SJB | Korschenbroich, 08.08.2023.
Im Juni bewegten sich die europäischen Aktienmärkte wieder in den grünen Bereich, nachdem die Inflationszahlen unter den Erwartungen gelegen hatten. In einem einem freundlichen Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) Kurgewinne von +3,64 Prozent im Berichtsmonat, womit sich das Plus seit Jahresbeginn auf nunmehr +8,36 Prozent erhöht. Die größten Positivbeiträge zur FondsEntwicklung leisteten Subsea 7, FLSmidth und Husqvarna. 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 markets were back in the green in June as inflation continued to moderate and fall below expectations. Markets expect the central banks to be approaching the end of their hiking cycles. The economy continues to show signs of strength, cementing the narrative that the soft landing is increasingly becoming more plausible. As we are about to start the Q2 results season, all eyes will be fixed on earnings and whether they are trending in a direction consistent with the soft-landing narrative.
Our portfolio held steady, taking our year-to-date (YTD) returns to 8.74%(I Share Class). This month’s top contributors to our performance were Subsea 7, FLSmidth, and Husqvarna, while Leroy Seafood, Boliden, and Logitech acted as headwinds.
Throughout June, we implemented some changes to the portfolio. We exited our position in Applus (up +54% YTD). We also used the brief opportunity of Logitech’s share price drop due to the surprise departure of its CEO to increase our stake.
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 (as in the case of Logitech).
