Objetivo

Busca la apreciación del capital mediante inversión en acciones europeas con capitalización bursátil superior a los 65 millones de euros. Se centra exclusivamente en mercados europeos desarrollados.

Estrategia

Diversificar la cartera utilizando controles estrictos sobre el nivel de inversión de cualquier industria particular para maximizar el impacto de la selección de acciones individuales – evalu8ar la fortaleza relativa de los beneficios y las discrepancias de valoración dentro de los grupos industriales, sobre la base de la premisa de que los mercados de renta variable son razonablemente eficientes, pero no perfectamente eficientes; el sentimiento de los inversores se considera mediante el análisis de las revisiones de beneficios, las recomendaciones de los analistas y la evolución de las cotizaciones.

Datos del fondo
Gestor de activos
  • Degroof Petercam Asset Management, Brussels, Belgium
Referencia MSCI Europe Index
Fecha de inicio del fondo 12 de julio de 2010
Inversión mínima €50,000
Ratio de gastos 1.50
ISIN IE00B3DD4Y80

Rentabilidades totales medias anuales
(%) a 30/09/2019

Últimos 3
Months
1
Yr
3
Yrs
5
Yrs
10
Yrs
Since
Inception
Inception
Date
European Equity Fund 3.23 -2.66 8.15 4.09 * 6.29 01/01/1970
MSCI Europe Index 3.45 5.14 8.89 5.70 * 8.36 01/01/1970

Characteristics as of 30/06/2019

Estadísticas Fondo Índice
Weighted Median Market Cap € 13.8B € 42.8B
Average Price/Book 1.3x 1.8x
Average Price/Earnings 14.7x 16.4x
Average Yield 3.4% 3.6%
Beta (ex ante) 1.1 1.0
Active Share 77.3 N/A
5 Yr Earnings Rate 8.9% 7.5%
Ten Largest Portfolio Holdings 17.8% 8.8%
# Securities in Portfolio 135 442
Turnover Rate (12 Mo) 76.2 N/A
Fund Size (EUR Class) € 153.0MM
Sector Fondo Índice Dif.
Communication Services 4.4 4.6 -0.2
Consumer Discretionary 9.1 9.6 -0.4
Consumer Staples 15.1 14.5 0.6
Energy 8.2 7.7 0.5
Financials 18.4 18.0 0.4
Healthcare 12.9 13.0 -0.1
Industrials 13.2 13.5 -0.3
Information Technology 5.9 5.9 0.0
Materials 7.6 7.6 0.0
Real Estate 1.0 1.3 -0.3
Utilities 4.4 4.3 0.0
Cash -0.1 0.0 -0.1
País Fondo Índice
France 30.0 18.1
Germany 9.0 14.0
Italy 8.4 3.7
United Kingdom 17.7 26.6
United States 1.9 0.0
Other Developed Europe 33.0 37.7
10 mayores participaciones % peso
L'Oreal SA 2.6
Total SA 2.6
Anheuser-Busch InBev SA/NV 2.0
Royal Dutch Shell Plc 1.7
Danone SA 1.7
Banco Santander, S.A. 1.6
Henkel AG & Co. KGaA 1.5
UCB S.A. 1.4
Carlsberg A/S 1.4
BNP Paribas S.A. 1.4
  • Q2 2019 Performance Review

    3-MONTH REVIEW

    • The quarter saw a turnaround in the Fund’s performance as it not only outperformed the value index, but also the core one.
    • By design, most of the Fund’s excess return is generated through stock selection; the biggest detractors in the quarter were holdings in Consumer Discretionary, Communication Services, and Health Care. The positive results in Consumer Staples, Information Technology, and Utilities were more than enough to offset that negative impact.
    • Within Consumer Staples, excluding tobacco companies was beneficial to the portfolio and more than offset the negative impact.
    • Information Technology stocks within the portfolio were another bright spot in the quarter, with most holdings contributing to the outperformance.
    • The Fund’s value bias continued to dampen results as the overweight to the lowest P/E names and underweight to highest P/E stocks, strong stock selection was enough to overcome that hurdle.

    12-MONTH REVIEW

    • The Fund had negative stock selection in all sectors except for Utilities. The sectors that detracted the most were Consumer Discretionary, Industrials, and Health Care.
    • Underperformance was driven by a broad group of stocks across all sectors.
      The focus on smaller capitalization stocks also detracted significantly from relative results.
    • The value tilt also hindered performance for the period. The Fund’s overweights in lower P/E stocks and underweights in the higher P/E stocks within the index detracted over the trailing one year period.
    • On the positive side, the Fund’s overweight and stock selection mix in Information Technology was additive to relative return.

     

  • Hoja de datos del fondo

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