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Portfolio Manager comment Coeli Global Select November 2018

As of 30 november, 2018
The fund celebrates four years

The fund generated a return of 1.4 percent during the month, which was about 0.03 percent higher than our comparative index. On the positive side we note that the Indian bank HDFC and American Express did very well, whereas on the negative side we find Apple and Broadridge.

Our fund celebrates four years this month and this is a good time for reflection. The macro environment has been unpredictable. If someone would have told us four years ago that the UK would leave the EU, that Trump would become POTUS and that the price of oil would move from 100 USD a barrel in 2014 to 25 USD in 2016, we would not have believed them. The next four years is likely to become just as unpredictable. Will interest rates in Europe increase above 0 or will the cyclical slowdown force the ECB to surrender before it even has begun increasing the rates? Will the trade war between the US and China escalate? What effect will the climate change have on global politics?

The questions are many and the answers from us, who manage your money, is that we are doing all we can to adjust to the macro. In the end, however, it is the fantastic companies which we have invested in that are the primary reason to why your money, over time, grows. We own a set of amazing companies like Estee Lauder, L’Oréal, 3M and Wirecard which are leaders in what they do. They have strong balance sheet and a management with extremely strong drive. Their products, brands and organizational set-up generates lots of value, which in the end is beneficial to you as a shareholder through dividends and share price appreciation. During these four years our fund has generated a return of 47.4 percent in our Institutional EURO class, which is an annual compounded return of 10.2 percent.

The market

The stock market is struggling to cope with the combination of higher interest rates, trade wars and lower consumer confidence (mainly in Europe). We see that after the market decline in October, the stock market has now discounted most of the bad news and if the market should fall even more, there is a need to see further negative macro data. Many cyclical shares now look very attractive.

Changes in the portfolio

The fund is positioned to deliver a return of some 15 percent over the next 12 months. The future will bring a mix of both positive and negative news, but we have an exciting mix of Champions and Special Situations in our fund, which gives us a very dynamic portfolio. We are grateful for the confidence you have given us for managing your money and we look forward to four more exciting years!

Coeli Global Selektiv

Performance in Share Class Currency1 mthYTD3 yrsSince Incep
Coeli Global Select – R EUR1,41%-0,8818,18%42,05%

Andreas Brock

Fund Manager Coeli Global Select Fund

Henrik Milton

Fund Manager Coeli Global Select Fund

Fund Overview
Inception Date2014-11-28
Management Fee1,4 %
Performance Fee10 %
Risk category5 av 7
BenchmarkMSCI AC World
Top Holdings (%)
Mastercard inc, SHS. -A-4,9%
Global Payments inc4,9%
Microsoft Corp4,8%
Thermo fisher SCI, inc4,8%
Worldpay inc. -A-4,8%

DISCLAIMER. The information provided here does not constitute professional financial advice. Past performance is not a guarantee of future returns. The price of the investment may go up or down and an investor may not get back the amount originally invested. The key investor information document (KIID) and prospectus are available at www.coeli.se.

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Alexander Larsson Vahlman

Senior Analyst Coeli Likviditetsstrategi & Coeli Nordic Corporate Bond Fund

  • Worked at Coeli since 2018
  • Worked in the finance sector since 2014
  • MSc from Rotterdam School of Management and Bachelor from Mercyhurst University

Alexander Larsson Vahlman is Senior Analyst for the funds Coeli Likviditetstrategi and Coeli Nordic Corporate Bond Fund. Before Coeli, Alexander worked at Danske Bank with business funding and och business analysis.

Portfolio Manager Gustav Fransson

Gustav Fransson

Portfolio Manager Coeli Likviditetsstrategi & Nordic Corporate Bond Fund

  • At Coeli since 2009
  • More than 10 years in the industry

Gustav has more than 10 years’ experience from the financial industry from various roles within asset management and corporate banking. Prior to joining Coeli in 2008 he worked as a real estate finance analyst at Royal Bank of Scotland, Nordic Branch.

Portfolio Manager Henrik Milton

Henrik Milton

Portfolio Manager Global Select

  • At Coeli since 2016
  • More than 17 years in the industry
  • Master of Science in Finance from Lund University

Henrik Milton has extensive experience from analyzing equity and portfolio management. Previously, Henrik has worked as portfolio manager at Capinordic Asset Management responsible for the Global Opportunities fund and the BRICA fund until 2010. Both of the funds were given top ratings (five stars) by Morningstar.

