- MSCI Europe was up 8.35% during Q1 2021
- Strategy up 9.14% (share class A Eur), Outperforming the market by 0.79%
- Performance was again driven by stock picking: Increased focus on quality has started to yield results.
- One new name entered the portfolio and exit from another one brought net-zero impact on number of securities.
Market environment & Outlook:
- The reflation trade is alive and well.
- European equities remain attractively valued relative to the US.
- The underperformance of value has reached unsustainable levels.
- We remain true to our value investment principles that we have applied over the last two decades at the same time putting extra focus on the quality of the businesses and sustainability of cash flows.
- Median margin of safety of portfolio is 34%
- 8% cash left to seize new investment opportunities.