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Return to Fund page
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It might be summer, but it is rarely calm in the markets. July was a good month for the fund, which was up by 3.7 percent, beating the benchmark by 3.3 percentage points. All in all, we have had a great reporting season so far and virtually all of our holdings have surpassed expectations. Three stocks have performed particularly well: a) US healthcare facilities provider HCA, which, contrary to expectations for break-even quarterly results, generated profits exceeding last year; b) Taiwanese semiconductor manufacturer TSMC also reported good results and will probably receive large orders from Intel, which increasingly seems to be having problems with its own production; and c) US scientific equipment company Thermo Fisher, which reported higher sales because of the coronavirus, despite expectations of lower revenues. The weakest holding this month was Dutch company ASML, which delivers equipment to Intel among others. The company may be experiencing a decrease in demand ahead because of Intel's problems.
Key market events and trends affecting performance
Much in the markets right now depends on how companies are affected by the coronavirus situation. Most companies are clear losers, but we can also see some winners, such as those operating within healthcare (as we described above) and tech. If we compare the strongest and the weakest players in an industry, we can see a distinct pattern: the strongest companies benefit when e-commerce sites' algorithms automatically prioritise their brands when a consumer views an e-commerce website. A good example of this within cosmetics is L’Oréal. We would not be surprised if many of our companies were to report significantly higher profits for 2021 than in 2019.
Portfolio changes
Several months ago, we took a short-term position – what we call a “Special Situation” – in Swedish residential construction company JM. Several key experts predicted that housing prices in Sweden would fall by 10-15 percent over a year because of the coronavirus crisis – a view that was reflected in the share price. We believed the opposite, that housing prices would not fall but rise when the considerable financial easing starts to create substantial liquidity, in turn leading to higher prices for many real assets, including residential property. We were proved right, and following an increase of around 50 percent in two months, we gratefully bowed out and sold off JM. During July, we bought and then sold Coca-Cola, as we judged that its quarterly report would lead to a rise in the share price. In USD terms, we made around 10 percent in the share in a few weeks.
The fund’s positioning
The fund is well-positioned in the market, increasing in rising markets and holding up well when the market has somewhat worse days. Right now, we are following the global real estate sector more closely, looking for some further exciting investment opportunities in that industry
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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 | 3.70% | 3.20% | 36.69% | 84.97% |
| Benchmark | 0.40% | -6.00% | 22.67% | 51.66% |
* 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 | 4.5% |
| THERMO FISHER SCIENTIFIC INC | 4.4% |
| HCA HEALTHCARE INC | 4.3% |
| SIKA LTD | 4.2% |
| MASTERCARD INC. SHS-A- | 4.2% |
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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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