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Portfolio Manager comment Coeli Global Select January 2020

What a start to the year! Despite a somewhat tumultuous month – more on that below – the fund was up 1.84 percent during January, which was 1.6 percent better than our benchmark.

The biggest contributors to the results during the month were the stable US holdings of Microsoft, Global Payment, Visa, Mastercard, and Adobe. Thanks to sustainable business models and a high proportion of recurring revenues, these companies perform well during turbulent times. Both Visa and Microsoft released solid reports and their earnings per share rose 12 percent and 39 percent respectively on an annual basis. We find it striking that two of the world’s largest companies can demonstrate impressive growth rates year after year. The fund’s holdings that exhibited a weaker development in January were those in emerging markets and with cyclical exposure. The three worst performers were Carel, HDFC Bank, and TSMC. We note with interest that even though both HDFC Bank and TSMC surpassed market expectations for profit growth, the market chose to sell down these companies in the volatile stock market.

Key market events and trends affecting performance

January was particularly eventful. The month began with the US killing Qasem Soleimani, a leading figure in Iran’s Islamic Revolutionary Guard Corps, in a drone attack, and the world feared a new war between these two countries. Everyone was nervous and the oil price peaked, trading at more than US$ 68 per barrel at its highest. When the US and China announced progress in their trade agreement negotiations, the market turned positive again. It is traditional for the world’s leading politicians and financiers to meet during January for the World Economic Forum in Davos, Switzerland. Our own, home-grown environmental activist Greta Thunberg was there, presenting her views on climate change. Her speech was not exactly appreciated by Steven Mnuchin, the US Secretary of the Treasury, who thinks she should study economics at university for a few years before giving such speeches. Unfortunately, the US has a negative attitude towards various environmental agreements as they don’t want their economic growth impeded by regulations. Shortly after this meeting, the outbreak and spread of the corona virus cast a pall over all subsequent events. It is already clear that China’s economic growth will be curtailed by the virus. Some commentators believe that the country’s annual GDP growth could be as low as 5 percent, denoting a steep decline. The economic effects of the corona virus are likely to spill over to other parts of the world.

Portfolio changes

As you might have read on our blog, we have invested in a new company, Fiserv. It operates in the banking and payments industries and has recently acquired the second-largest payment company in the US, First Data. Fiserv is the  largest company servicing the banking industry in the US, offering banks the opportunity to outsource a range of services, products and systems. Read more about Fiserv (in Swedish) here. We have not sold any holdings during the month.

The fund’s positioning

We still have a large proportion of Champions in the fund – more than 90 percent – because we believe this is where we can uncover the greatest value. We see too limited a valuation difference between growth stocks and cyclical shares right now to justify increasing the fund’s cyclical exposure.

Coeli Global Select I-EUR

Performance in Share Class Currency1 MthYTD3 yrs*Since incep*
Coeli Global Select – I EUR1.84%1.84%40,83%82,53%
Benchmark0.20%0.20%33.17%61.66%

* the historic performance before 2018-06-30 is an estimated performance based on the R EUR share class adjusted for
the different Investment Management fee. It shall be noted that the adjusted historical performance can differ from the real
outcome and therefore shall only be seen as an indicator.

Andreas Brock, CFA

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 (%)
GLOBAL PAYMENTS INC4.5%
MICROSOFT CORP.4.5%
VISA INC -A4.4%
MASTERCARD INC. SHS-A-4.3%
THERMO FISHER SCIENTIFIC INC4.3%

 

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 Wahlman

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 Wahlman 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.

Coeli 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.

Coeli Andreas Brock

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.

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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 15 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.

Stefan Åsbrink

Fund Manager Coeli Multi Asset

Stefan Åsbrink is the lead Portfolio Manager and Founder of Coeli Multi Asset. He has more than 20 years’ experience from portfolio management and 15 years as Head of Asset Management and CIO. Before Coeli Stefan had Manager of Hedge fund mandates and Global Cross Asset Allocation mandates at major Nordic firms such as SEB, Skandia and DNB. Stefan has a Bachelor in Financial Economics and Econometrics from Uppsala University, PhL. (half PhD) in Dynamic Macro/Top Down Analysis from Uppsala Universty and a PhD in Option valuation, Portfolio optimization and Risk control from Stockholm School of Economics.