SJB | Korschenbroich, 01.12.2023.
Im Oktober zeigten sich die europäischen Aktienmärkte in keiner guten Verfassung, der MSCI Europe Index gab um 3,57 Prozent nach. In diesem angeschlagenen Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) eine Performance von -4,23 Prozent, womit sich seit Jahresbeginn ein Zuwachs um +3,87 Prozent ergibt. Die größten Positivbeiträge zur FondsEntwicklung leisteten Logitech und SAP, während sich die Aktien von Fresenius und Sanofi schwächer entwickelten. Im Portfolio wurden keine Veränderungen vorgenommen. 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.
Historically, September and October has been the worst in terms of equities return. That remains true this year where European markets continued its downturn in October, with the MSCI Europe Index dropping 3.57%.
Despite a slowdown in annual inflation to 4.3% in September from 5.2% in August, inflation rates are expected to stay above the 2% target for a prolonged period. The European Central Bank held its deposit facility and main refinancing rates steady at 4% and 4.5%, respectively. ECB President Lagarde indicated that despite declining inflation, economic challenges remain, and interest rate cuts are not anticipated in the near future “the next couple of quarters”.
Our European value strategy declined by 4.23% (I Share Class). Leading contributors to performance during the month included Logitech driven by a high sales beat across all segments, SAP, driven by growth in cloud revenues and maintaining its guidance, and Deutsche Telekom, while FLSmidth, Fresenius, and Sanofi were the most significant detractors.
No changes were made to the portfolio in October, maintaining a cautious approach with resources reserved for future investment opportunities. We believe our portfolio is well-positioned to navigate the current market environment.
