105...AUM: 8.16 M€ Management fees: 1.20% incl.taxes Performance fees: 15% incl.taxes above MSI...
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PHILEAS EQUITY EUROPE - I share 29 January 2021 Performance review Performance since incepon Warning: Past performances are no guarantee of future returns. This document has been published for informaon purposes only and does not constute a commercial offer or investment proposal. The reader is invited to consult the full prospectus available on the company website. ISIN: FR0012749927 Launch date: 15 October 2015 Structure: «European Union equies» fund - French FCP Management team: Ludovic LABAL / Cyril BERTRAND Benchmark: MSCI Europe NR Custodian: CACEIS BANK Administrator: CACEIS FA Auditor: MAZARS Fund dealing: daily Eligible for French equity savings plan: yes NAV: 134.59€ AUM: 8.16 M€ Management fees: 1.20% incl.taxes Performance fees: 15% incl.taxes above MSCI Europe NR Currency: EURO PHILEAS ASSET MANAGEMENT SAS - 60, rue de Prony - 75017 Paris - Tel. : +33 (0)1 40 54 47 26 - [email protected] - www.phileas-am.fr The investment objecve of the PHILEAS EQUITY EUROPE is to outperform, on an equity horizon, its benchmark, the MSCI Europe net return index. The fund invests in European Union equies through discreonary stock picking. Source: Phileas Asset Management, unless otherwise noted Top holdings Volality of the fund 27.27% Volality of the benchmark 28.17% Tracking error 9.35% Beta 0.90 Informaon rao 0.85 Sharpe rao 0.37 Source : Bloomberg Risk indicators - 1-year data Porolio exposure by market cap Porolio exposure by sector Porolio exposure by country Holdings % Hellofresh 4.0% Schneider Electric 3.3% Rémy Cointreau 3.3% Bureau Veritas 3.3% Trigano 3.2% Number of holdings 40 Investment rate 96.15% In January, PHILEAS EQUITY EUROPE fell back by 2.01% as its benchmark, MSCI Europe net return, fell back by 0.74%. Following a slightly positive start to the month, the fund’s drawdown happened over the space of end of January. The fall was primarily due to significant profit taking on the portfolio’s most consensual positions. Regarding this type of tempora- ry trading pattern, we reacted by maintaining our positions in those stocks we believe have been over-penalised. - In Services/IT, the IT segment suffered from falls in Avast, Adobe and Capgemini. As nothing in particular triggered the fall, we continue to hold the positions that we believe have significant upward potential. In contrast, we sold our Experian position because the rise in US interest rates could be detrimental to its mort- gage refinancing business. The emergence of new strains of COVID-19 penalised the performance of stocks such as Compass and Amadeus. We continue to hold these high-quality names, which will benefit from any improvement in the health situation. - In Consumer Discreonary, both Puma and EssilorLuxoca fell for no other reason than the wave of profit taking referred to above. We connue to believe in both stocks and see even greater upside potenal than at the beginning of the year. Although the ming was less than perfect, we closed out our Pandora posion. The stock is coming off a fine run in 2020 and both lockdown uncertaines and higher silver prices, which will hit its gross margins, have combined to make us more cauous. YTD 1 month 3 years Annualized 1 year PHILEAS EQUITY EUROPE -2.01% -2.01% 10.50% 5.76% 5.66% MSCI EUROPE NR -0.74% -0.74% 6.46% 4.09% -2.82% Performance (%) * I share launched as of 10/15/2015 80 85 90 95 100 105 110 115 120 125 130 135 140 PHILEAS EQUITY EUROPE MSCI EUROPE NR 1.0% 1.9% 2.0% 2.1% 4.3% 8.0% 8.5% 8.9% 9.9% 13.5% 36.1% Luxembourg Ireland Italy Switzerland USA UK Netherlands Denmark Spain Germany France 1.0% 2.0% 2.4% 4.0% 4.9% 5.3% 6.1% 8.6% 8.7% 13.9% 14.0% 25.2% Aeronautics/Defence Telecom Building Food Retail Healthcare Food/Bev/HPC Infrastructures Automobile Media Consumer Industry Services/IT 7% 30% 58% 1 - 2 bn€ 2 - 10 bn€ > 10 bn€
Transcript of 105...AUM: 8.16 M€ Management fees: 1.20% incl.taxes Performance fees: 15% incl.taxes above MSI...
