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Return to Fund page
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For us, September has been a wait-and-see kind of month. Hardly any companies report and we mostly await reporting season kicking off again in October. Rather than reading reports, we devote September to analysis. The news that came out this month was almost exclusively positive. Our holding Adobe (which reports at a somewhat different time to other companies) released a quarterly report showing growth in revenues of 14 percent and an increase in earnings per share of 25 percent – impressive figures. We also saw some good signs from the Purchasing Managers' Index (PMI), and we note that the engineering industry is in the expansion phase in the three largest economies – Europe, China and the USA.
During the month, the fund was down -0.68 percent, which was 0.71 percentage points better than the benchmark. Our best-performing share during September was US construction company Martin Marietta, followed by Germany's Adidas. The latter was bolstered by a fantastic report from competitor Nike. Apple was on the weaker side, and we now see some profit-taking after its compelling climb.
Key market events and trends affecting performance
Much of the activity in the markets right now depends on the coronavirus: how soon the situation will draw to an end, and what long-term effects it will leave in its wake. Among the things we have been struck by, we see the extent of stimulus that western governments are prepared to provide for this to blow over quickly as very positive for the coming years, as is the enormous and continued willingness towards consumption by the average person. For example, house prices are rising sharply in many countries, while car sales are also picking up again.
Portfolio changes
During September, we sold “Special Situations” holding Aroundtown, a fine German real estate company, as exposure to hotel and office property is still not to the stock market's taste. We might return to this stock later on, but we take a break for now. We instead invested the money in industrial enterprises John Deere and 3M, companies that lead in their respective areas and whose stocks are appealingly valued – especially now that the industrial cycle is on its way up again. You are welcome to visit our website to read more details on John Deere.
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. We have a decent balance between our sectors and are not especially affected by the development in any particular one. We are now looking forward to the next reporting season, which gets going in just a few weeks, with great excitement.
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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 | -0.68% | 9.54% | 43.25% | 96.33% |
| Benchmark | -1.39% | -2.89% | 23.76% | 56.67% |
* 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 (%)
| SIKA LTD | 4.6% |
| THERMO FISHER SCIENTIFIC INC | 4.5% |
| ZOETIS INC -A- | 4.3% |
| ADIDAS AG | 4.2% |
| VONOVIA SE /NAMEN | 4.1% |
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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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