Factsheet: November 2021
Strategy
The Fund's objective is to achieve optimal long-term capital growth through active management of a portfolio of large-capitalisation stocks based primarily in North America.
The investment strategy is based on fundamental analysis. The stock selection process is based in particular on the activities of the companies, their governance, financial structure and development perspectives. The fund aims above all to identify companies with dominant positions, with a significant reinvestment capacity and low levels of gearing.
The recommended investment period is 5 years. The reference currency is the US Dollar.
Markets
US markets were mixed in November, with the S&P 500 index down -1.81%, the Dow Jones Industrials index down -4.78% and the NASDAQ 100 up 0.63% (sector rotation at work).
Once more, sector winners and losers were all over the place, with the Semiconductors sector up 16% while the Casino and Gaming sector was down 19%
The Fund
The fund slightly underperformed the S&P 500 Index (-2.82% vs -1.81%).
The monthly top three consisted of Intuit (+8.28%), McCormick, the spice specialist (+7.56%), and Analog Devices (+6.09%).
On the other side, we find PayPal (-23.67%, as mentioned in our Newsletter), Autodesk (-19.07%, after a pretty good quarterly earnings report, but no prisoners were made in November) and Salesforce (-14.79%). . .
Disclaimer: Past performance is not a reliable indicator of future performance and in no way constitutes a guarantee of future performance or capital. This non-contractual document is for information purposes only and does not constitute an offer for sale.
Prior to any investment, we recommend that you consult your advisor for a better understanding of risks. In the event of disagreement or litigation arising from this document, the full prospectus will prevail.
For more information, please email us: contact@fisconsult-sinews.com
Comments