SJB | Korschenbroich, 08.07.2022.
Der Mai war ein guter Monat für den ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518), der mit seinem Fokus auf ausgewählte europäische Value-Aktien Kursgewinne von +2,70 Prozent erzielte. Der Vergleichsindex MSCI Europe, der ein Minus von 0,78 Prozent verzeichnete, wurde damit klar übertroffen. Bei den Einzeltiteln lieferten Subsea 7, ING und Total Energies die größten Positivbeiträge zur Performance. In seinem aktuellen Monatsbericht für Mai analysiert ECP-FondsManager Léon Kirch die jüngsten Marktbewegungen und gibt Auskunft darüber, welche Veränderungen er im Portfolio des ECP-Fonds vorgenommen hat.
May was a good month for our European Value Fund as we generated a positive performance of 2.7% (C EUR – LU1768645753) while MSCI Europe lost 0.78%. The shift towards quality value we initiated during the pandemic continues to gain traction in the current inflationary environment. We think there are two reasons for this. Firstly the companies we are invested in can pass on to their customers at least part of the higher prices as they benefit from significant pricing power due to the moats they have. They therefore can protect their margins and hence their earning power. The recent results published by our companies confirm that view. Secondly, we avoid as value investors paying up for growth and shy away from high valuation multiples that are suffering when interest rates are increasing. Top contributors during the month were Subsea 7 (+22.2%), ING (+18.7%) and TotalEnergies (+17.7%). Bottom contributors were Publicis (-11.6%), Logitech (-9.5%) and Ahold Delhaize (-8.5%). We did not do any portfolio changes during the month as we believe our portfolio is correctly positioned for the current environment. We continuously look for new investment opportunities to put our relatively high cash position to work without compromising on our investment and DD process. It finally feels good again to be a value investor.
