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Return to Fund page
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What a good end to the year! In big picture terms we had a particularly good 2019, with the fund up 33 percent during the year, which was 4 percent better than our benchmark index. The fund’s strategy is to own the world’s best companies, and again during 2019 we could see how successful this strategy is. It doesn’t only feel good to own top companies, it’s also good for the wallet!
December specifically was good month for us, with the fund increasing 1.86 percent and beating the benchmark by 0.3 percent. Teamviewer, a relatively new holding for us, rose by more than 20 percent during the month; likewise, Beijer Ref and SIKA also contributed very positively to December’s development. On the other hand, the raising of capital did not go well for our Indian bank, Yes Bank. Thankfully, we sold a large share of this holding early in the month when the share price was still high and so the stock’s downward movement cost us a limited 0.3 percent of the fund’s NAV.
Key market events and trends affecting performance
The world is now moving into a state of equilibrium – things will neither become much better nor worse. The most important aspect is that consumption (which can account for 70-80 percent of an economy) remains healthy, keeping the cogs turning. We feel slightly more positive now compared to previous months and would not be surprised if many cyclical companies were to show small profit gains this year. Our cyclical holdings SIKA, IMCD and TSMC will be the big winners if this happens, not to mention our Special Situations stock Sterling Construction.
Portfolio changes
During the month we sold Yes Bank and bought into Martin Marietta (MLM) in the US, a company that we owned in 2014-2018, which now returns to our fund. MLM is the US leader in crushed stones and gravel. This industry might sound boring and basic, but trust us, it generates large profits. MLM has seen its profits double in the past four years and for 2020 we expect it to easily increase by a further 20 percent, with the stock price following suit.
Nearly half of our fund is invested in the US and if you’d like to know why we like US stocks so much, you can find out more in our last blog post (in Swedish) on
coeli.se/global.
The fund’s positioning
Our fund is packed with the world’s best companies and we have high expectations on 2020. Reporting season begins in a few days, which will be a fun and exciting time. More on this in our next newsletter!
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Coeli Global Select I-EUR
| Performance in Share Class Currency | 1 Mth | YTD | 3 yrs* | Since incep* |
| Coeli Global Select - I EUR | 1.86% | 33.11% | 39.99% | 79.22% |
| Benchmark | 1.56% | 29.11% | 33.54% | 61.34% |
* 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 | 5 of 7 |
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Top Holdings (%)
| SIKA LTD | 4.8% |
| THERMO FISHER SCIENTIFIC | 4.7% |
| GLOBAL PAYMENTS INC- | 4.5% |
| ESTEE LAUDER CO -A- | 4.3% |
| MICROSOFT CORP. | 4.2% |
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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.
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