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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
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The performance by Coeli Global Small Cap Select during November was -4.47%, which was 6.59 pp worse than our benchmark index. The greatest impact on the small cap fund's return versus the index came from the US's stock market's unfavorable closing, affecting the index's performance, and from major reporting day price movements by some portfolio companies.
The stocks that performed the best during the month were Titan Machinery, Sterling Infrastructure, and EL.En. Those with the weakest performance were Marlowe, Semler Scientific, and Staar Surgical.
The common factor among the top three performers was a good quarterly report. Sterling Infrastructure published an excellent report, with revenues up 20% and net profits rising 35% y/y. On the conference call, the CEO explained that the order book had expanded by double digits - a remarkable achievement in these challenging times for the weakening US housing market. Titan Machinery, which sells tractors, among other things, reported even more stellar results, with revenues up 47% and earnings per share 88% higher. Italian laser company EL.En. also had a solid report, with both revenues and profits up some 19%.
Key market events and trends (what has influenced performance most?)
Good inflation figures from the US added most fuel to the market's rise this month. As inflation drops, the market discounts that central banks will make fewer raises that will impact the market positively. If low inflation increases gladden the market, then it is currently looking negatively at good labor market reports. A too robust labor market puts wages at risk of rising too much, and this is exactly what central banks want to avoid. To take down inflation, wages increases must be held back. All this information on interest rates and the labor market is discounted in the US 10-year rate, which fell back during November.
During the reporting season, we saw signs that companies are reviewing their costs. The global tech sector, in particular, is holding back on new recruitments and even cutting the number of employees. This is especially true among companies that have grown without increasing their profitability, including Twillio, Salesforce, Twitter, etc. We do not have a holding in these companies in the fund.
We see signals from China of widespread resentment toward the country's harsh lockdown policies to hinder the spread of the coronavirus. People are out on the streets of some cities, showing their discontent by protesting. One measure the Chinese government has taken to lessen the effects of the lockdowns is to reduce collateral requirements for Chinese banks. This means more generous lending terms, which is positive for small and medium-sized companies.
Portfolio changes
During November, we sold CTEK, Semler Scientific, Pets At Home, and Truecaller. In their place, we bought Brodrene A & O Johansen, Mortgage Advice Bureau, and Catena, as we want to increase the quality of the entrepreneurially driven companies in our portfolio.
The fund's positioning - our market expectations
We maintain our focus on B2B companies and, for strategic reasons, we keep the share of B2C companies low. We invest in exciting companies with high profit growth and little to no debt on the balance sheet. Remember that the best stock transactions are made at the worst of times, and a sensible way to save is with a monthly savings plan, making purchases at the end of each month.
News
Don't forget to sign up for the newsletters for our funds. At the end of every quarter, we will provide the list of all the exciting, entrepreneurially driven companies in Coeli Global Small Cap Select.
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Coeli Global Select
| Performance in Share Class Currency | Mth | YTD | 3 yrs | Since incep |
| Coeli Global Select - R EUR | 17,50% | -10.20% | 45.98% | 133.44% |
| Benchmark | 9.98% | -4.65% | 39.47% | 109.07% |
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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 | 2022-03-28 |
| Management Fee | 1.4 % |
| Performance Fee | Yes, 10% |
| Risk category | 6 of 7 |
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Top Holdings (%)
| ENERGY RECOVERY INC | 4,1% |
| QUALYS INC SHS | 3,8% |
| AMERESCO INC -A- | 3,6% |
| TITAN MACHINERY INC | 3,3% |
| EL.EN. N | 3,3% |
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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 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.
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