[et_pb_section bb_built="1" fullwidth="off" specialty="off" _builder_version="3.0.89" background_image="https://coeli.com/wp-content/uploads//2019/04/Coeli-Global-Selektiv.jpg" parallax="on" module_class="gen-trustee-single-hero"][et_pb_row][et_pb_column type="4_4"][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built="1" fullwidth="off" specialty="off" _builder_version="3.0.89" custom_padding="0px||0px|"][et_pb_row _builder_version="3.0.89" background_position="top_left" background_repeat="repeat" background_size="initial" module_class="gen-single-news-content-row gen-trustee-single-content-row" custom_padding="0px|||" custom_padding_phone="23px|||" custom_padding_last_edited="on|tablet" module_class_2="gen-trustee-single-sidebar"][et_pb_column type="2_3"][et_pb_text admin_label="Tillbaka-knapp" _builder_version="3.0.89" background_layout="light" border_style="solid" custom_margin_tablet="||17px|" custom_margin_last_edited="on|desktop" module_class="gen-back-button hide-in-print" border_style_all="solid"]
Return to Fund page
[/et_pb_text][et_pb_text admin_label="Datum / Skriv ut" _builder_version="3.0.89" background_layout="light" border_style="solid" custom_margin_tablet="||17px|" custom_margin_last_edited="on|desktop" module_class="gen-single-news-date-module gen-trustee-print-module hide-in-print" locked="on" border_style_all="solid"]
[blog_post_date]
Print
[/et_pb_text][et_pb_post_title _builder_version="3.0.89" title="on" meta="off" author="off" date="off" categories="off" comments="off" featured_image="off" featured_placement="below" text_color="dark" text_background="off" border_style="solid" module_class="gen-single-news-heading-module gen-trustee-single-headline" date_format="d M, Y" border_style_all="solid" /][et_pb_text _builder_version="3.0.89" background_layout="light" border_style="solid" module_class="gen-single-news-content-module"]
The month of January offered large market fluctuations that brought relatively sizeable share price changes along for the ride. Coeli Global Select's development during the month was -1.84 percent, which was 2.15 pp worse than our benchmark. In spite of this, the shortfall was manageable thanks to the fund's particularly strong returns in 2020. Thermo Fisher, ASML, TSMC, and John Deere were the holdings that contributed most positively during January, while Global Payment, Fiserv, adidas, and Pagseguro were weaker. Fifteen of our holdings have now reported and the strongest among them are found in the tech, semiconductor, and healthcare sectors. We note the lack of semiconductors across the globe, predominately in the vehicle industry - a fact that is advantageous for our semiconductor holdings.
Key market events and trends
We welcome the inauguration of Joe Biden as the new US President and celebrate that the world's strongest economy can now return to the global environmental initiative. Our global fund has been bolstered by Treasury Secretary Janet Yellen's proposal for a stimulus package of USD 1,900bn, which would be a powerful move by the US to prevent the country from sliding into recession. Likewise, her statement that she is in favour of a weaker dollar to expedite US exports. The world's economies should also see positive movements when coronavirus vaccinations are rolled out on a larger scale, implying a restart and recovery for many countries.
One recent phenomenon, which has hit US hedge funds most of all, has been the joining of day traders on internet forums sush as Reddit and their subsequent synchronised buying of stocks that have been heavily shorted by hedge funds. The result for the hedge funds has been a so-called ”short squeeze”, with share prices in these stocks rising sharply when the hedge funds needed to buy them back to cover their short positions. When there is a limited supply of stocks for sale and a surplus of buyers, the share price shoots up, which can lead to large share price movements in a short time. Two companies whose stocks have been subject to this phenomenon are the US's Gamestop and Finland's Nokia. Those shorting them have paid the price. This is not something that could affect Coeli Global Select though, as we never short stocks.
Portfolio changes
During January, we sold off one of our Special Situations stocks, JPMorgan Chase, following an uptick of some 25 percent. In its place, we bought semiconductor manufacturer Intel, which also falls into the Special Situations category - stocks for which we see 50 percent upside potential in 12-18 months. The share trades at a P/E of 13x, which we consider too cheap given the shortage of semiconductors across the globe and that only a handful of companies are capable of manufacturing, the most advanced semiconductors. In our view, Intel should at the very least be valued at a P/E of 20x, which would imply upside of 50 percent from here. Moreover, Intel is also undergoing a restructuring programme that will leave the company even leaner and more profitable.
