Global Select Equity Fund

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Übersicht

Strategie

Kurzbeschreibung

Ein breit diversifiziertes Portfolio aus globalen High-Conviction-Aktien mit dem Ziel, positive Überschussrenditen zu erwirtschaften. Die Strategie ist darauf ausgerichtet, die besten Bottom-up-Ideen unseres erfahrenen globalen Researchteams zu nutzen, um ein breites Spektrum an Anlagechancen zu identifizieren. Der Fokus liegt auf der Suche nach robusten, nachhaltigen Unternehmen, um ein diversifiziertes Portfolio aufzubauen, das eine maximale Rendite ohne übermäßige Risiken anstrebt. Die Förderung ökologischer und/oder sozialer Merkmale wird durch die Selbstverpflichtung des Fonds erreicht, mindestens 10% des Portfoliowertes in nachhaltigen Anlagen im Sinne der Verordnung über die Offenlegung nachhaltiger Finanzen (SFDR) zu halten. Darüber hinaus wenden wir interne Filter für die Auswahl an (Ausschlussliste). Der Portfoliomanager wird durch den Vergleichsindex des Fonds, der lediglich zum Performance-Vergleich dient, in seinen Entscheidungen nicht eingeschränkt.

Wertentwicklung (Anteilsklasse I)

29-Feb.-2020 - Scott Berg, Portfoliomanager,

We continue to believe that the pace of structural growth and innovation within the IT sector remains strong. Advancements in areas like artificial intelligence (AI) and enterprise software are not only affecting technology companies, but also reshaping more traditional industries once viewed as less susceptible to business model disruption. In our view, we remain positioned to benefit from increasing AI adoption and application as well as the ongoing transition toward greater computing mobility, increasing use of the Web, and growing technology consumption in emerging markets. As a result, our holdings are tilted toward payment and cloud software companies.

Paolo Corredig,
Head of Switzerland

Tel: +41 44 227 1563

Pierre-Alain Stehle,
Relationship Management

Tel: +41 44 227 1558

31-März-2019 - Scott Berg, Portfoliomanager,

We bought U.S. utility NextEra Energy. We think NextEra possesses an attractive combination of steady, low-risk growth potential through Florida Power & Light, one of the largest electric utilities in the U.S., and significant growth potential in contracted renewables and gas pipelines.
We added to our position in Sempra Energy. We think Sempra Energy is a well-diversified and high-quality U.S. utility and energy infrastructure company that is levered to a variety of attractive long-cycle energy trends, which should help drive accelerated earnings over the next few years.
One of the largest buys during the quarter was initiating a position in Prologis, a logistics distribution warehouse operator REIT. We think the company has a high-quality portfolio of attractive industrial assets in faster-growing markets that are also well diversified geographically, which should help drive above-average rental growth versus peers.
We initiated a position in Lonza Group, a Swiss contract manufacturer of pharmaceuticals and biologics. The stock has underperformed peers, and we believe that the market is underappreciating the company's consistent sales and earnings growth and margin expansion potential. It is well positioned to benefit from its competitive advantage in biologic manufacturing and the secular growth in the consumer health industry. Furthermore, it should realize valuation accretion from the Capsugel acquisition and the recent sale of the low-margin Water Care business.
We initiated a stake in Roche Holding, a Swiss pharmaceutical company with global operations that has a strong business model focusing on the high-margin oncology business, where it is a dominant player. Good progress on its breast cancer franchise and in immuno-oncology development should continue to boost earnings. Roche is doing a very good job of maintaining growth in its core oncology franchises by expanding into the emerging markets and is making progress to help secure them against biosimilar risk.
We established a new holding in Eli Lilly, which boasts a diversified product portfolio mix that is skewing toward younger, higher-margin assets after a highly productive run of research and development. Although Eli Lilly's primary focus is on the commoditized diabetes market, the company continues to build its pipeline outside of this area and has a number of studies underway that are underappreciated by the market and could provide upside catalysts over the next 12 to 18 months.
We initiated a position in FleetCor Technologies, a global provider of commercial travel solutions that specializes in areas such as payment processing, fuel, tolls, lodging, and payables management. We saw an attractive valuation opportunity to purchase FleetCor Technologies, as we believe the market underappreciates the firm's superior asset base, pricing power, and uniquely positioned salesforce that can economically sell to smaller businesses.
We eliminated our stake in navigation technology company Trimble. The stock had bounced back nicely with the rest of the market, and we used the strength to move on to higher-conviction ideas.
We initiated a position in Canada-based Brookfield Asset Management, a global asset manager and one of the largest investors in real assets. In March, the firm announced that it would be acquiring 62% of Oaktree Capital Group. Both Brookfield, which is focused on distressed real assets, and Oaktree, which is focused on distressed credit, have global franchises and premier brands as alternative asset managers, but there is little actual product overlap. We think that Brookfield is on the right side of secular change with a strong runway for growth and offers a good combination of offense and defense in today's market.
We reinitiated a position in Indian private bank Axis Bank. We believe the company has a strong franchise that should continue to benefit from India's underpenetrated private banking sector, favorable demographics, and an improving economy, particularly as it focuses on growing its retail segment.
We trimmed discount broker Charles Schwab. We continue to have high conviction in the company given its premiere franchise and sizable scale advantage over competitors.
We eliminated our stake in European bank Svenska Handelsbanken. The stock held up relatively well during the sell-off in the fourth quarter of 2018, so we chose to exit our position in favor of names with greater conviction and upside potential.

