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
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 31/03/2018

Trailing 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
European Equity Fund 1.96 3.83 3.73 10.14 -- 7.47 July 12, 2010
STOXX Europe Christian Index - Net 3.93 4.46 3.33 9.12 -- 8.14 July 12, 2010
MSCI Europe Index 4.42 3.23 9.14 -- 8.77 July 12, 2010
Statistics Fund Index
Weighted Median Market Cap 18.9B 41.1B
Average Price/Book 1.4x 1.8x
Average Price/Earnings 14.2x 14.5x
Average Yield 2.9% 3.3%
Beta (ex ante) 1.0 1.0
Active Share 73.8% 0
5 Yr Earnings Rate 13.1% 5.1%
Ten Largest Portfolio Holdings 18.1% 8.0%
# Securities in Portfolio 141 446
Turnover Rate (12 Mo) 64.6% N/A
Fund Size € 151.4MM
Sector Fund Index Diff.
Consumer Discretionary 10.9 10.9 0.0
Consumer Staples 13.1 13.4 -0.3
Energy 7.7 7.4 0.3
Financials 21.0 21.1 -0.1
Healthcare 12.1 12.1 0.0
Industrials 12.9 13.1 -0.3
Information Technology 5.1 5.0 0.1
Materials 8.2 8.3 -0.1
Real Estate 1.4 1.4 0.1
Telecomm Services 3.6 3.7 -0.1
Utilities 3.4 3.7 -0.2
Cash 0.7 0.0 0.7
Country Fund Index
France 31.9 17.2
Germany 11.7 15.4
Italy 5.5 4.0
United Kingdom 20.1 27.3
Japan 0.0 0.0
Canada 0.0 0.0
United States 1.2 0.0
Other Developed Europe 29.7 36.2
Other Developed Asia 0.0 0.0
Other Emerging Asia 0.0 0.0
Other Emerging Markets 0.0 0.0
Top 10 Holdings % Weight
Royal Dutch Shell Plc 3.4
Total SA 2.1
Danone SA 1.7
BNP Paribas SA 1.7
Pernod Ricard SA 1.6
Societe Generale S.A. 1.6
Henkel AG & Co. KGaA 1.6
Royal Philips NV 1.5
Bayerische Motoren Werke Aktiengesellschaft 1.4
Renault SA 1.4
  • Q1 2018 Performance Review

    The European Equity Fund (EUR) returned -2.52% versus the MSCI Europe Index’s -4.18% return and the STOXX Europe Christian EUR Net Index’s -3.86% return.

    SUMMARY

    • Over a 3-month period, outperformance was driven by positive stock selection results. The strongest gains relative to the market were in healthcare (pharmaceutical holdings earned a 7.82% return vs. -5.1% in the index), accounting for +66 bps.
    • Over 12 months, the primary driver of positive excess return was stock selection within healthcare (pharmaceutical holdings earned a 25.7% return vs. -8.9% in the index).
    • The Fund holds 141 securities with the weighted average market cap ~40% below the benchmark, as the sub-advisor has historically added excess return in small and mid cap holdings. The portfolio weight has a small value tilt.
  • Fund Fact Sheet

    PDF
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