Tagesarchiv

 Matthews Asia | London, 08.07.2021. In den letzten Monaten haben Anleger viel über die Rotation von Growth-Titeln in Value-Aktien gehört, die Wachstumswerte unter Druck setze. Steht diese noch ganz am Anfang, ist sie schon weit fortgeschritten, oder trifft irgendetwas dazwischen zu? Robert J. Horrocks, PhD, Chief Investment Officer und Portfolio Manager bei Matthews Asia, widmet sich in seinem Marktausblick für das zweite Quartal 2021 genau dieser Frage.

 ECP | Luxemburg, 02.07.2021 We have all witnessed the undergoing transformation in the automotive industry since Tesla has managed to crack the code for an attractive and a real alternative to the internal combustion engine cars. Until a couple of years ago, the sheer thought of mass adoption for Electric Vehicles (EV) was ludicrous, however, since then the automotive industry has been bound for an acceleration transformation. Fast forward to 2021, more people consider or purchase EVs, and governments encourage …

 ECP | Luxemburg, 25.06.2021 We are quite used to the slicing of the securities universe into value and growth stocks made on the basis of rankings on valuation ratios like Price / Book or Price to Earnings. What is less common is the slicing of the securities universe into high- and low-quality companies where the valuations can be compared. Therefore, we have been intrigued by a graph recently published by Bofa Merrill Lynch’s US quant team on the difference in …

Der April war ein weiterer guter Monat für europäische Aktien, wobei der MSCI Europe um 2,0 Prozent zulegen konnte. Europäische Unternehmen legten überzeugende

 ECP | Luxemburg, 21.05.2021 Luxembourg School of Business is organizing on a yearly basis a course on value investing where I had an opportunity to teach again with professor Jos van Bommel and Thomas Kaspereit. Aim of my part of the presentation is to show to students, who are partly in an exec program, how we apply the concepts of value investing in our investment processes and portfolio management. One question I received was on portfolio turnover in the Fund. Over the …

Über die letzten Jahre konnten weltweit investierende   Value-Fonds nicht mit Produkten mithalten, die vorwiegend Growth-Aktien oder Technologietitel im Portfolio hielten. Doch hier ist nun, in etwa seit Beginn der Gegenbewegung zur Kurskorrektur nach der Covid-19-Krise, eine Trendwende erfolgt. So hat der Long Term Investment Fund (LTIF) seine während der Corona-Pandemie verzeichneten Verluste nicht nur vollständig wieder aufgeholt, sondern liegt mit einem Plus von +18,0 Prozent im bisherigen Jahresverlauf deutlich vor dem breiten weltweiten Aktienmarkt (MSCI World EUR +12,0 Prozent).

 ECP | Luxemburg, 23.04.2021 Rising commodity prices leading to lower profit margins is the simple top-down assessment. In this case, this view may be too simplistic as the impact on corporate earnings is different by sector and by company. It largely depends on whether the companies can pass through the rising costs to its clients, the market position of the companies and of course the industry we look at. To illustrate our point, we choose in our European portfolio three …

 ECP | Luxemburg, 16.04.2021 I recently came across extensive comments from so-called growth investors making the point that the reflation trade had created a unjustified rally in value stocks that were of low fundamental quality. In the long run however quality had always prevailed independently of valuation and the recent recovery in value would prove temporary. Growth investors should therefore simply sit out their current underperformance and of course stay invested in the growth funds.

Februar war ein guter Monat für europäische Aktien, auch wenn es zum Monatsende hin zu verstärkter Volatilität kam. Der Anstieg der Renditen 10-jähriger US-Staatsanleihen setzte den Aktienmarkt unter Druck. Das Portfolio des ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) mit seinem Fokus auf  ausgewählte europäische Value-Aktien zeigte sich in diesem Marktumfeld stabil und legte um +4,03 Prozent im Monatsverlauf zu – eine klare Outperformance gegenüber den europäischen Märkten insgesamt (+1,49 Prozent). In seinem aktuellen Monatsbericht für Februar analysiert ECP-FondsManager Léon Kirch …

 ECP | Luxemburg, 19.03.2021 As an investor we have grown accustomed to the drama that Mr. Market throws at us every now and then. Last year in particular was especially amusing from the point of view of price action in the stock markets. Out of numerous such phenomenon Tesla in particular caught our attention, as we being the shareholders of Volkswagen (via Porsche) we are always on lookout to ensure we don’t end up holding a company that is about …

 ECP | Luxemburg, 12.03.2021 As is the standard practice at ECP after release of the company’s earnings, we review and update our fair values, snippets of which are shown hereunder. This week we thought of revisiting Friday Morning Coffee Nr. 59 and Nr. 130 that we wrote in May 2019 and November 2020. In those two short notes we highlighted our contrarian approach of going against the then established theme against clothing retail and invested in Prada. Back then we mentioned …

 ECP | Luxemburg, 05.03.2021 We thought it would be a good opportunity to speak about legendary Warren Buffett and his Holding company Berkshire Hathaway just a few days after the publication of his annual letter. By reading this year’s annual letter and some older ones, one can only be impressed by his fantastic track record over the years. Berkshire has delivered a compounded annual performance of 20% a year from 1965 to 2020 Vs. 10,2% for the S&P500 !

 Assenagon | München, 03.03.2021. Der technologische Wandel stellt zunehmend eine Herausforderung für herkömmliche Value-Strategien dar. Über die vergangenen zehn Jahre verdoppelte sich das Gewicht des Technologie-Sektors im globalen Vergleich und beträgt mittlerweile gut 22 Prozent (siehe Abbildung 1). War Exxon als Flaggenträger des Energiesektors noch 2010 das größte Unternehmen der Welt, so wurde es in den letzten zehn Jahren von Apple bei weitem abgehängt und rangiert mittlerweile nur noch unter ferner liefen.

 ECP | Luxemburg, 18.02.2021 This was the week of 13F filings. The 13F are the quarterly reports filed with the SEC by the US based institutional investors. Just like quarterly earnings release by companies, the 13F filings are also closely watched and followed amongst the investor community. Amid the barrage of newsfeed, we came across the news of Berkshire Hathaway, investment vehicle of Mr. Warren Buffett, building 33% stake in Davita Inc. Now, it seems that it is certainly not …

 ECP | Luxemburg, 11.02.2021 In a recent interview with YouTuber Kiana Danial, the renowned value investor Guy Spier was asked to give an example of one of his core holdings in his portfolio. He mentioned Nestlé as one of these compounding businesses whose brands are household names that would be appreciated by the consumer for many years to come, therefore generating strong earning power for the company that is compounding over time.