SJB | Korschenbroich, 04.07.2023.
Im Mai zeigten sich die europäischen Aktienmärkte überwiegend schwächer. Der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) verzeichnete in diesem Marktumfeld Kurseinbußen von -2,70 Prozent im Berichtsmonat, womit sich das Plus seit Jahresbeginn auf nunmehr +4,56 Prozent verringert. Die größten Positivbeiträge zur FondsEntwicklung leisteten Applus, FLSmidth und Logitech. 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 turned weaker during May as 2023 as investors remained on edge regarding the debt ceiling and the potential for a U.S. government default. Our portfolio was not immune to this risk-off sentiment and fell 2.7% (C share class).
During the month, the most positive contributors were Applus (+17.8%) on news on a potential bid on the company, FLSmidth (+8.6% ) on solid results and Logitech (+12.0%) also on better-than-feared company results. Biggest detractors were Totalenergies (-8.4%) on the oil price weakness, Andritz (-14.8%) and Elekta (-9.8%) on no specific news.
We increased our position in Leroy Seafood as the Norwegian government reached a deal with minority parties to secure a parliamentary majority for lowering to 25% (from the 35% initially planned) a proposed tax on salmon farmers. This removes an uncertainty that has been hanging over salmon producers over the last months. From a valuation perspective, Leroy remains attractive in our proprietary quality value framework: a company that has a better quality than the average European company is a remarkable 1.25 standard deviations cheaper than the market! In traditional multiples this corresponds to 11.6 times 12 months forward earnings and a dividend yield 2023e of 4.7% for a market leading salmon company.
We believe our portfolio remains well positioned to navigate through the current market conditions: a unique combination of businesses with undervalued earning power.