PHILEAS EQUITY EUROPE - I share 29 January 2021
Performance review Performance since inception
Warning: Past performances are no guarantee of future returns. This document has been published for information purposes only and does not constitute a commercial offer or investment proposal. The reader is invited to consult the full prospectus available on the company website.
ISIN: FR0012749927 Launch date: 15 October 2015 Structure: «European Union equities» fund - French FCP Management team: Ludovic LABAL / Cyril BERTRAND Benchmark: MSCI Europe NR
Custodian: CACEIS BANK Administrator: CACEIS FA Auditor: MAZARS Fund dealing: daily Eligible for French equity savings plan: yes
NAV: 134.59€ AUM: 8.16 M€ Management fees: 1.20% incl.taxes Performance fees: 15% incl.taxes above MSCI Europe NR Currency: EURO
PHILEAS ASSET MANAGEMENT SAS - 60, rue de Prony - 75017 Paris - Tel. : +33 (0)1 40 54 47 26 - [email protected] - www.phileas-am.fr
The investment objective of the PHILEAS EQUITY EUROPE is to outperform, on an equity horizon, its benchmark, the MSCI Europe net return index. The fund invests in European Union equities through discretionary stock picking.
Source: Phileas Asset Management, unless otherwise noted
Top holdings
Volatility of the fund 27.27%
Volatility of the benchmark 28.17%
Tracking error 9.35%
Beta 0.90
Information ratio 0.85
Sharpe ratio 0.37
Source : Bloomberg
Risk indicators - 1-year data
Portfolio exposure by market cap Portfolio exposure by sector Portfolio exposure by country
Holdings %
Hellofresh 4.0%
Schneider Electric 3.3%
Rémy Cointreau 3.3%
Bureau Veritas 3.3%
Trigano 3.2%
Number of holdings 40
Investment rate 96.15%
In January, PHILEAS EQUITY EUROPE fell back by 2.01% as its benchmark, MSCI
Europe net return, fell back by 0.74%.
Following a slightly positive start to the month, the fund’s drawdown happened
over the space of end of January. The fall was primarily due to significant profit
taking on the portfolio’s most consensual positions. Regarding this type of tempora-
ry trading pattern, we reacted by maintaining our positions in those stocks we
believe have been over-penalised.
- In Services/IT, the IT segment suffered from falls in Avast, Adobe and Capgemini.
As nothing in particular triggered the fall, we continue to hold the positions that
we believe have significant upward potential. In contrast, we sold our Experian
position because the rise in US interest rates could be detrimental to its mort-
gage refinancing business. The emergence of new strains of COVID-19 penalised
the performance of stocks such as Compass and Amadeus. We continue to hold
these high-quality names, which will benefit from any improvement in the
health situation.
- In Consumer Discretionary, both Puma and EssilorLuxottica fell for no other reason
than the wave of profit taking referred to above. We continue to believe in both
stocks and see even greater upside potential than at the beginning of the year.
Although the timing was less than perfect, we closed out our Pandora position.
The stock is coming off a fine run in 2020 and both lockdown uncertainties and
higher silver prices, which will hit its gross margins, have combined to make us
more cautious.
YTD 1 month 3 years Annualized 1 year
PHILEAS EQUITY EUROPE -2.01% -2.01% 10.50% 5.76% 5.66%
MSCI EUROPE NR -0.74% -0.74% 6.46% 4.09% -2.82%
Performance (%)
* I share launched as of 10/15/2015
80
85
90
95
100
105
110
115
120
125
130
135
140
PHILEAS EQUITY EUROPE
MSCI EUROPE NR
1.0%
1.9%
2.0%
2.1%
4.3%
8.0%
8.5%
8.9%
9.9%
13.5%
36.1%
Luxembourg
Ireland
Italy
Switzerland
USA
UK
Netherlands
Denmark
Spain
Germany
France
1.0%
2.0%
2.4%
4.0%
4.9%
5.3%
6.1%
8.6%
8.7%
13.9%
14.0%
25.2%
Aeronautics/Defence
Telecom
Building
Food Retail
Healthcare
Food/Bev/HPC
Infrastructures
Automobile
Media
Consumer
Industry
Services/IT
7%
30%58%1 - 2 bn€
2 - 10 bn€
> 10 bn€
