SJB | Korschenbroich, 23.03.2023.
Im Februar legten die europäischen Aktienmärkte weiter zu, wenngleich sich die Zuwächse im Vergleich zum Jahresauftakt abmilderten. Der MSCI Europe verbesserte sich um +1,77 Prozent zu, noch höhere Kursgewinne verzeichnete der ECP-Fonds. In einem freundlichen Marktumfeld generierte der ECP Strategic Selection Fund – European Value (WKN A14YQK, ISIN LU1169207518) eine Wertentwicklung von +2,14 Prozent in Euro. Bei den Einzeltiteln lieferten Publicis, Elekta und Loomis die größten Positivbeiträge zur Performance, schwächer entwickelten sich Logitech und Porsche Holdings. In seinem aktuellen Monatsbericht analysiert ECP-FondsManager Léon Kirch die jüngsten Marktbewegungen und gibt Auskunft darüber, welche Veränderungen er im Portfolio des ECP-Fonds vorgenommen hat.
European equities continued to climb the wall of worries in February: the market was up 1.77%. Our portfolio focussing on quality value increased by 2.14% ( I share class ), outperforming the market by 0.37%. Biggest contributors over the month were Publicis followed by Elekta and Loomis. Only noticeable detractors during the month were again Logitech ( -3.1%) and Porsche Holdings ( -1.8% ).
We did no material changes to the portfolio during the month except increasing our positions in Leroy Seafood and K+S. Our portfolio companies overall have published solid Q4 2022 results: that is why believe the investment opportunity remains strong as the median holding in our portfolio still trades at a 32% margin of safety, id est discount to our estimated fair value. Our belief that European stocks are in for a period of outperformance against their US peers is being confirmed by the recent outperformance.
Main arguments supporting the positive outlook remain 1/ undervaluation 2/ more global exposure for European stocks 3/ brighter outlook for value sectors that dominate the European benchmarks like commodities and financials and 4/ more interest in European stocks after years of outflows. Inflation numbers remain high in the Eurozone and we are not expecting the ECB to become more accommodative in its monetary policy in the near future. Higher interest rates for longer should be supportive for our investment style.
