European Capital Partners - Market Commentary – Q4 2021 Discover this fund | European Capital Partners
Asset management and fund structuring boutique

Market Commentary – Q4 2021

Jan 27, 2022

Performance overview

  • Strategy up 3.7% in Q4 and up 13.7% y-t-d at end December (share class A Eur)

Portfolio changes:

  • Four new names entered the portfolio and two names were sold

Market environment & Outlook

  • Value rotation is here
  • 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 34%
  • 6.2% cash left to seize new investment opportunities
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