SJB | Korschenbroich, 28.08.2023.
Im Juli führten die europäischen Aktienmärkte ihre Aufwärtsbewegung fort, da über den Erwartungen liegende Quartalszahlen für positive Impulse sorgten. In einem freundlichen Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) Kurgewinne von +2,84 Prozent im Berichtsmonat, womit sich das Plus seit Jahresbeginn auf nunmehr +11,83 Prozent erhöht. Die größten Positivbeiträge zur FondsEntwicklung leisteten ING Group und Fresenius, während sich die Aktien von Andritz unterdurchschnittlich 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.
Throughout the month, European markets continued their upside march driven by earnings beating expectations and a positive outlook maintained by various companies. Markets anticipates central banks to be approaching the end of their hiking cycles as inflation continues to moderate, fostering the belief in a more likely soft economic landing. As anticipated, the European Central Bank (ECB) increased the main refinancing rate by 25 basis points, settling at 4.25%, while keeping options for their next meeting in September open.
In this landscape, our portfolio continued its upside yielding a return of 2.84% (I share class). This performance surpassed the market by 0.85% and took our year-to-date (YTD) returns to 11.83%.
Standout contributors this month include Logitech, buoyed by an optimistic outlook, ING Group, which benefited from increased profitability and diminished loan provisions, and Fresenius. On the flip side, Andritz, FLSmidth, and CaixaBank slightly weighed down our performance. Importantly, we retained our portfolio composition without alterations in June.
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.
