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Return to Fund page
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Print
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A 114* percent total return since inception. This is the result of our work since the fund’s launch at the end of 2014. The return is measured on the share class I-EUR*.
During November, the fund rose in value by 9 percent, which was 0.43 percent worse than our benchmark. US payment companies Global Payments and Fiserv were the biggest positive contributors to the fund's development. On the other hand, Thermo Fischer and Martin Marietta, two US companies that had a very strong October, performed weaker this past month.
November was a robust month for Stock markets around the world, largely thanks to the elimination of two considerable uncertainties. One was the commotion surrounding the US presidential elections, and the other was related to doubt regarding the efficacy of the coronavirus vaccine. Thus, many of the shares that up until this point have had a rough ride this year are now experiencing a lift. We had some exposure to such equities; our new Special Situations share, the well-run Spanish bank Bankinter, saw a 20 percent increase the day that news about the vaccine was announced. In hindsight, of course, we wish that we had invested in more of such shares. Nevertheless, we are proud that so far during 2020 we have beaten our benchmark by almost 12 percent and by 45* percent in total since the fund was established in 2014.
Key market events and trends affecting performance
Finally, we can see the light at the end of the coronavirus tunnel. Our focus is shifting towards the following questions:
- Will the changes brought by the coronavirus pandemic be reversed? For example, the rise in e-commerce and working from home.
- What happens to the real economy when pandemic support disappears? How much will banks' bad loans increase when stimulus ends?
- Are we stuck with permanently low interest rates?
These are the questions that we, and the market, are now wrestling with. However, regardless of what happens in the future we have no doubt that owning the very best companies will remain to be a good investment.
Portfolio changes
During November, we bought three new Special Situations shares to get a little more velocity in the portfolio. We took part in the IPO of Sweden's Nordnet (we've now sold these shares) and bought JP Morgan (US) and Bankinter (Spain), two banks of the utmost quality. We see an unusually strong likelihood of returns at relatively low risk from these two in the coming six months. If you'd like to know more about Bankinter, feel free to read more on our website:
Spain's Bankinter is our latest Special Situations stock, in Swedish.
The fund’s positioning
Now, as we near the end of an eventful 2020, we are focusing on stocks that can deliver the highest returns at an acceptable risk level in the coming years. We are positive towards the year ahead, when consumption is likely to rise significantly as economies open up again – an increase that our holdings are set to benefit from.
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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 | 9.00% | 16.28% | 46.50% | 114.11% |
| Benchmark | 9.43% | 4.36% | 28.78% | 68.37% |
* 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 (%)
| FISERV INC. | 4.2% |
| VONOVIA SE /NAMEN | 4.1% |
| GLOBAL PAYMENTS INC | 4.1% |
| MICROSOFT CORP. | 4.0% |
| MARTIN MARIETTA MATERIALS INC. | 3.9% |
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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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