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
