SJB | Korschenbroich, 15.11.2022.
Im Börsenmonat Oktober legten die europäischen Aktienmärkte eine beeindruckende Kehrtwende hin und legten um 6,22 Prozent zu (MSCI Europe). Positiv auf die Marktstimmung wirkten sich die Aussicht auf geringere Zinserhöhungen, verminderte Covid-Restriktionen in China sowie niedrigere Gaspreise aus. In diesem verbesserten Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518), eine positive Wertentwicklung von +5,30 Prozent in Euro. Bei den Einzeltiteln lieferten Total Energies und Subsea 7 die größten Positivbeiträge zur Performance. 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 equity markets rebounded strongly in October with MSCI Europe up 6.22%. Stock markets are attempting to climb up the wall of worries with an environment market by high inflation, hawkish central banks, muted earnings releases (especially in Big Tech), an energy crisis and slowing economic growth. With a lot of cash on the side-lines and an overly bearish view on equity markets, any even most distant hope like a Fed pivot, less Covid restrictions in China or lower gas prices, will lead to the strong market rebounds we are experiencing. The economic endgame remains however far from clear and many uncertainties remain.
Our portfolio participated in the rebound despite our defensive positioning in quality companies and our cash position. During the months, our 2 investments in the energy sector, Totalenergies and Subsea 7, were the top contributors. German mid-cap industrial Jost Werke, was also contributing significantly as its share price increased by 21% on no particular news. Biggest detractors were first Philips on the back of weak results, job cuts and additional losses linked to the recall of its respiratory device.
We hold on to our investment as we believe the medical franchise remains intact, necessary steps are taken by new management and the valuation is compelling. Adidas was detracting on the back of a profit warning linked to China and the end of the highly profitable collaboration with Kayne West. We also stay invested as we believe the brand is now severely undervalued and the operational issues are temporary. During the month we sold our remaining position in Asos as it will take more time to fix the business in a deteriorating UK consumer environment. We see more upside in Adidas and Kering were we redeployed the proceeds. It is now more than 2 ½ years we refocussed our approach to quality value, combining undervaluation with quality business. In the current environment this approach is starting to pay off.
