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ETFS Metal Securities - 2007-o.f. Verfall auf Gold
4,29 %
Vontobel US Equity - I CAP
4,19 %
Lazard Global Investment European Alternative - EA Acc EUR CAP
4,08 %
Investment objective and policy
This fund invests mainly in UCITS and other UCIs with no geographical, sector or currency restriction. The remaining assets may be invested in cash or any other type of transferable security that is listed or traded on regulated markets. The equity weighting can vary between 50% and 100% of net assets. The emphasis is on international diversification of investments and flexibility in terms of themes and sectors that may potentially be present within the fund.
Management report - 4th Quarter 2018
At the end of September, the fund posted near-zero performance. The fourth quarter was particularly difficult and the fund lost 7.8%. The equity positioning had been cut to around 56% during the summer and through to the end of October, when, for a few weeks, a rebound (at least a technical one) was expected. However, this did not materialise, such that the equity allocation - which had been raised to 67% at the end of October, then 74% in mid-November - was brought back down to 64% in mid-December. Despite these generally appropriate shifts in allocation and the fact that the fund certainly held up better than the average in its asset class, the fourth-quarter correction was sizable in absolute terms. The underperformance of the underlying funds had a significant impact. 2017 was a year in which conviction equity funds strongly outperformed in general, and this was true for the funds in the portfolio in particular. Conviction management (especially funds focusing on cyclical stocks and small caps) trod water in 2018. Experience shows that remaining confident in the capacity of conviction fund managers to generate added value, especially in challenging times, is the right approach. We are counting on experience proving its worth this time round. Even though it is not likely to be easy, 2019 should provide some interesting entry points. 2018 had started with stocks being rather expensive and investment ideas were in short supply. 2019 looks set to be a very fruitful year for active management.
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