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Andreas Brock, CFA

Portfolio Manager Coeli Global Select

  • At Coeli since 2014
  • More than 10 years in the industry
  • MBA at London Business School, Bachelor degree from Lund University and is a CFA Charter holder

Andreas has long experience of equity research and investments and invested globally during his time with Capital Group in London, but his formative years as an investor dates back to his days with ABB’s M&A department in China. Andreas is a CFA Charterholder.

Portfolio Manager James Bannan

James Bannan

Portfolio Manager Coeli Frontier Markets

  • At Coeli since 2017
  • More than 12 years in the industry
  • Chartered Accountant (CA) from the Institute of Chartered Accountants, Australia

James Bannan has been investing in Frontier Markets for over 10 years, including as co-lead at BankInvest’s global Frontier Markets listed equities funds from May 2011. Prior to that James lived in Ho Chi Minh City, Vietnam for 5 years, working for BankInvest’s Private Equity New Markets funds, which was rated as the best performing fund in Asia with 2006 – 2010 vintage by Prequin, generating returns of over 50%. Before his time in Vietnam, he worked with M&A at KPMG in Sydney and Copenhagen, where he completed several deals in several in Frontier Markets. In 2018 Coeli Frontier Markets was awarded the prestigious Thomson Reuters Lipper Fund Award for best fund in its category.

Portfolio Manager Hans-Henrik Skov

Hans-Henrik Skov

Portfolio Manager Coeli Frontier Markets

  • At Coeli since 2014
  • More than 12 years in the industry
  • Holds a Master of Science in Finance from Copenhagen Business School, graduating as top two of his class

Having managed listed equities in global Frontier Markets since May 2007, Hans-Henrik Skov has one of the longest experiences in this investment universe. He was at BankInvest Asset Management from May 2007 to February 2014, as co-lead on BankInvest’s Frontier Markets listed equities funds. Hans-Henrik previously worked at Barclays Capital and at JP Morgan, both in London. In 2018 Coeli Frontier Markets was awarded the prestigious Thomson Reuters Lipper Fund Award for best fund in its category.

Man med vit bakgrund

Namik Immelbäck

Portfolio Manager Coeli Altrua Makro

  • Joined Coeli in 2018
  • 12 years of experience in global macro investing
  • BSc London School of Economics, MSc Bocconi

Namik Immelbäck is portfolio manager of Coeli Altrua Macro and responsible for investment strategy and research. Over the last 12 years Namik has held various roles as economist, investment strategist and trader at well-known global macro hedge funds such as Comac Capital, Tudor and Millennium in London and New York.

Mikael Petersson

Portfolio Manager Coeli Absolute European Equity

  • Joined Coeli in 2018
  • More than 25 years of  experience in finance industry
  • BSc from Lunds University

Mikael Petersson is the responsible portfolio manager for Coeli Absolute European Equity and has many years of experience in portfolio management. Mikael has been an employee for some of the most successful hedgefund coorporations in Europe, such as Lansdowne Partners and Kairos Investment Management in London. He has also started his own business i Zug, where Coeli previously was an investor.

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Erik Lundkvist

Portfolio Manager Strategy Funds

  • At Coeli since 2004
  • More than 13 years in the industry
  • Erik holds a M.Sc. in Economics from Örebro University and CEFA from Stockholm School of Economics

Erik is responsible for Coeli Asset Management Solutions products and has 10 years of experience from asset management in roles such as Portfolio Manager, manager selector and economist.

Joel Etzler

Portfolio Manager Coeli Energy Transition

  • Joined Coeli in 2019
  • More than 13 years of  experience in the industry
  • MSc from the Royal Institute of Technology

Joel Etzler is Portfolio Manager and Founder of the Coeli Energy Transition fund and has more than 13 years in the industry, with investment experience from both the public and private equity side. Etzler joined Kalvoy at Horizon Asset in London in 2012 and spent five years before that within Private Equity at Morgan Stanley. Etzler started his investment career within the technology sector at Swedbank Robur in Stockholm, 2006.

Vidar Kalvoy

Portfolio Manager Coeli Energy Transition

  • Joined Coeli in 2019
  • More than 20 years in the industry
  • MBA from IESE, MSc from Norwegian School of Economics and Business Adm.

Vidar Kalvoy is the lead Portfolio Manager and Founder of Coeli Energy Transition. He has more than 20 years’ experience from portfolio management and equity research. For nine years, he was responsible for the energy investments at Horizon Asset in London, a market neutral hedge fund. Kalvoy also has experience from energy investments at another hedge fund in London and equity research within the technology sector in Frankfurt and Oslo.