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Return to Fund page
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The month of February proved good for fundholders: Coeli Global Select was up 3.72 percent, beating the benchmark by almost 1 percentage point. At the time of writing, the majority of our companies have reported, and most have met or surpassed expectations. The company with the best results versus forecasts was our Special Situations stock Deere & Co, which reported EPS about 50 percent above analyst expectations. Our four best performers during February were from the US: Martin Marietta, Deere & Co, Fiserv, and Mastercard. All of them benefited from a waning of the pandemic and the economy getting back on track. The worst performers of the month were Thermo Fisher, Allegro, Apple, and Vonovia, all of which had performed strongly last year and are now catching their breath.
Key market events and trends
The factor that played the biggest role in February was the rise in 10-year US government bond yields. The reason is that the market expects inflation to increase as the US economy recovers from the coronavirus crisis. The stock market was volatile during the month because it dislikes interest rate rises, as they increase the price of money. Our view is that a rise in long-term interest rates from today's level is healthy and a sign of a recovering economy. While bond yields are increasing, share prices for cyclicals are also rising, as the market anticipates a general economic recovery, which explains the particularly solid development in cyclical stocks such as Deere & Co and Martin Marietta.
We note the ongoing news interest focused on the shortage of semiconductors across the globe, benefiting our holdings in this industry. Another important factor the market has taken note of is the shortage of crude oil, copper and nickel, which has hiked prices for these commodities and the share prices of basic materials companies. A further positive for the market has been the EU approving a support package of almost SEK 7,000bn to kick-start the region's economy. This package is a boost both for our global fund holdings and for the equity market in general.
Portfolio changes
During February, we made some changes to our global fund. Within Special Situations, we swapped our Spanish BankInter holding (following around a 30 percent share price increase over several months) for the Dutch BAM Group, one of the Netherlands' leading construction companies. We have previously owned BAM Group (in 2014-2015) and we now return to the stock. Just as in 2014, BAM Group is undergoing a restructuring - part cost reduction, part closure of unprofitable units. We have met both the CEO and the CFO, both of whom gave a good impression, and we have now seen our holding increase in value by more than 20 percent since we first bought in just a few weeks ago. Shares are like trains: you can get off and on again.
The fund's positioning
During the first two months of 2021, many of the stock market increases have been among cyclicals, which have followed long-term interest rates upwards. During the second quarter, when the increase in long-term interest rates has run its course, we believe share price rises will be seen across a broader range and many sectors will experience improvements. Given the great need in the wider world for stimulus, the central banks are likely to continue keeping interest rates low, which will aid the stock markets, and so 2021 has all the prerequisites in place to be another great year for our fund.
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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 | 3.72% | 1.81% | 50.49% | 125.79% |
| Benchmark | 2.76% | 3.07% | 35.60% | 77.58% |
* 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 (%)
| FISERV INC. | 4.3% |
| MARTIN MARIETTA MATERIALS INC. | 4.2% |
| MASTERCARD INC. SHS-A- | 4.0% |
| MICROSOFT CORP. | 4.0% |
| HCA HEALTHCARE 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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