[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"]
This material is marketing communication
Before making any final investment decisions, please read the prospectus, its Annual Report, and the KIID of the relevant Sub-Fund here
[/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 panic is easing. The stock market comprises millions of different investors, each with their own time horizons and risk limitations, and after two intensive months of high-volume trading, where near-term considerations were the name of the game, the stock market rebounded during March. Many stock prices returned to their more fundamental long-term values. As a result, the fund was up 6.16% in value, beating the benchmark by 2.86 percentage points.
Our strongest performers during the month were Fortnox, Pagseguro, and Deere. And the weakest were Estee Lauder, Sterling Construction, and Truecaller. Among the larger stock price moves, Fortnox is especially interesting as the company raised prices for its modules by around 10%, suggesting that its earnings per share can increase by some 15% for 2023, which was a catalyst for the stock's price movement.
Key market events and trends (what has influenced performance most?)
We have seen growing inflationary pressure for several months now, with interest rates likewise affected. The companies we invest in, Fortnox among them, are unlikely to sit back and accept the impact of inflation on their margins but will increase their prices to compensate. Products from Microsoft, Apple, Mastercard, and L'Oréal are used daily by billions of consumers and are an integral part of the global economy. These companies will certainly want to protect their margins and take action to continue to create shareholder value. Take S&P Global as an example: at the end of February, it announced that it would buy back USD 12bn in shares during 2022, equivalent to about 10% of all its shares. The company acted speedily, and this has had a positive effect on its share price.
Interest rates have risen rapidly in the US in the first months of the year, however, and so it is reasonable to expect reduced demand for house construction, for example, there in the future. Much of this concern is already priced into stock prices, and the leading US house construction companies, such as Lennar, are trading below price/earnings of 5x on next year's earnings - a level we haven't seen for more than a decade. It is essential not to feel too threatened by rising interest rates as, if inflation slows down during the year, we are likely to see a strong stock market again.
Portfolio changes
During March, we made a number of portfolio changes. Among the Champions, we exited German real estate company Vonovia, as its stock price was under pressure from the elevated interest rates. In its stead, we bought Alphabet – the new name for Google – attracted most of all by Alphabet's rapidly growing cloud solutions. We also sold Deere, which had risen nearly 100% since we bought it in September 2020. We placed this capital in a new stock in which we see great potential over the next one to two years: Swiss contract manufacturer Siegfried Holding. Siegfried's long-term strategy is to grow both organically and through acquisitions. We are convinced we have found a true Swiss pearl.
And lastly, we sold our holding in Brazil's Magazine Luiza. The enticement of a low stock price plus potential heading in the right direction led us to instead take a short-term position in adidas, from which we anticipate upside of 20% until the summer.
The fund's positioning – our market expectations
The world has changed considerably during the early months of 2002, and we believe we have positioned the fund to deliver solid returns for the remainder of this year.
[/et_pb_text][et_pb_text admin_label="Coeli Global Selektiv Graf" _builder_version="3.0.89" background_layout="light" module_class="gen-table-module"]
Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 6.16% | -6.41% | 63.37% | 143.27% |
| Benchmark | 3.30% | -2.76% | 49.03% | 113.21% |
[/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//2022/04/Skarmklipp-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" disabled_on="on|on|on" disabled="on" border_style_all="solid"]
[cg_staple_graph id="31020"][cg_staple_graph id="30982"]
[/et_pb_text][et_pb_image _builder_version="3.0.89" src="https://coeli.com/wp-content/uploads//2022/04/Skarmklipp-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. | 4.6% |
| APPLE INC | 4.5% |
| AMAZON COM INC | 4.4% |
| SONOVA HOLDING AG /NOM. | 4.2% |
| S&P GLOBAL SHS | 4.2% |
[/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. 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 KIID 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.
[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]