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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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Plus 6% versus minus 8%. The first of these figures is consumer sales in the US during December. And the other is the corresponding statistic for Sweden—a figure so weak that we need to go all the back to 1993/94 to see the likes of it. This is why the situation in Sweden feels so tough right now, but also why our fund increased by 6,61 percent in January. Things are going really well in the US—the most important country for our fund—and when this is the case, things typically also go well for the global stock exchanges.
Our portfolio adjustments last fall are now starting to pay dividends, and the fund beat its benchmark index by 0,96 percentage points in January. Three of our four best performers during the month were companies we had bought during 2022 when they were outrageously cheap: AutoNation, Société Générale, and MSCI. Among the weaker performers were our Indian banks—shares that performed well during 2022 but are now catching their breath. Most of the fund's holdings will report during February and we are excited to see their quarterly results.
Key market events and trends (what has influenced performance most?)
Last year was marked by inflation, war, an energy crisis, and interest rate hikes. A terrible year. However, although the war in Ukraine continues, the worst is probably over in terms of inflation, with a lower rate of interest rate hikes in the future. We saw the first signs of this when the Fed raised interest rates by just 0.25 percentage points at its latest meeting. By comparison, during 2022, we saw interest rates hiked by 0.75 percentage points on four separate occasions! The strength of the labor market in the US will be important for the development of inflation. A weaker labor market may sound negative, but it can have a dampening effect on inflation, curbing it, as higher unemployment results in lower wage pressure.
Economists are currently debating the likelihood of a persistent economic downturn or whether a pickup will instead be seen. When we look at our companies, we see slightly too large inventories but also a widespread desire for increased investments. We thus believe improved macro and positive results reports will push the markets upward. A "moderately" high inflation rate could even be good for our companies, making it easier for them to push through price increases, benefiting their turnover and profitability.
Portfolio changes
During January, we sold Special Situations stock Danske Bank. We had bought in at DKK 100 per share during the fall and sold some months later for around DKK 140 per share. Special Situations are our more opportunistic holdings that we own for shorter periods. They are a particularly appealing complement to our Champions.
In this film (in swedish), we explain our thinking regarding our Special Situations stocks.
The fund's positioning—our market expectations
The positive market sentiment that returned in January rewarded our companies. Thanks to the slowing pace of long-term interest rate increases and their recent stability, we expect the market's risk appetite to persist, continuing to reward the type of companies we invest in: quality companies with great profit growth, low debt, and robust brands.
News
Don't forget to sign up for our funds' newsletters. At the end of each quarter, we provide a full list of the holdings in our funds.
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Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 6.61% | 6.61% | 21.11% | 113.77% |
| Benchmark | 5.65% | 5.65% | 24.36% | 101.03% |
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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 (%)
| ADOBE INC | 4,7% |
| S&P GLOBAL SHS | 4,6% |
| HCA HEALTHCARE INC | 4,4% |
| MASTERCARD INC | 4,4% |
| 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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