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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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A value increase of 150,8% in nine years – that's the result that Coeli Global Select graduates elementary school with after turning nine. Since its foundation in November 2014, the fund has outperformed its benchmark index by around 32 percentage points. Our portfolio of the world's finest companies has delivered over times, despite the coronavirus pandemic, both high and low interest rates, increasing inflation, and in every possible market environment. By having the world as our market, we can select those companies we believe are by far the best to create a fantastic portfolio with companies like Microsoft, Mastercard, Ferrari, L'Oréal, Atlas Copco, and more. Just like creating a meal, the results depend on the quality of the ingredients you choose. Picking ingredients of the utmost quality means the dish you cook has every chance of being superb. The same is true of filling a fund with top-notch companies – those we call the world's finest companies.
We are proud of all we have achieved over the past nine years and the solid returns our unitholders have received. It is thrilling that our work over the long term is now being recognized. For example, Anders Ström has cited us as professional active investors in the latest edition of his bestselling "Investeringsboken."
So far during 2023, the fund has returned 25.1% (as of 30 November) and it saw a return of 10% for the month of November, beating the benchmark by 3.9 percentage points. The two best contributors to this in November were Balder and S&P Global. They have in common that they benefit from the decrease in inflation, something that is likely to lead to interest rate cuts in Europe and the US in H1 2024. Lower interest rates are likely to reawaken the bond market, which has been almost completely inert for a year now. If the bond market does pick up, it won't just be real estate companies with many outstanding bonds (such as Balder) that profit, but also companies like S&P Global. S&P Global is, in our view, the leading provider of bond ratings, and increased activity in this market should thus bolster earnings for the company. On the other side of the returns coin in November stood Sterling Infrastructure and UnitedHealth Group. The first of these two saw a halt in its solid upturn of the year, and the second is a defensive stock, and these often perform somewhat weaker in a rising market that rewards growth.
Key market events and trends (what has influenced performance most?)
During the month, switching into "risky assets" accelerated, as the central banks seem to be finished with their interest rate hikes to combat inflation. The latest figures for US inflation came in at 3.2%, which leaves the Fed more comfortable in giving its interest rate weapon a break. As the market had expected a higher inflation figure, this kick-started the relief rally we saw in November. It wasn't only the US with declining inflation; the same was seen in Europe. The most recent inflation number in the EMU was 2.4%, with lower food and energy prices as the main contributors.
In our fund newsletters in the fall, we described how the high interest rates on bank accounts and bonds were offering real alternatives to the equity market, prompting capital flows to go in the "wrong direction." During November, it was clear that the tide was turning, with investors once again willing to buy equities on a large scale.
The derivatives market for interest rate futures has begun to price in (discount) cuts in short-term interest rates next year. We cross our fingers that this proves correct, as we can all agree that high interest rates are unnecessary in the long run and can be seen as additional tax on consumption and investments. We also note that the VIX index, commonly referred to as the "fear index," is down at the same levels we saw in 2019 before the pandemic. The VIX index shows equity market volatility expectations for the S&P 500 for the coming 30 days. Simply put, a low value indicates low expected volatility, while a high value suggests expectations for high volatility.
Portfolio changes
During the month, we made no changes to the fund.
The fund's positioning—our market expectations
As of the end of November, we had 34 holdings in our fund, and we feel confident that the fund is well-positioned for 2024 as we head into our tenth year. With five of us working with global equity research, we are more prepared than ever. We thank you for entrusting your capital to us.
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Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 9.99% | 25.06% | 25.40% | 150.76% |
| Benchmark | 6,07% | 14.68% | 29.61% | 118.22% |
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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 | 4 of 7 |
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Top Holdings (%)
| MICROSOFT CORP | 4,4% |
| MASTERCARD INC | 4,4% |
| S&P GLOBAL | 4,3% |
| MARTIN MARIETTA MATERIALS | 4,2% |
| UNITEDHEALTH GROUP INC | 4,2% |
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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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