European Capital Partners - Market Commentary – Q3 2021 Discover this fund | European Capital Partners
Asset management and fund structuring boutique

Market Commentary – Q3 2021

Nov 15, 2021

Performance overview

  • Strategy down -1.35% in Q3 but up 9.64% y-t-d at end September (share class A Eur)

Portfolio changes

  • One new name entered the portfolio and four names were sold

Market environment & Outlook

  • Normalization trade in full play
  • European equities and especially the value names we own are extremely attractively valued
  • Companies need to deal with high freight rates, energy crunch, supply chain bottlenecks, all fueling the inflation theme
  • 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 33%
  • 10.2% cash left to seize new investment opportunities
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