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This material is marketing communication
Before making any final investment decisions, please read the prospectus, its Annual Report, and the KID of the relevant Sub-Fund here
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The performance of Coeli Global Select was 2,0% for February, which beat our benchmark index by 2,49 percentage points. What affected our positive returns the most was many companies around the world reporting solid growth figures, although this also had a negative impact since overall growth was so strong that inflation did not slow down. Higher inflation is pushing up market interest rates, in turn putting pressure on share prices. What we gain on the one hand, we lose on the other.
Our strongest performers during the month were Fortnox, Beijer Ref, and Autonation. While the weakest were S&P Global, Adobe, and Technoprobe. In all cases, the causes were company-specific. Adobe is particularly interesting, as the share price fell on rumors that the major acquisition of Figma would fall through. The share price reaction was somewhat comical, as when the acquisition was announced, the share price plummeted (the market considering the acquisition too expensive) and now, when it appeared it might founder, the share price dropped again. Whatever the company does with the acquisition, its share price falls. Sometimes the market acts oddly.
Key market events and trends (what has influenced performance most?)
Right now, market interest rates and company reports are affecting share prices the most. We cannot do much about the macro environment, but we can do our best to find superb companies for the fund that provide unitholders with solid long-term returns.
What is bothering economists and the Fed's Jerome Powell is that the US labor market is particularly strong. The latest readings from the US show the unemployment rate down to a low 3.4%. This suggests that, so far, the Fed's interest rate hikes have had little impact on the job market. When the job market is strong, it is difficult to reduce the rate of wage growth and control inflation. We expect a few more interest rate increases from the Fed during the year as it does what it can to fight inflation.
In our portfolio, we can see that IT company Fortnox is raising its prices by some 15-17% across its various modules. We have also seen US building materials supplier Martin Marietta lift prices by around 14% in 2022, and it is likely to do so again by the same amount this year. When company after company raises prices, inflation is as certain for consumers as death and taxes. Clearly, the big question is when will inflation, and thus interest rates, come down? Leading economists believe inflation will decline during the year, and what we can do as asset managers of your capital is to invest in companies like those mentioned above that use their pricing power to grow their profits, thus helping to inflation-proof your capital.
Portfolio changes
After a period with limited portfolio changes, we made a great deal in February. Within healthcare, we sold Zoetis and bought Lonza, as the latter has significantly higher growth. We sold tech giant Amazon as it has been convicted of market abuse in Italy. We also sold Renault after its great performance over the last 12 months. Estée Lauder exited the portfolio and is likely to be replaced by another luxury consumer brand in the future. Other new holdings for the fund are AMD and ASM International both in the semiconductor industry. To learn more about this exciting industry, you can watch
Halvledarsektorn under lupp, a video (in Swedish) with our talented analyst Herman Ohlsson.
The fund's positioning—our market expectations
By the end of the month, we had an inspiring and diversified portfolio of 33 companies. Profits for the fund's holdings as a whole are estimated to grow by some 15% next year. This particularly solid prognosis bodes well for the future, despite the current economic situation globally.
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Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 2.00% | 8.74% | 35.13% | 118.04% |
| Benchmark | -0.49% | 5.13% | 33.62% | 100.04% |
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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 | 4 of 7 |
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Top Holdings (%)
| UNITEDHEALTH GROUP INC | 4,6% |
| AUTONATION INC | 4,3% |
| MASTERCARD INC - A | 4,3% |
| S&P GLOBAL INC | 4,2% |
| MSCI INC | 4,1% |
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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 KID 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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