Die Einkaufsmanagerindizes im Verarbeitenden Gewerbe legten im August rund um den Globus kräftig zu und sorgten damit für gute Stimmung an den Aktienmärkten. Der Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) entwickelte sich vor diesem Hintergrund ähnlich wie der MSCI Europe und legte im Monatsverlauf um +2,86 Prozent zu. Der Fokus auf ausgewählte europäische Value-Aktien zeichnet das Portfolio weiterhin aus, in dem Industriewerte, langlebige Konsumgüter und Energietitel am stärksten zur positiven Performance beitrugen. In seinem aktuellen Monatsbericht für August analysiert FondsManager Léon Kirch die jüngsten Marktbewegungen und gibt Auskunft darüber, welche Veränderungen er im Portfolio des ECP-Fonds vorgenommen hat.
Manufacturing PMIs around the world continued to ascend during the month. The USPMI came in at 56, hefty 1.2 points beat to expectations and up from 54.2 reading in the month of July. The upward movement is largely coming from major jump in new orders to 67.6, highest reading since 2004 and rapidly depleting inventories. China is not lagging behind either. The Caixin/Markit Chinamanufacturing PMI for the month of August came in at 53.1 compared to 52.8 in July. European inventories fell to 2009 levels and Europe’s Order-Inventory ratio hit a record high entirely led by Germany and the UK, if the other countries catch up we expect further upside. All the indicators pointing towards return of inflation (PPI), suggesting multi-year recovery ahead and return of value. Euro, which is getting stronger by the day, could be a cause of concern, but it would be more of a short term in nature.
Over the month, our portfolio performed in line with the MSCI Europe. Top contributing sectors in our portfolio were Industrials, Consumer Discretionary and Energy whereas Healthcare and Consumer Staples contributed negatively. Individually, Duerr and Elekta contributed the most. Duerr is turning corner after going through weak endmarkets in the past years. Whereas, Elekta which came under pressure in the beginning of the quarter due to sudden departure of its then CEO, came out with strong results confirming our thesis of uniqueness of its product and increasing TAM.
Philips was the biggest detractor during the month due to sectorrotation out of healthcare was exacerbated by it coming out with a profitwarning after the US-government unexpectedly pulled out of the contract they signed with the Philips at the beginning of the year. During the month we sold out of our remaining position in ISS and Rolls-Royce. Throughout our holdingperiod Rolls-Royce has touched our painthreshold quite a few number of times, but that did not shake our belief in the longterm story of it. But that did change afterRolls-Royce released a statement saying they faced non-material technical issue on its flagship engines. Although they said it’s not significant, but our memory of them issuing a similar statement in the beginning of Tren-1000 saga made the risk-reward intolerable for us. On ISS, we think the company needs to review and restructure its businessmodel magically if it wants to grow profitably in the razor-thin margin industry. We did not add any new name during the month as we are confidant of our current positioning to capture upside from the coming rotation in to value at the same time we continue to be on the lookout for any interesting opportunities.
