Objective

Seeks capital appreciation through investment in European equities with market capitalization greater than 65 million euros. Focuses exclusively on developed European markets.

Strategy

Diversify portfolio using strict controls on the level of investment in any particular industry to maximise the impact of individual stock selection - assess relative earnings strength and valuation discrepancies within industry groups, based upon the premise that stock markets are reasonably, but not perfectly, efficient; investor sentiment is considered through analysis of earnings revisions, analyst recommendations and price behavior
Fund Facts
Asset Manager
  • Degroof Petercam Asset Management, Brussels, Belgium
    (Since 12 July 2010)
Benchmark MSCI Europe Index
Fund Inception Date July 12, 2010
Mimimum Investment €50,000
Expense Ratio 1.55
ISIN IE00B3DD4Y80
Growth of €10,000
Inception Date: July 12, 2010

Annual Average Total Returns
(%) as of 30/06/2017

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
European Equity Fund 1.68 25.16 6.52 13.33 -- 8.00 July 12, 2010
STOXX Europe Christian Index - Net 0.67 20.72 6.12 11.36 -- 8.68 July 12, 2010
MSCI Europe Index 1.03 18.65 6.64 11.80 -- 9.55 July 12, 2010
Statistics Fund Index
Weighted Median Market Cap €13.5B €41.9B
Average Price/Book 1.4x 1.8x
Average Price/Earnings 16.3x 19.2x
Average Yield 2.8% 3.3%
Beta (ex ante) 1.1 1.0
Active Share 78.0% N/A
5 Yr Earnings Rate 8.7% 0.3%
Ten Largest Portfolio Holdings 16.6% 5.3%
# Securities in Portfolio 146 445
Turnover Rate (12 Mo) 83.3% N/A
Fund Size € 138.3MM
Sector Fund Index Diff.
Consumer Discretionary 10.2 10.6 -0.3
Consumer Staples 14.1 14.2 0.0
Energy 6.7 6.6 0.1
Financials 21.0 21.1 -0.1
Healthcare 12.8 13.0 -0.3
Industrials 13.2 13.5 -0.3
Information Technology 4.4 4.6 -0.2
Materials 7.6 7.5 0.1
Real Estate 1.5 1.4 0.1
Telecomm Services 4.0 4.0 0.0
Utilities 3.7 3.6 0.0
Cash 0.8 0.0 0.8
Country Fund Index
Austria 1.6 0.4
Belgium 2.9 1.8
Denmark 4.8 2.8
Finland 1.6 1.6
France 28.9 16.5
Germany 8.9 14.9
Ireland 0.5 0.7
Italy 8.4 3.6
Netherlands 5.0 5.5
Norway 2.1 1.0
Portugal 0.4 0.2
South Africa 0.0 0.0
Spain 2.1 5.4
Sweden 4.9 4.6
Switzerland 5.2 13.3
United Kingdom 20.9 27.7
United States 1.1 0.0
Region Fund Index
North America 0.0 0.0
Pan Europe 99.2 100.0
Japan 0.0 0.0
Developed Asia 0.0 0.0
Emerging Markets 0.0 0.0
Cash 0.8 0.0
Total 100.0 100.0
Top 10 Holdings % Weight
Royal Dutch Shell Plc Class A 2.4
Total SA 1.9
BNP Paribas SA Class A 1.8
Ipsen SA 1.7
Lloyds Banking Group plc 1.6
UniCredit S.p.A. 1.5
Vodafone Group Plc 1.4
Danone SA 1.4
Intesa Sanpaolo S.p.A. 1.4
BTG plc 1.4
  • Q2 2017 Performance Review

    The CGF European Equity Fund (EUR) returned 1.68% versus the MSCI Europe Index’s 1.03% return and the STOXX Europe Christian EUR Net Index’s 0.67% return for Q2. For the 12-month period, the Fund returned 25.16% versus the MSCI Europe Index’s 18.65% and the STOXX Europe Christian EUR Net Index’s 20.72% return.

    SUMMARY: Quarterly Review

    • The Fund benefited the most from stock selection in healthcare, supported by strong performance of biotech holdings such as Ipsen (+28%), BTG (+16%), H-Lundbeck (+13%), Stada Arzneimittel (+11%), while avoiding Hikma (-27%), Roche (-6%) and GSK (-3%) also helped.
    • Selection in energy was favorable; the Fund benefited again from the strong performance of the Austrian explorer and refiner OMV (+25%) while avoiding Royal Dutch Shell (-6%) and Eni (-12%).
    • Stock selection in technology was a minor weak spot as equipment maker Ingenico lost 9% after a weak earnings report while Dialog Semiconductors lost 22%.

    SUMMARY: 12-Month Review

    • The Fund’s value-style approach was very much in favor and stock selection was additive across all sectors.
    • Selection was most additive in healthcare where the Fund picked up more than 300 basis points in relative return; favorable positioning within pharmaceuticals and biotech produced gains that were collectively far stronger than those of the industries in the benchmark.
    • Financials exposure added over 100 basis points, due largely to above-benchmark gains from the Fund’s bank holdings.
    • Consumer staples positioning added almost 150 basis points; this was due both to avoidance of the weak tobacco industry as well as strength from beverage and food product industry holdings.

Please review our important disclosures.