Merclin G. Equity Monthly UK - Mercier Vanderlinden · PDF fileand Heineken, continuing our...
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Transcript of Merclin G. Equity Monthly UK - Mercier Vanderlinden · PDF fileand Heineken, continuing our...
2009 started as was expected: with high volatility. Especially impressive were the huge moves in currencies. The Euro has lost 10% to the Dollar and to the Yen in just a single month. As a result the American and Japanese stoslightly up in Euro, whereas the European indices fell 8%. Merclin Global Equity lost 0,94%, exactly in line with our benchmark, the MSCI-World. History has taught us that when everybody is on one side of the ship, it usually pays to be the opposite side. Today everybody is extremely careful; risk appetite is at its lowest and government bonds giving almost no return are the sexiest asset in town. Our view is that with stocks yielding much more than risk free bonds we are paid to wait. But in the meantime, we certainly feel lonely on this side. During the month we started two new positions: Apple and Heineken, continuing our policy of buying global consumer brand names at very attractive prices.
-0.92%
−
94.06 EUR
-0.94%
-0.95%
-0.98%
Energy (5.98Consumer discretionary (20.22%)
Consumer Staples (6.17%)
75
125
150
Merclin Global Equity is an actively managed fund invested in equities over the long term by selecting undervalued stocks. Besides equities the fund also investor sectors where the manager of Merclin has not proven talent and significant share participation. The fund is recommended to investors with an investment
50
100
Merclin GE MSCI World (ex
Healthcare (10.08%)
2009 started as was expected: with high volatility. Especially impressive were the huge moves in currencies. The Euro has lost 10% to the Dollar and to the Yen in just a single month. As a result the American and Japanese stockmarkets were slightly up in Euro, whereas the European indices fell 8%. Merclin Global Equity lost 0,94%, exactly in line with our
World. History has taught us that when everybody is on one side of the ship, it usually pays to be on the opposite side. Today everybody is extremely careful; risk appetite is at its lowest and government bonds giving almost no return are the sexiest asset in town. Our view is that with stocks yielding much more than risk free bonds we are paid to
t. But in the meantime, we certainly feel lonely on this side. During the month we started two new positions: Apple and Heineken, continuing our policy of buying global consumer brand names at very attractive prices.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Fairfax Financial
Odyssey Re
Microsoft
Anheuser Busch - Inbev
Samsung
Inditex
Nokia
Berkshire Hathaway
Pfizer
Keyence
166.28 EUR
4,48%
0,42%
0,82%
Stocks
Cash
Options & Futures
Others
0,00% 20,00%
Financials (22.14%)
Industrial goods(8.23%)
98%)
Holding Companies (4.88%)
fund invested in equities worldwide. The objective is to outundervalued stocks. Besides equities the fund also invests in value funds with great track records to cover regions
has not a sufficient edge to allow for outperformance. Special attention goesThe fund is recommended to investors with an investment
MSCI World (ex-div)
29 January 2009
39.85%
-16.86%
-17.39%
-13.11%
–
5.67%
–
–
-2.28%
–
-24.94%
-18.64%
19.18%
6.74%
4.25%
3.86%
3.82%
3.37%
3.06%
2.70%
2.60%
1.66%
1.50%
247.81 EUR
94,28%
40,00% 60,00% 80,00% 100,00%
Industrial goods %)
IT (12.78%)
Telecom. Services (6.30%)
Materials (4.76%)
Utilities (2.98%)
(4.88%) Others (2.92%)
The objective is to outperform the MSCI AC World Index value funds with great track records to cover regions
outperformance. Special attention goes to management with The fund is recommended to investors with an investment horizon of at least 3 to 5 years.
Apple Heineken
Nokia Swatch
USD;43,05%
CHF; 3,46%
GBP; 1,24%
Others; 1,54%
Hedge: 5% JPY and 5% USD
EUR; 30,73%
JPY; 19,18%
USA; 28,06%
Switzerland; Great Britain; 2,68%
Other; 0,98%
94,06 €
-0,94%
-0,94%
Euro zone; 21,66% Emerging
Markets; 20,14%
Japan; 22,62%
Switzerland; 3,86%