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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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October was a strong month for the equity markets, despite new peaks in US 10-year bond rates, which are now above 4%. Coeli Global Small Cap Select's performance during the month was 7.97%, beating the benchmark index by 2.0 percentage points.
The best performers in October were Hexatronic, Vitec, and Comfort Systems. Meanwhile, those with the weakest performance during the month were Siegfried Holding, Ameresco, and Alarm.com.
Again, two of our holdings issued positive profit warnings: Hexatronic and Incap. Hexatronic is a Swedish company selling fibre equipment for broadband installations, among other products. Incap, meanwhile, is a Finnish contract manufacturer primarily within greentech. We saw many positive quarterly reports in October, but one stood out, namely the US's Comfort Systems, with revenue growth of 34%. It was especially satisfying to see Comfort Systems, a company working with installations, going against the flow of negative news now coming from the construction industry.
Key market events and trends (what has influenced performance most?)
October saw less focus on macro figures than usual. US unemployment remained at a low level (3.7%) and inflation (8.2%) has not shrunk noticeably. The only positive with the latest inflation figure from the US was that it hadn't increased. We expect the Fed sees an end to the rate increase cycle and there won't be many more interest rate hikes. What interest rate hikes have succeeded with - also in the view of the Fed chair - is to slow down the housing market and house prices.
We are now in the midst of the Q3 reporting season, which has, overall, seen decent figures from industrial companies, while those with direct sales to consumers have reported weaker numbers. The robust US dollar has hurt US companies' revenues from other markets. International sales are worth less to them when the US dollar is so strong. Global growth is also impacted by China reopening its markets after extended Covid-19 lockdowns. For the world to return to "normal volumes" requires China to be unhindered in both buying and selling goods with the outside world.
Portfolio changes
We made four portfolio changes during October. We sold the Swedish company Arjo after a weak report and the US company Focus Financial Partners on account of its all-too-challenging indebtedness. In their place, we bought Sweden's Munters and the Dutch Alfen. Munters' particularly exciting exposure to data centres piqued our interest. Alfen is a profitable and well-managed company in an industry we have strong faith in: renewable energy.
The fund's positioning - our market expectations
We have positioned the fund with a focus on B2B entities and an underweight in those selling to consumers. Although we are heading for what appears to be a weaker period, we do our utmost to find growing profit trends where we can make money for our unitholders. Among these trends are infrastructure investments, renewable energy, healthcare, computer equipment, and software. And remember to look after your monthly savings, as the best stock transactions are made in the worst of times.
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 | 4,5% |
| VITEC SOFTWARE GROUP AB-B | 3,8% |
| STERLING INFRASTRUCTURE INC | 3,7% |
| HEXATRONIC GROUP AB | 3,7% |
| COMFORT SYSTEMS USA INC | 3,6% |
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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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