Market Commentary- Q2 2021

100821 Market Commentary

Market Commentary- Q2 2021

Performance overview:

  • Strategy up 1.83% (share class A Eur)

Portfolio changes:

  • 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