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Return to Fund page
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During the intensive reporting month of August, our companies released good quarterly results. Our portfolio of the world's finest companies again delivered, providing solid returns for Coeli Global Select during August at 3.20 percent. This beat the benchmark index by 0.25 percent. The best contributors were NVIDIA, BAM Group, and ASML. Of these three, NVIDIA and ASML operate in the coveted global semiconductor industry. NVIDIA reported a sales increase of 68 percent and profits up by well over 200 percent, while ASML saw a doubling of sales orders compared with the previous year. To learn more about the exciting semiconductor industry, feel free to take a look at our longer analysis of
ASML (in Swedish) and watch this
interview discussing the industry as a whole (in Swedish).
The third of the best performers for August was Special Situations stock BAM Group. Dutch construction company BAM has had its fair share of issues but is now evolving for the better. For more analysis of this stock, you can read a
summary here (in Swedish).
Despite the solid month overall, shares prices for both Mastercard and Magazine Luiza fell. The share price decline in Brazil's Magazine Luiza is hard to explain as the company had released an exceptional report, but Mastercard has certainly had a tougher time, owing to concerns about the Delta variant of the coronavirus and its impact on international travel.
Key market events and trends (what has influenced performance most?)
As the saying goes, the stock market climbs a wall of worry. Simply put, this means the stock market is always worried about something. This is an adage that we believe well suits the stock market's behaviour. We would summarize the stock market’s behaviour as tending towards that of a hypochondriac. Right now, it is worried about further spreading of the Delta variant, with much analysis of the situations in the US and Israel. We are not immunologists, but we feel confident that the world and our companies will find their way out of this problem.
Portfolio changes
We made no portfolio changes during August.
The fund's positioning – our market expectations
This was a great reporting month for the global fund and the tone of quarterly calls remains optimistic for the future. In just a month’s time, the next reporting season will begin, and so we will use this time between reports as efficiently as possible, visiting companies and seeking exciting new ideas for our global fund. During the past week alone, we have had around 15 meetings with different company managements, but more on this in our next newsletter.
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Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 3,20% | 21,28% | 68,75% | 151,06% |
| Benchmark | 2,95% | 20,01% | 46,80% | 106,76% |
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* 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.
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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 (%)
| CARRIER GLOBAL CORPORATION | 4.2% |
| MICROSOFT CORP. | 4.1% |
| HCA HEALTHCARE INC | 4.1% |
| SIKA LTD | 3.7% |
| UNITEDHEALTH GROUP INC | 3.5% |
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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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