Dear investors,
Dear prospective customers,
I warmly welcome you to the manager's commentary for the reporting month of October for the hard value. Fund. Your fund for financial sustainability.
During the reporting month, geopolitical détente between the US and China led to a significant Consolidation of the gold price. This also had short-term effects on the holdings in the Hard Value Fund. allocated gold mines.
Meanwhile, the earnings season is progressing rapidly, allowing us to assess the quality of our to re-examine analyses. During earnings season, it becomes particularly clear how well the Companies in the Hard Value Fund and the value the market assigns to them.
Despite a slight decline in share price during the reporting month, most of the published results were able to Convincing, and confirming our analysis. For example, GE Aerospace, Amphenol, and Alzchem were able to do so. to surprise with their results, confirm their annual forecast, and raise their annual outlook. This is also one reason why Amphenol has grown to become the largest position in the Hard Value Fund.
Our tobacco sector presents a mixed picture: Philip Morris also impressed. Altria, on the other hand... The company had to accept significant course corrections. Reasons for this included legal disputes. as well as stagnant sales. Despite the share price decline, Altria remains in the fund, as our Quantitative and qualitative analysis does not yet permit a sale.
While our defense sector stagnated during the reporting month, individual stocks within this sector excelled, such as... Saab, with incredibly solid financial figures, a strong order book, and high margins. Kongsberg However, it suffered significant share price losses after the margin fell slightly and a The possible spin-off of the company's aerospace and defense sector was discussed.
During the reporting month, our cash flow ratio ranged from 8% to 12%. At the end of the reporting month, it stood at 7.9%. You can see the exact performance in the displayed key figures. extract:
- R-tranche: -1.27% per month, +25.24% year-to-date, +53.55% since inception
- I-Tranche: -1.31% per month, +25.48% year-to-date, +56.87% since inception
- S-Tranche: -1.28% per month, +28.74% year-to-date, +64.41% since inception
We would like to thank you once again for the consent received, the trust, and the asset under Management thanks 26.37 million euros.
Wir freuen uns außerdem über neue Investoren wie die Neutralis Vermögensverwaltung.
Please feel free to contact us if you have any further questions.
Warm regards
Patrick Grewe
Your asset manager
Patrick Grewe