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