We have also sold two Champions, Visa and Global Payment, to allow room for a new Champion stock. Paypal is one of the world's largest e-trade and online payment companies. We see it as a highly interesting competitor to Klarna and will keenly follow its journey in now offering trade and storage of bitcoin.
The fund’s positioning
We see a good balance in the fund between our Champions, which are dependable growth companies, and our Special Situations, those companies on the cusp of positive change with high profit potential. We are overjoyed with the stock market year that 2020 represented, and we now step further into 2021 with Coeli Global Select still offering an appealing and high-quality mix of the world's finest companies.
[/et_pb_text][et_pb_text admin_label="Coeli Global Select I-EUR" _builder_version="3.0.89" background_layout="light" module_class="gen-table-module"]
Coeli Global Select I-EUR
| Performance in Share Class Currency | 1 Mth | YTD | 3 yrs* | Since incep* |
| Coeli Global Select - I EUR | -1.84% | -1.84% | 41.73% | 117.69% |
| Benchmark | 0.31% | 0.31% | 28.56% | 72.81% |
* 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.
[/et_pb_text][et_pb_text admin_label="Coeli Global Select R-EUR" _builder_version="3.0.89" background_layout="light" module_class="gen-table-module" disabled_on="on|on|on" disabled="on"]
[cg_linear_graph id="31126"]
[/et_pb_text][et_pb_image _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2021/02/global-1.png" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" disabled_on="off|off|off" disabled="off" /][et_pb_text _builder_version="3.0.89" background_layout="light" border_style="solid" module_class="gen-single-news-content-module" border_style_all="solid" disabled_on="off|off|off" disabled="off"]
* 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.
[/et_pb_text][et_pb_image _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2021/02/global-2.png" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" disabled_on="off|off|off" disabled="off" /][/et_pb_column][et_pb_column type="1_3"][et_pb_image admin_label="Bild Andreas" _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2019/09/Andreas-Brock.jpg" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" custom_margin="||21px|" /][et_pb_text admin_label="Namn och title" _builder_version="3.0.89" background_layout="light" module_class="gen-single-ingress-module" custom_margin="||40px|"]
Andreas Brock, CFA
Portfolio Manager Coeli Global Select
[/et_pb_text][et_pb_image admin_label="Bild Henrik" _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2019/09/Henrik-Milton.jpg" show_in_lightbox="off" url_new_window="off" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" custom_margin="||21px|" /][et_pb_text admin_label="Namn och title" _builder_version="3.0.89" background_layout="light" module_class="gen-single-ingress-module" custom_margin="||40px|"]
Henrik Milton
Portfolio Manager Coeli Global Select
[/et_pb_text][et_pb_text admin_label="Fund Overview" _builder_version="3.0.89" background_layout="light" custom_margin="||20px|" module_class="gen-trustee-single-table"]
Fund Overview
| Inception Date | 2014-11-28 |
| Management Fee | 1.4 % |
| Performance Fee | Yes, 10% |
| Risk category | 6 of 7 |
[/et_pb_text][et_pb_text admin_label="Top Holdings (%)" _builder_version="3.0.89" background_layout="light" custom_margin="||20px|" module_class="gen-trustee-single-table"]
Top Holdings (%)
| MICROSOFT CORP. | 4.3% |
| VONOVIA SE /NAMEN | 4.1% |
| FISERV INC. | 4.0% |
| HCA HEALTHCARE INC | 3.9% |
| MASTERCARD INC. SHS-A- | 3.8% |
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section bb_built="1" fullwidth="off" specialty="off" _builder_version="3.0.89" module_class="gen-trustee-single-yield-section gen-pattern-section" custom_padding="0px|||"][et_pb_row _builder_version="3.0.89" custom_padding="||53px|"][et_pb_column type="4_4"][et_pb_text admin_label="VIKTIG INFORMATION" _builder_version="3.0.89" background_layout="light" module_class="gen-trustee-single-warning-blurb"]
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.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]