Tagesarchiv

ECP | Luxemburg, 05.08.2020. European Capital Partners (ECP) ist eine neue Strategische Partnerschaft mit der Investment-Firma Whitestone Partners sowie dem schweizerischen Family Office Colombo Wealth eingegangen. In den Kooperationen sieht Value-Stratege Léon Kirch das richtige Mittel, um ECP zu einem wichtigen Player im europäischen Asset Management zu machen und zugleich das Fondsmanagement zu stärken. Anleger können hier weitere Details, auch zu den damit zusammenhängenden personellen Veränderungen, erfahren:

 ECP | Luxemburg, 31.07.2020 Following from our thoughts and discussion in our Friday Morning Coffee Nr 106, wherein we presented our Quality-Value framework and discussed one of our investments, the Belgian diaper producer Ontex; today we thought of revisiting our rationale and putting it into perspective after the company published its quarterly earnings results. We show here the same chart that we presented back then, and point to the change in the trend of the Quality score since the beginning …

ECP | Luxemburg, 24.07.2020 I must admit that I felt a little nervous over the last weekend while following the EU summit. In the past, I have strongly argued that we should leave politics to the politicians and focus on finding and investing in good businesses. However this EU summit was of outmost importance for Europe. It was the moment for European leaders to stand up and show that the European Union is alive and well and that there is …

Der Starinvestor Bill Gross ist zurück, zumindest etwas. Er hat das erste Mal seit 2019 einen Marktkommentar veröffentlicht. Darin geht er auf die Growth-gegen-Value-Debatte ein. Der Aufstieg von Wachstumsaktien sei vor allem abhängig von der Entwicklung der Realzinsen gewesen und nicht von der Performance von Value-Titeln, schreibt Gross. Das bedeute für ihn auch: Wenn der Realzins steigt – und davon ist er überzeugt – wird Value gegenüber Growth wieder einen Mehrwert entwickeln. Dass der Pimco-Mitgründer und Anleihespezialist Gross auch hin …

 ECP | Luxemburg, 26.06.2020 The current mood in the equity markets reminds us sometimes of the song by the Clash : “Should I stay or should I go now? If I go, there will be trouble. And if I stay it will be double. So come on and let me know …”. While still down 14% since the beginning of the year as of Wednesday this week, Stoxx 600 has rallied an impressive 28% since the through on March 18th. …

 ECP | Luxemburg, 19.06.2020 We have been writing in previous morning coffees about our investment in the Swedish confectionary producer Cloetta. Cloetta has a strong portfolio of leading local brands in confectionery, chocolate products, nuts, pastilles, chewing gum and pick & mix concepts. The company produced 106,000 tonnes of candy in 2019 – our favourite sin. While the main markets are in the Nordics and in the Netherlands, some brands like Läkerol and Sportlife are well-known across Europe.

Der Asset Manager Acatis liquidiert seinen Modulor Deep Value Fonds. Der Fonds hatte Acatis in den letzten Jahren „nur Sorgen gemacht“, gab das Unternehmen bekannt. Es sei nicht klar, wann sich Deep-Value-Investieren wieder erholen würde. Die Entscheidung traf das Unternehmen bereits im Mai, nachdem der Fonds lange Zeit mit Underperformance zu kämpfen hatte. „Wir hatten die Hoffnung nicht aufgegeben, dass sich Deep Value, gemessen an klassischen Kennziffern, wieder erholen würde.

 ECP | Luxemburg, 29.05.2020 It may have gone unnoticed with many investors: value has actually started to perform better than growth recently. In Europe, MSCI Europe Value showed almost double the performance of MSCI Europe Growth over the last 2 weeks, that is 9.03% against 4.6%. In the US, we see the same picture with Russell Value being up 9.4% against 4.2% for Russell Growth since the 15th of May. It is clear 2 weeks of better performance for value …

 ECP | Luxemburg, 22.05.2020 Value investing and Covid-19 crisis did not mix well. Value has indeed been underperforming growth going into the market correction this year, continued to underperform during the crisis and still underperformed in the subsequent rebound. This is summarized in the below graph from JPMorgan. Fortunately enough, investing is not about looking into the rear mirror. And here we remain convinced that the odds of an imminent rebound of value stocks are increasing.

 ECP | Luxemburg, 15.05.2020 As value investors, we continue to have a tough time in the stock markets. The underperformance of value stocks has reached new extremes and is now like the levels seen before the Internet bubble burst. A limited number of companies have taken the leadership and represent currently an unprecedent level of the stock market capitalization.

 ECP | Luxemburg, 08.05.2020 On the surface, market commentators may easily come to the conclusion that there is a growing gap between the real economy and the stock markets. The economic impact of the crisis is being felt more painfully day by day. Unemployment in the US is rising from 4% to 16% with more than 20 million jobs destroyed in April alone. IMF states that the global economic outlook has continued to worsen since mid-April and is now forecasting that developing …

ECP | Luxemburg, 27.04.2020. Value-Stratege Léon Kirch von European Capital Pertners hat einen Personalwechsel im Team des ECP Flagship European Value Fund (WKN A14YQK, ISIN LU1169207518) bekannt gegeben. Allan S. Jensen wird das Investment-Team verlassen und durch Frédéric Pouchain als neuer Co-Portfoliomanager ersetzt. Anleger können hier weitere Details erfahren:

 ECP | Luxemburg, 24.04.2020 We have been asked over the last days on how we exploit the current weakness in the oil price. For the ones believing in a swift oil price recovery, a simple and easily implementable trade is going long an oil ETF. We have two concerns with this strategy. First, as value investors we focus on earning power, namely the capacity of our investment to generate discretionary free cash flow. Unfortunately, a commodity does not generate cash flows …

 ECP | Luxemburg, 17.04.2020 The Economist run a cover last week with the title “The business of survival : How COVID-19 will reshape global commerce”. This is exactly what the managements of the companies we are invested in are doing: they make sure that their businesses survive. In a Darwinist approach of survival of the fittest, communication and public relations can sometimes become the collateral damage of this struggle. This is what happened to one of our recent additions to …

 ECP | Luxemburg, 03.04.2020 The broad market sell-off in March gave us the opportunity to enter the business of cancer treatment again. Not so long ago we sold our shares in Elekta around 135 SEK and now we had the chance to buy back the shares at prices 40-45% lower than when we sold them. This is an opportunity we only get every few years so we kept Elekta on our watchlist after we sold it in hope of getting …