the market by 1.3%. Biggest contributors over the month were FLSmidth, rallying 21% on a positive broker recommendation, followed by Adidas and Caixabank.
Biggest detractors during the month were consumer cyclicals, namely Kering, Porsche Holding and Husqvarna. As we leave 2022 behind us, we are turning increasingly positive on European equities and our portfolio. Stoxx 600 is currently trading at about 11.9 times forward earnings, below the average of 14.5 over the past decade. The stock prices of many quality companies have lost more than 1/3 of their market cap over the last 12 months and we find investment opportunities.
At the same time, we understand the latest inflation numbers are starting to ease and energy prices have fallen with gas prices back to levels of before the Ukrainian war and oil prices down 30% from their peak. While the situation remains fluid and uncertain, we also believe that an environment of higher interest rates ultimately plays in favour of our value investment style.
