[et_pb_section bb_built="1" fullwidth="off" specialty="off" _builder_version="3.0.89" background_image="https://coeli.com/wp-content/uploads//2019/04/Coeli-Global-Selektiv.jpg" parallax="on" module_class="gen-trustee-single-hero"][et_pb_row][et_pb_column type="4_4"][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built="1" fullwidth="off" specialty="off" _builder_version="3.0.89" custom_padding="0px||0px|"][et_pb_row _builder_version="3.0.89" background_position="top_left" background_repeat="repeat" background_size="initial" module_class="gen-single-news-content-row gen-trustee-single-content-row" custom_padding="0px|||" custom_padding_phone="23px|||" custom_padding_last_edited="on|tablet" module_class_2="gen-trustee-single-sidebar"][et_pb_column type="2_3"][et_pb_text admin_label="Tillbaka-knapp" _builder_version="3.0.89" background_layout="light" border_style="solid" custom_margin_tablet="||17px|" custom_margin_last_edited="on|desktop" module_class="gen-back-button hide-in-print" border_style_all="solid"]
Return to Fund page
[/et_pb_text][et_pb_text admin_label="Datum / Skriv ut" _builder_version="3.0.89" background_layout="light" border_style="solid" custom_margin_tablet="||17px|" custom_margin_last_edited="on|desktop" module_class="gen-single-news-date-module gen-trustee-print-module hide-in-print" locked="on" border_style_all="solid"]
[blog_post_date]
Print
[/et_pb_text][et_pb_post_title _builder_version="3.0.89" title="on" meta="off" author="off" date="off" categories="off" comments="off" featured_image="off" featured_placement="below" text_color="dark" text_background="off" border_style="solid" module_class="gen-single-news-heading-module gen-trustee-single-headline" date_format="d M, Y" border_style_all="solid" /][et_pb_text _builder_version="3.0.89" background_layout="light" border_style="solid" module_class="gen-single-news-content-module"]
We want to begin by thanking all those of you who attended our fund evening on 4 May. We hope that the event was informative and provided you with some investment inspiration.
Coeli Global Select's return for April was 1.60 percent, coming in 0.37 pp short of our benchmark index. The three best-performing of our holdings were NVIDIA, Zoetis, and Amazon. The companies with the worst performance during the month were Intel, Renault, and HDFC Bank. Overall, the results we've seen from our companies have been solid, with most reporting better than expected. Share price reactions were mixed, though, with some companies seeing rising stock prices on reporting day and others falling back. Among those with strong numbers were Apple and Amazon. Apple's revenue growth landed at 53.6 percent for the year, propelled by the successful launch of the iPhone 12 and robust demand for its other products. The corresponding revenue growth for Amazon was 43.6 percent. Amazon, which today has more than 1.2 million employees, grew in both e-commerce and data centres. You can read more about Apple's magnificent report
here and learn more about our investment in Intel
here (both in Swedish).
Key market events and trends
We have been pleased to see the impact of vaccines on the Covid-19 pandemic and the decline in the number of cases offering a helping hand to the stock markets. At the same time, the economic outlook is improving on many fronts. During April, US 10-year government bond interest rates were down 0.2 percent, moving in the stock market's favour. We shall see whether this drop in interest rates proves only temporary since inflation figures for the US in March hopped up to 2.6 percent, their highest level for a year.
The serial shortage of semiconductors persists, and Intel and TSMC are running at full capacity to satisfy demand. TSMC has stated that the situation won't improve until 2022 – something that benefits all our holdings operating in the semiconductor industry. A further sign that the market anticipates a recovery to normal economic conditions is that copper, aluminium, and iron ore prices are historically high. This affects the manufacturers using these metals as input materials due to the rising input costs, which can force higher prices on us consumers as a consequence.
Portfolio changes
We made no changes to our portfolio during April.
