Factsheet: September 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
Against a backdrop of persistent fears about inflation induced by soaring raw materials prices, US markets underwent a complicated month in September. After a few calm months, markets were volatile again.
This stress was further accentuated by the woes of Chinese real estate giant Evergrande and the announced tightening of monetary policy by the Fed. The risk of a shutdown had nonetheless been ruled out, as the government agreed to extend spending for the time being.
The S&P 500 lost -4.76%, the Dow Jones Industrials -3.89% while the NASDAQ 100 lost -5.75%. The winner of the month was the oil and gas exploration sector (+18.80%) while the steel sector trailed behind (-16.22%).
The Fund
The fund recorded a performance of -4.11%, underperforming the main indices.
Despite the strong corrections, some companies managed to stay in positive territory: Analog Devices (+3.61%), Salesforce (+2.16%) and Verisk Analytics (+0.30%).
Conversely, some of the highest contributors to performance, since the start of the year, corrected markedly, like for instance Adobe (-12.96%), Waters (-11.80%) and Facebook (-10.48%), reflecting the market slow down after the excellent summer period
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