SJB | Korschenbroich, 09.02.2023.
Im Januar starteten die europäischen Aktienmärkte mit einem Feuerwerk ins neue Handelsjahr. Der MSCI Europe legte um +6,7 Prozent zu, noch besser entwickelte sich der ECP-Fonds. In einem freundlichen Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) eine Wertentwicklung von +7,37 Prozent in Euro und generierte eine Outperformance zur Benchmark. Bei den Einzeltiteln lieferten ST Micro, ING und Elekta die größten Positivbeiträge zur Performance, schwächer entwickelten sich Logitech und Total Energies. 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 started 2023 with a firework: the market was up 6.79%. Our portfolio focussing on quality value increased by 7.37%, (I share class), outperforming the market by 0.54%. Biggest contributors over the month were ST Micro followed by ING and Elekta. Only noticeable detractors during the month were Logitech (-7.5%) and Totalenergies (-1.7%). We did no changes to the portfolio during the month as we are happy with our investment cases and no fair value was reached.
We believe the investment opportunity remains strong as the median holding in our portfolio still trades at a 33% margin of safety, id est discount to our estimated fair value. We believe European stocks are in for a period of outperformance against their US peers. Also we believe that what we have seen over the last couple of months is only the beginning. In dollar terms, European equities have outpaced the US during three major periods since the 1980s, lasting an average of 3 1/2 years.
Main arguments supporting the positive outlook are 1/ undervaluation with 13.1 forward PER against 18.4 times for the S&P 500, 2/ more global exposure for European stocks with 60% of sales generated outside Europe, 3/ brighter outlook for value sectors that dominate the European benchmarks like commodities and financials and 4/ more interest in European stocks after years of outflows.
