Hem Portfolio manager comments - Coeli Global Select Portfolio Manager comment Coeli Global Select February 2019

Portfolio Manager comment Coeli Global Select February 2019

Similar to January, February was a good month, with large increases in the world’s equity markets. The risk appetite in the market has remained strong. We are probably nearing the end of the last two months’ relief rally, the reason being that stocks are starting to return to normal valuation levels. During February, our global fund rose by 3.51 percent, which was 0.22 pp better than our benchmark index. The best returns came from payment firms Global Payment and Worldpay and from cosmetics company Estée Lauder. The negative contributions stemmed from United Health Group, Adler Real Estate and Banco Macro. Elsewhere, the comeback in our technology holdings in the payment sector provided a decent contribution to returns.

During the month, we travelled to San Francisco and took part in Goldman Sachs’ renowned equity conference for tech companies. What makes the event special is that it is held in proximity to Silicon Valley, with all the noteworthy tech firms attending and presenting their businesses. We met Facebook, Microsoft, Adobe, Electronic Arts, AMD and many other exciting companies. Right now, we are looking for new tech sector investment opportunities for the fund and it could very well be that we invest in a Silicon Valley company. During February, we were also guests on CMC Markets’ Björnfällan podcast, so please do listen to episode 66 to learn more about the fund and us as managers (the podcast is in Swedish).

Key market events and trends affecting performance
We had hoped that the meeting between the US and North Korea in Vietnam would offer a general geopolitical boost to returns in February, but instead the equity markets saw a sideways movement. Unfortunately, there was no other news about the trade conflict between the US and China either, leaving us waiting for a possible positive impact. In the coming months, we anticipate that companies’ communication with the market will be consequential for stock market performance. The news we want is that companies continue to make sales and earn money so that share prices keep on rising. The central banks seem to have “got the point” and will take it easy with hikes, which could stimulate the stock markets.

Portfolio changes
During the month, we said yes to YES Bank, an exciting Indian bank that we’ve taken in as a new “special situation”. We’d previously met the bank twice in Mumbai, but we considered the stock too expensive then. Now it has come down to a cheap valuation, making it interesting enough for us to invest in. During the month we said farewell to two “special situations”: American Express and ASML, which had done their job and earned us money.

The fund’s positioning
In selling these two “special situations” we have taken down cyclical exposure somewhat. If we reach more targets in our “special situations”, the cyclical risk in the fund will diminish further.

For those of you interested in more information about Coeli Global Select and how we manage the fund, we are planning a quarterly presentation where participants can ask us questions. Keep an eye out – more information to follow!

Coeli Global Select R-EUR

Performance in Share Class Currency1 MthYTD3 yrsSince incep
Coeli Global Select – R EUR3.51%10.45%40.09%44.99%

Andreas Brock

Portfolio Manager Coeli Global Select

Henrik Milton

Portfolio Manager Coeli Global Select

Fund Overview
Inception Date2014-11-28
Management Fee1.4 %
Performance FeeYes, 10%
Risk category5 of 7
Top Holdings (%)
AAK AB4.5%

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.

Portfolio Manager Mattias Eriksson

Mattias Eriksson

Portfolio Manager Coeli Sweden Fund

  • At Coeli since 2017
  • More than 18 years in the industry
  • Holds a Bachelor degree from Lund University and is a CFA Charter holder

Mattias has 18 years of experience in equity research. Prior to joining Coeli, Mattias was Head of Equites and Fixed Income Advice at Nordea. Mattias has also written a book about equities and equity valuation.

Portfolio Manager Carl Anderen

Carl Anderen

Portfolio Manager Coeli Norrsken

  • Managed the fund Coeli Norrsken since 2010
  • More than 27 years in the industry
  • Carl has a BS, Business Admin & Finance from USC, Los Angeles, CA

Carl has more than 25 years experience in global equity and commodity markets. For the past 12 years he has been managing the company’s event strategy, which is focused on the US Equity Market. He has been the key decision maker at Northern Light since its inception in 1994.

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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.

Portfolio Manager Filip Kozlowski

Filip Kozlowski

Portfolio Manager Coeli Altrua Macro

  • At Coeli since 2018
  • More than 15 years of experience in trading with financial instruments
  • Holds a M.Sc. in Finance from Stockholm School of Economics

Filip Kozlowski is co-portfolio manager of Coeli Altrua Macro together with Namik Immelbäck. During the last 15 years he has held several roles with focus on trading and risk management of financial instruments. Early in his career Filip worked five years for Deutsche Bank in London as a portfolio trader and recently before joining Coeli he was investment manager at a family office in Monaco focussing on portfolio protection strategies.

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 together with Filip Kozlowski co-portfolio manager of Coeli Altrua Macro 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.

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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.

Portfolio Manager Erik Lundkvist

Erik Lundkvist

Portfolio Manager Strategy Funds, Coeli Multistrategi & Coeli Multistrategi 2xL

  • 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.