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Portfolio Manager comment Coeli Global Select September 2019

September was an intense month for us with many company meetings across the globe, everywhere from New York to Istanbul and Paris, but also with quite a number of corporate events for our portfolio companies. Over the course of the month the fund was up by 0.9 percent, which was some 2 percent worse than the benchmark. The chief explanation for the fund’s reversals lay in two stocks: a dismal performance by the German real estate firm Aroundtown, and an ongoing poor development by the Indian bank Yes Bank. On the positive front, our cyclical holdings United Rentals, Sandvik and Siltronic were strong.

Key market events and trends affecting performance

During August, we had seen many signs suggesting the market was in for a better autumn in regards to capital goods shares and we had invested in Sandvik to take advantage of this upswing. However, at the start of September we saw that both we and the market had got it wrong and so we decided to take out our small but decent profit in Sandvik. Data from the beginning of October signals that capital goods are headed deeper into a downturn, making us very happy to have been able to sell Sandvik before the stock started to drop.

Portfolio changes

During September we said “thank you for the ride” to GMS, one of our special situations stocks, and sold it off after a rise of well over 50 percent since the year-to-date. The acquisition of the payment company TSS (Total System Services) was concluded during the month and so we sold and replaced it with an investment in the Brazilian payment firm Pagseguro, a company we have been monitoring for several months. We have not only had contact with Pagseguro but also with its competitor, Stone.

Closer to home, the largest shareholder in the German real estate firm Aroundtown suddenly sold off their shares. Our investment strategy in this company has always been to sell when this shareholder does, since no one knows the company better. Over three years we have almost doubled our investment in this stock and always knew that one day we would have to sell. That day has come. We reinvested the money from this sale in the Australian real estate company Dexus, which owns the very best office premises, in Sydney in particular. Besides owning the best properties, the company has also a very low loan-to-value, pays out high dividends, and the share is trending upwards since the Australian base rate is sharply decreasing.

The fund’s positioning

After having more cyclical risk over the summer, we have now repositioned the fund for more defensive secular growth. With our companies up for reporting in a few weeks it seems like we have a great reporting season ahead of us, which we are excited about.

Coeli Global Select I-EUR

Performance in Share Class Currency1 MthYTD3 yrs*Since incep*
Coeli Global Select – I EUR0.93%20.49%36.82%62.23%
Benchmark2.90%22.05%35.98%52.51%

* 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

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 (%)
THERMO FISHER SCIENTIFIC4.8%
VISA INC -A-4.8%
VONOVIA SE /NAMEN4.7%
APPLE INC4.7%
ESTEE LAUDER CO -A-4.6%

 

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.

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.