SJB | Korschenbroich, 02.11.2023.
Im September gaben die europäischen Aktienmärkte nach, da Inflationsängste und steigende Renditen am Anleihenmarkt die Stimmung der Investoren belasteten. In diesem angespannten Marktumfeld verzeichnete der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) eine Performance von -0,52 Prozent im Berichtsmonat, womit das Plus seit Jahresbeginn auf nunmehr +8,53 Prozent zurückgeht. Die größten Positivbeiträge zur FondsEntwicklung leisteten Total Energies und Subsea 7, während sich die Aktien von Adidas und Kering schwächer entwickelten. 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 were down in September with MSCI Europe loosing 1.56% during the month. They fared much better than their US counterparts but could not fully
escape the negative mood driven by “inflation angst” and rising bond yields. Our European value strategy fared much better than the overall market and was down
0.47% (I Share Class).
The biggest contributors in terms of performance during the month were first the energy stocks like Totalenergies and Subsea 7 on the back of a higher oil price. Boliden rebounded after the previous share price weakness on a broker upgrade.
On the negative side, some of our investments in consumer cyclicals, namely Adidas, Kering and Husqvarna all detracted. Investors fear a slowing consumer demand and especially weak demand from China.
During the month we started to build a position in Equinor where we like the strong balance sheet, the strong pipeline of upstream projects and the large exposure to European gas prices. sheet is sound (net cash). Valuation remains undemanding at 7.9 times earnings and a dividend yield 24e of 7.9%.
We keep some dry powder to seize new investment opportunities but think the portfolio remains well positioned with quality businesses trading at 10.6 times 2024e earnings or in our language as value investors 36% discount to our estimated fair value.