31-März-2019 - Scott Berg, Portfoliomanager,

Shares of Alibaba Group Holding rose on encouraging quarterly results as its core e-commerce business showed resiliency despite a challenging macro backdrop. Alibaba continues to be the dominant player in China's fast-growing e-commerce industry, taking share from offline channels that are highly fragmented and underdeveloped. We have high conviction in the company given the firm's powerful position in China's fast-growing e-commerce market as well as its pace of innovation.
Shares of MercadoLibre, the largest online trading platform in Latin America, which had been pressured last year by headwinds including foreign exchange depreciation, a truckers' strike, and shipping cost pressures, rose on solid quarterly results that eased investor concern. We believe the company will continue to win market share in both its e-commerce and payments business segments, which possess large addressable markets, remain fragmented, and are in the early stages of development.
Chinese A-share listed Jiangsu Hengrui Medicine, a leading domestic player in China's oncology market, reported strong fourth-quarter results with oncology and anesthetics servings as the main growth drivers for the company. We think Hengrui is entering a favorable product cycle driven by new products, three of which were approved and launched in the fourth quarter of 2018.
WuXi Biologics, a Chinese health care company that provides us with pure exposure to a large and fast-growing biologics industry, issued a positive profit alert in late February driven by market share gains, an increase in projects, and higher revenue. WuXi subsequently became the first biologics company in China with approval of its manufacturing facilities from both the U.S. Food and Drug Administration and the European Medicine Agency.
Shares of Sea, an internet platform company operating in Greater South East Asia, moved higher following the release of impressive quarterly results and much better-than-expected 2019 revenue guidance driven by the fast monetization of its self-developed hit title Free Fire, which has not only succeeded in Sea's core region of South East Asia, but also hit a home run in the Latin American market. We think the company is strongly positioned in gaming and e-commerce, two key segments of the internet economy, and should benefit from conducive demographics, rising wealth, better mobile infrastructure, and increasing internet penetration in its target markets.
Streaming video service Netflix reported strong viewership numbers for its original content, announced plans to raise the price for its video-on-demand service in the U.S., and reported stronger-than-expected subscriber additions in the fourth quarter. As viewership grows on an aggregate and per-subscriber basis, we anticipate that Netflix will continue to improve the consumer viewing experience, thereby increasing the company's negotiating leverage with content suppliers globally and increasing its competitive positioning against regional companies.
Seven Generations Energy, a Canadian oil and gas exploration company, reported quarterly results that were largely in line with expectations, but lack of clarity on the company's infrastructure process weighed on shares. We maintain a positive outlook for the company given its low-cost source of supply from its Montney Shale liquids assets in Alberta as well as its strong balance sheet, which should allow it to withstand prolonged commodity downcycles.

Risiken

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