Objectif

Recherche d’une appréciation du capital en investissant dans des actions européennes affichant une capitalisation sur le marché supérieure à 65 millions d’euros. Privilégie exclusivement les marchés européens développés.

Stratégie

Diversifier le portefeuille selon des contrôles stricts sur le niveau d’investissement dans un secteur particulier afin de maximiser l’impact de la sélection de titres individuels – évaluation de la solidité relative des bénéfices et valorisation des écarts avec les groupes du secteur sur le fondement que les marchés boursiers sont efficients, raisonnablement mais pas parfaitement ; le sentiment de l’investisseur est considéré selon l’analyse des révisions des bénéfices, les recommandations des analystes et les fluctuations du cours.

Faits du fonds
Gestionnaire d'actifs
  • Degroof Petercam Asset Management, Brussels, Belgium
Référentiel Indice MSCI Europe
Date de création du fonds 12 juillet 2010
Investissement minimum €50,000
Ratio de frais de gestion 1.50
ISIN IE00B3DD4Y80

Rendement total moyen annuel
(%) au 30/09/2019

Suivi 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

Statistiques Fonds Indice
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
Secteur Fonds Indice Diff.
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
Pays Fonds Indice
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
Top 10 Holdings % Poids
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.

     

  • Fiche technique du fonds

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