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This material is marketing communication
Before making any final investment decisions, please read the prospectus, its Annual Report, and the KIID of the relevant Sub-Fund here
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A challenging month. After a compelling March, when the fund rose in value and beat the index with style, April showed the reverse: the fund was down 5.16%, falling 1.8 pp short of the benchmark. The holdings that contributed most to returns were Mastercard and UnitedHealth Group.
We had a good impression of Mastercard at our visit in December and so we were pleased to see it delivering. These days, we are out travelling extensively, visiting companies across the globe. We note that it is once again full speed ahead at many airports, as reflected in Mastercard's figures showing that cross-border travel was up 53% on last year. You can read more about Mastercard here (in Swedish).
And on the negative side last month, we find Amazon and NVIDIA. Amazon came out with a weak report, seemingly weighed down by wage inflation in the US. The company's cloud services continue to perform well, but inflation has cast a wet blanket across the company's e-commerce at present. Another company having a tough time with inflation has been healthcare facilities operator HCA, which reported unexpectedly severe wage inflation with its contract employees. As a result, HCA will increase prices, but the boost from this will take some time. Of our some 30 holdings, only HCA and Amazon are suffering the effects of inflation. Others, like aggregates and building materials supplier Martin Marietta, conversely seem to benefit, as they can easily increase prices and thus report higher revenues and profits. Over time, this trend evens out, and it is instead industry structure and companies' business models that create long-term shareholder value.
Key market events and trends (what has influenced performance most?)
It has been long since we last saw so many challenging factors for the stock market at the same time: inflation and interest rate increases in the US, geopolitical turbulence in Europe, and Covid-19 lockdowns in China. The stock market has, however, priced these in right away, hence the tough April, and we can see that for many industrial companies, many bottlenecks are now being resolved. For example, a number of Ukrainian factories are once again running at fairly high capacity and that the semiconductor shortage is now heading in the right direction. China also now appears to be picking up, step by step.
Portfolio changes
We made no changes to the portfolio during April.
The fund's positioning – our market expectations
The world has changed considerably during the first few months of this year alone, and we believe we have positioned the fund to deliver solid returns for the rest of the year.
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Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | -5.16% | -11.24% | 49.49% | 130.73% |
| Benchmark | -3.36% | -6.03% | 39.28% | 106.05% |
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Andreas Brock, CFA
Portfolio Manager Coeli Global Select
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Henrik Milton
Portfolio Manager Coeli Global Select
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Fund Overview
| Inception Date | 2014-11-28 |
| Management Fee | 1.4 % |
| Performance Fee | Yes, 10% |
| Risk category | 6 of 7 |
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Top Holdings (%)
| APPLE INC | 4.7% |
| MICROSOFT CORP. | 4.5% |
| S&P GLOBAL SHS | 4.4% |
| ASML HOLDING NV | 4.4% |
| MASTERCARD INC. SHS-A- | 4.3% |
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DISCLAIMER. This is a marketing communication.
Before making any final investment decisions, please refer to the prospectus of Coeli SICAV I, its Annual Report, and the KIID of the relevant Sub-Fund. Relevant information documents are available in English at coeli.com. A summary of investor rights will be available at https://coeli.com/regulatory-information-coeli-asset-management-ab/.
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.
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