SJB | Korschenbroich, 11.04.2023.
Im März präsentierten sich die europäischen Aktienmärkte kaum verändert, während der ECP Strategic Selection Fund 1,87 Prozent seines Anteilswertes einbüßte. In einem Marktumfeld, wo defensive Large Caps am stärksten nachgefragt waren, wirkten sich die Positionierungen im Bankensektor negativ aus. Die größten Kurseinbußen verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) bei der ING und Bawag, während Adidas, Sanofi und Andritz die größten Positivbeiträge zur Performance lieferten. 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.
How much difference a month can make for the banking sector! What started with the demise of Silicon Valley Bank, a lender specializing in venture capital finished with the downfall of Credit Suisse and a forced take-over by rival UBS despite 100 BN CHF guarantees thrown in by the Swiss National Bank. This is a life demonstration of contagion via psychology resulting into an unstoppable modern bank run. We believe that Credit Suisse ultimately fell over its own problems but that the banking sector overall remains sound. Therefore we have been using the current stock price weakness in several of our existing bank holdings (Caixabank, Bawag) we know well to increase positions.
European equities were flat during the month while our portfolio lost 1.87% (I Share class). This is not surprising in an environment with a flight to defensive large caps and where valuations do not really matter. Biggest detractors over the month were our banks ING and Bawag followed by Subsea 7 due to a lower oil price. Biggest contributors were Adidas, Sanofi and Andritz.
We believe the investment opportunity in our Fund remains strong as the median holding in our portfolio still trades at a 34% margin of safety, id est discount to our estimated fair value. The current portfolio also trades at 10.9 times 2024 earnings and carries a dividend yield of 3.8%. We continue to believe European stocks are in for a period of outperformance against their US peers as they stay unloved and cheap while the companies we own produce solid earning power.
