Die Weltwirtschaft wird immer stärker von globalen Megatrends wie Digitalisierung , IT-Sicherheit, dem Infrastrukturausbau sowie dem Schwenk zu Erneuerbaren Energien geprägt. Die hierauf spezialisierten Unternehmen innerhalb des Pictet Global Megatrend Selection P dy EUR (WKN A0X8JZ; ISIN LU0386885296) können langfristig mit überdurchschnittlichen Kursgewinnen aufwarten. Aktienstratege Hans Peter Portner von Pictet Asset Management liefert in seinem Monatsbericht für Oktober Details über die jüngsten Veränderungen in der Portfoliostruktur und die aktuelle Marktlage. Wertvolle Informationen direkt vom FondsManager für alle Investoren der Strategie SJB Substanz.
Market review
October proved a good month for risky assets. Global equities gained as investors welcomed signs of reprieve in the US-China trade tensions and monetary stimulus measures from major central banks. The Fed cut interest rates by a quarter of a percentage point to 1.75%, monetary authorities in Japan and Canada flagged the possibility of lower rates, and the ECB continued liquidity injections. There was also easing in emerging markets, notably in Brazil. The pattern of returns across equity sectors reflected a growing appetite for risk. Cyclical sectors such as technology, financials, real estate, industrials and consumer discretionary outperformed. On the flip side, defensive sectors – consumer staples and utilities – finished the month in the red.
Performance analysis
The strategy outperformed the MSCI World (+2.54% in USD) during the month. Top contributors were Timber, Health, Water, Robotics and Smart City while Nutrition, Digital, Security, Clean Energy and Premium Brands detracted from performance.
Portfolio activity – overweightings & underweightings
We rebalanced the portfolio during the month to reach the strategic weights of the underlying themes.
Market outlook
Investor fears were stoked last quarter by renewed trade war concerns, the increasing likelihood of a hard Brexit as well as a reversal in growth/value momentum. We remain optimistic on prospective returns in equity and across thematic strategies underlying the portfolio. Our investment teams analyze the impact of geopolitical headlines on the short term and longer term business environment of our investment opportunity set. In the end, company profit growth and return on investment drives investment returns. The estimated returns on invested capital are high, but the equity prices imply significantly lower levels of
profitability.
Portfolio strategy
Global Megatrend Selection is a unique investment solution for investors looking to gain exposure to promising investment themes supported by strong secular trends. The strategy invests in a combination of Pictet’s thematic investment strategies: Water, Timber, Robotics, Premium Brands, Nutrition, Health, Digital, Security, SmartCity and Clean Energy.