The fund's positioning
Our fund offers a good balance between stable growth companies and their cheaper, cyclical counterparts. We highlight the decent upside in our Special Situations holdings: BAM, Renault, Traton, Carrier, and Intel. We like that the future prospects of these five are determined more by the actions of the companies themselves and their management and less by the general macro environment. These companies are trading at low P/E multiples for 2022 and substantial discounts to their competitors (BAM, Renault, and Traton trade at 7-4x P/E, Intel at 12x, and Carrier at about 18x). When these stock prices start to rise, they will contribute generously to returns.
[/et_pb_text][et_pb_text admin_label="Coeli Global Select R-EUR" _builder_version="3.0.89" background_layout="light" module_class="gen-table-module"]
Coeli Global Select R-EUR
| Performance in Share Class Currency | 1 Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 1.60% | 6.48% | 54.44% | 120.42% |
| Benchmark | 1.97% | 10.94% | 46.43% | 91.13% |
[/et_pb_text][et_pb_text admin_label="Coeli Global Select R-EUR" _builder_version="3.0.89" background_layout="light" module_class="gen-table-module" disabled_on="on|on|on" disabled="on"]
[cg_linear_graph id="31126"]
[/et_pb_text][et_pb_image _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2021/05/r-eur.png" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" disabled_on="off|off|off" disabled="off" /][et_pb_text _builder_version="3.0.89" background_layout="light" border_style="solid" module_class="gen-single-news-content-module" border_style_all="solid" disabled_on="on|on|on" disabled="on"]
* the historic performance before 2018-06-30 is an estimated performance based on the R EUR share class adjusted for the different Investment Management fee. It shall be noted that the adjusted historical performance can differ from the real outcome and therefore shall only be seen as an indicator.
[/et_pb_text][et_pb_image _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2021/05/table.png" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" disabled_on="off|off|off" disabled="off" /][/et_pb_column][et_pb_column type="1_3"][et_pb_image admin_label="Bild Andreas" _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2019/09/Andreas-Brock.jpg" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" custom_margin="||21px|" /][et_pb_text admin_label="Namn och title" _builder_version="3.0.89" background_layout="light" module_class="gen-single-ingress-module" custom_margin="||40px|"]
Andreas Brock, CFA
Portfolio Manager Coeli Global Select
[/et_pb_text][et_pb_image admin_label="Bild Henrik" _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2019/09/Henrik-Milton.jpg" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" custom_margin="||21px|" /][et_pb_text admin_label="Namn och title" _builder_version="3.0.89" background_layout="light" module_class="gen-single-ingress-module" custom_margin="||40px|"]
Henrik Milton
Portfolio Manager Coeli Global Select
[/et_pb_text][et_pb_text admin_label="Fund Overview" _builder_version="3.0.89" background_layout="light" custom_margin="||20px|" module_class="gen-trustee-single-table"]
Fund Overview
| Inception Date | 2014-11-28 |
| Management Fee | 1.4 % |
| Performance Fee | Yes, 10% |
| Risk category | 6 of 7 |
[/et_pb_text][et_pb_text admin_label="Top Holdings (%)" _builder_version="3.0.89" background_layout="light" custom_margin="||20px|" module_class="gen-trustee-single-table"]
Top Holdings (%)
| MICROSOFT CORP. | 4.4% |
| CARRIER GLOBAL CORPORATION | 4.0% |
| HCA HEALTHCARE INC | 3.9% |
| VONOVIA SE /NAMEN | 3.8% |
| MASTERCARD INC. SHS-A- | 3.8% |
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built="1" fullwidth="off" specialty="off" _builder_version="3.0.89" module_class="gen-trustee-single-yield-section gen-pattern-section" custom_padding="0px|||"][et_pb_row _builder_version="3.0.89" custom_padding="||53px|"][et_pb_column type="4_4"][et_pb_text admin_label="VIKTIG INFORMATION" _builder_version="3.0.89" background_layout="light" module_class="gen-trustee-single-warning-blurb"]
DISCLAIMER. The information provided here does not constitute professional financial advice. Past performance is not a guarantee of future returns. The price of the investment may go up or down and an investor may not get back the amount originally invested. The key investor information document (KIID) and prospectus are available at
www.coeli.se.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]