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Return to Fund page
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A 20 percent return is the reality when we look back at 2020. This was fully in line with what we had anticipated when last year began, and we are proud of having achieved this target despite what the year threw at us. During December specifically, our return was around 4 percent, beating our benchmark by 1.3 percentage points. The holdings that contributed the most were adidas and Pagseguro, while the weaker contributors included Fiserv and Thermo Fisher. Excitingly, the fund continues to hit new all-time highs, which is particularly pleasing as it means our unit holders have earned money regardless of when they have invested in the fund.
Key market events and trends affecting performance
Brexit and the coronavirus have monopolised the headlines, but they are not the trends that carry the most weight when we look to the future. Even more impactful, for example, is the rapidly accelerating global tech war that we see right now. In the book ”Samsung Rising”, we can read about how the company's chairman predicted back in 1993 that after the end of the Cold War, the focus of the great powers would turn to technology. This can now be seen daily in cyber-attacks, trade conflicts, and endless corporate acquisitions in the tech field by Chinese and US companies. Another big trend that has affected the world for decades is the gradual reduction of interest rates around the globe, which has partly been the result of stagnant inflation and partly a response to the enormous capital being created. Both of these trends continue to dominate the world's stock markets. Our job is to translate these into stock choices in the portfolio and ensure that the trends are working for and not against us.
Portfolio changes
During December, we made two changes to the portfolio. Among our Swedish holdings, we sold off fats producer AAK and instead invested in the Småland-based IT company Fortnox, which has built fantastic accounting software that many of you who run your own companies likely know. The other change we have made is the sale of Australian office real estate company Dexus, a super company that is certain to continue to navigate the coronavirus crisis well, but whose share price is likely to stand still for a while longer. Instead, we invested this money in a new Special Situations stock, French car manufacturer Renault. Renault has taken in a new management team and will undertake a comprehensive cost-savings programme this year, together with a repositioning of its product portfolio. A Special Situations stock such as Renault often brings with it both high up- and downsides, but we judge that if its restructuring activities are even partly successful, the share offers attractive upside of 50-100 percent over the coming one to two years.
The fund’s positioning
We are daring to stick our necks out and claim that our portfolio has never been this good and we've never had so many new investment ideas as right now. We hope to have the opportunity to get out and visit our companies again soon. We undertook more than 100 company interactions during 2020, and our goal for this year is to make many, many more. Let's go!
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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 | 3.58% | 20.44% | 47.52% | 121.77% |
| Benchmark | 2.32% | 6.78% | 31.11% | 72.28% |
* 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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* 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 (%)
| VONOVIA SE /NAMEN | 4.4% |
| GLOBAL PAYMENTS INC | 4.1% |
| MARTIN MARIETTA MATERIALS INC. | 4.1% |
| MICROSOFT CORP. | 4.0% |
| FISERV INC. | 4.0% |
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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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