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Return to Fund page
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For March, Coeli Global Select saw a return of 3,11 percent, falling 2,44 pp short of our benchmark. During the month, we saw a number of our companies report quarterly earnings, some with particularly good results; namely, Magazine Luiza, Adobe, and adidas. Adobe, for example, reported profit growth of 38 percent. Our three best performers during March were United Health, HCA Healthcare, and SIKA, all of which benefited from coronavirus vaccinations ramping up in the US. The worst performers of the month were Pagseguro, Allegro, and Fortnox owing to the general glut of tech stocks and a reduced appetite for shares from the emerging world.
Key market events and trends
March saw the rise in 10-year US government bond interest rates ease off at a healthy level that bodes well for 2021. This is proving to be another good year for the stock market. We are keeping an eye on interest rates as they are a good barometer for growth and inflation expectations in the economy. However, the robust recovery in the global economy can cause bottlenecks in global logistics. Many manufacturing companies are experiencing difficulties with the supply of materials. Among other things, this has led to massive demand for semiconductors. Here, you can learn more about the global semiconductor industry: An interview with Andreas Brock on the economic news programme EFN Marknad about the semiconductor crisis | Coeli (in Swedish).
Semiconductors are not the only material suffering shortages; available containers are also scarce, resulting in sharply rising freight costs. This situation was not improved by the jamming of 400-metre long container ship Ever Given across the Suez Canal, blocking the channel for the space of a week.
Access to the coronavirus vaccine is central to the recovery. The countries at the forefront are the US, the UK, and Israel, while the EU is trailing some way behind. As usual, the US is proving that it is the best at adjusting its economy, as reflected in higher US interest rates and a stronger US dollar.
Portfolio changes - with brief comments
During March, we sold our holding in Poland's Allegro after its majority shareholder began to sell off stocks ahead of the lock-up period expiring. This indicated to us that we should take a breather with the share. Among our industrials holdings, we sold Italy's Carel to make way for the lower-valued Carrier, a company operating in the same air conditioning industry. This new Special Situations stock is a spin-off from United Technologies. We find it interesting that Carrier was previously the largest owner in another of our holdings, Beijer Ref. We also bought into the low-valued Traton, indirectly giving us a position in Scania - which remains a well-run, profitable entity. What makes Traton particularly exciting as a Special Situations share, aside from its valuation, is that analysts will soon include its new US acquisition, Navistar, and this alone should push the share price up by more than 15-20 percent ahead of the summer. In total, we anticipate 50-70 percent upside in Traton in the next 12 months.
The fund's positioning - our market expectations
Our global fund offers a good balance between stable growth companies – such as Microsoft, PayPal, and Adobe – and cheaper, cyclical companies – such as Traton and Carrier. Should the bond market be right in its expectations of a slight rise in inflation, equities will be a good investment opportunity since companies can adjust their prices upwards.
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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 | 3.11% | 4.98% | 59.10% | 132.81% |
| Benchmark | 5.55% | 8.80% | 47.68% | 87.44% |
* 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 (%)
| HCA HEALTHCARE INC | 4.1% |
| MASTERCARD INC. SHS-A- | 4.1% |
| FISERV INC. | 4.0% |
| UNITEDHEALTH GROUP INC | 3.8% |
| MARTIN MARIETTA MATERIALS INC. | 3.6% |
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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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