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 können langfristig mit überdurchschnittlichen Kursgewinnen aufwarten und stehen im Fokus der Schweizer FondsGesellschaft Pictet Asset Management. Aktienstratege Hans Peter Portner, zugleich FondsManager des Pictet Global Megatrend Selection P dy EUR (WKN A0X8JZ; ISIN LU0386885296), liefert in seinem Monatsbericht für Februar Details über die aktuelle Marktlage sowie die jüngsten Veränderungen in der Portfoliostruktur. Wertvolle Informationen, die nicht nur für Investoren der Strategie SJB Substanz Z 10+ von Interesse sind!
Market review
Global stockmarkets rallied in February, adding to the previous month’s gains, as investors were buoyed by the growing prospect of a resolution to the trade dispute between China and the US and a likely pause in the Fed’s monetary tightening programme. The MSCI World Index (USD) ended up by more than 3%, bringing its year-to-date return to about 11%, a remarkable rebound from its near-collapse into bear market territory in December and its strongest start to the year since 1987. For the second month in a row, every industry sector in the S&P 500 US stock index was in the black – with economically-sensitive stocks such as technology and materials leading the market higher.
Performance analysis
The strategy outperformed the MSCI World (3.0% in USD) during the month. The top contributors were Security, Clean Energy, Robotics, Water, Premium Brands and SmartCity, while, Timber, Digital, Nutrition and Health 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
Investors have transitioned from glass half empty to glass half full. Where investors were fearful of trade tensions between the US and China, the Fed’s monetary tightening, a hard Brexit and a Chinese slowdown just a few months ago, we have seen positive newsflow in all four topics these last few weeks. This has supported sentiment, and the market has rebounded as a result. We still remain below the peaks of last year, though, and positioning remains light. Global EPS forecasts for 2019 have been lowered, reducing the risk for the remainder of the year. Despite these lowered expectations and buoyant markets, valuations remain undemanding, and we continue to see plenty of upside. Given receding trade tensions, a more gradual monetary tightening, the potential for a rebound in Chinese growth, coupled with attractive valuations and recently lowered expectations, we remain modestly optimistic on global equity markets.
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.
