Market Commentary – Q2 2021
Aug 10, 2021
- Strategy up 1.83% (share class A Eur)
- One new name entered the portfolio and three names were sold
Market environment & Outlook
- The reflation trade is under pressure
- European equities remain attractively valued relative to the US.
- We continue to look for high quality businesses with sustainable of cash flow generation, while being extremely careful on what price we pay for them.
- Median margin of safety of portfolio is 36%
- 5% cash left to seize new investment opportunities