Die Hoffnungen auf eine Lösung des Handelsstreits zwischen China und den USA sowie die Erwartung neuer Zinssenkungen ließ die globalen Aktienmärkte im November ansteigen. Der zunehmende Risikoappetit sorgte für ein neues Rekordhoch bei US-Aktien, während Staatsanleihen und Gold schwächer tendierten. In diesem Marktumfeld legte der Pictet Global Megatrend Selection P dy EUR (WKN A0X8JZ; ISIN LU0386885296) um +2,79 Prozent zu. Pictet-Aktienstratege Hans Peter Portner liefert in seinem Monatsbericht für November Details über die jüngsten Veränderungen in der Portfoliostruktur des Megatrend-Fonds und analysiert die aktuelle Marktlage. Wertvolle Informationen direkt vom FondsManager für die Investoren der Strategie SJB Substanz.
Market review
Hopes for some resolution of the China-US trade war and that central bank easing will shore up flagging economies inspired investors to rediscover their appetites for risk in November. Equities jumped, setting new record highs in the US, while safe haven assets like sovereign bonds and gold struggled. Most markets registered solid gains. Cyclicals outperformed, with tech stocks leading the way. By contrast, energy has been a laggard, even though oil prices were up significantly over the same period.
Performance analysis
The strategy was in line with the MSCI World (+2.79% in USD) during the Month. Top contributors were Robotics, Health, Security, Clean Energy and Digital while Nutrition, Water, Smart City, Premium Brands and Timber 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
Investor fears were stoked last quarter by renewed trade war concerns, the increasing likelihood of a hard Brexit as well as a reversal in growth/value momentum. We remain optimistic on prospective returns in equity and across thematic strategies underlying the portfolio. Our investment teams analyze the impact of geopolitical headlines on the short term and longer term business environment of our investment opportunity set. In the end, company profit growth and return on investment drives investment returns. The estimated returns on invested capital are high, but the equity prices imply significantly lower levels of profitability.
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.
