US All-Cap Opportunities Equity Fund

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Übersicht

Strategie

Kurzbeschreibung

Der Investmentansatz basiert auf einem flexiblen und pragmatischen Anlagerahmen, der darauf abzielt, Unternehmen zu identifizieren, die unserer Meinung nach die höchste Wahrscheinlichkeit einer Outperformance in einem breiten investierbaren Universum bieten. Da wir nicht durch einen bestimmten Anlagestil oder eine bestimmte Marktgröße eingeschränkt sind, können wir flexibel auf sich bietende Gelegenheiten reagieren. Die Förderung von Umwelt- und/oder Sozialaspekten wird durch die Verpflichtung des Fonds erreicht, mindestens 10% des Portfoliowertes in nachhaltige Anlagen gemäß der Definition der SFDR zu investieren. Darüber hinaus wenden wir einen eigenen "Responsible Screen" (Ausschlussliste) an. Der Fondsmanager ist nicht an die Benchmark des Fonds gebunden, die lediglich zum Vergleich der Performance dient.

Performance - nach Abzug von Gebühren

30-Juni-2022 - Taymour Tamaddon, Portfoliomanager,

U.S. stocks recorded steep losses in June as fears that the Federal Reserve’s fight against inflation would push the economy into recession. Most broad indices fell considerably. As measured by various Russell indexes, value stocks fared worse than growth stocks across all market capitalisations. Within the S&P 500 Index, sector performance was broadly negative. The energy sector, which led markets for much of the year, was the biggest laggard. Consumer staples and health care held up best, posting only modest losses. Within the portfolio, consumer staples detracted the most from relative returns due to our avoidance of the sector; we have minimal exposure to stocks here as it generally lacks compelling growth opportunities that meet our investment criteria. Consumer discretionary also hurt relative results due to an overweight allocation and negative stock choices in the sector. An overweight position along with unfavourable stock selection in communication services lowered relative performance further. Conversely, information technology contributed the most to relative results due to positive security selection. An overweight allocation to the health care sector also assisted relative returns, however adverse stock picks capped gains.

31-Aug.-2022 - Taymour Tamaddon, Portfoliomanager,

In the near term, the U.S. Federal Reserve’s rate hikes will likely lead to a lower-growth environment, making growth a scarce asset that investors should be willing to pay a premium for, leaving us in a good position. It is also important to keep in mind that the growth prospects of most of our holdings are not necessarily tied to the growth of their end markets, but to market share gains within those end markets, making it possible to grow earnings in a low-growth environment. As always, we maintain a disciplined adherence to our rigorous investment process, which is rooted in bottom-up, fundamental research.

30-Sep.-2022 - Taymour Tamaddon, Portfoliomanager,

We sold shares of Alphabet to manage our position size in light of weakening industrywide advertising demand signals. A slate of disappointing earnings reports released by peers during the quarter prompted investor concerns of a broad-based digital advertising recession. However, we remain encouraged by the deep moat that Alphabet has built around its core search franchise. Over the long term, we continue to believe that Alphabet, with dominant positions across everyday use internet utilities, combined with a world-class computing infrastructure and talent, is well positioned to extract value from the economy as the world becomes more digital.
We sold shares of Meta Platforms on heightened near-term risk/reward. An industrywide slowdown in ad demand has taken a toll on the social media giant's topline growth. Meta's advanced, hyper-optimized advertising solutions mean that the company faces a deeper reset than others as it designs workarounds to restore the signal loss resulting from Apple's iOS privacy changes. Meta is one of two leading platforms that we expect to benefit from a multi-decade transition from offline to online advertising, and it offers investors a rare combination of scale, growth, and profitability at an attractive valuation with multiple catalysts that include a collection of under-monetized surfaces and social commerce initiatives.
We initiated a position in Eli Lilly. We are optimistic following the U.S. Food and Drug Administration's approval in May of the new diabetes drug tirzepatide, which will be branded as Mounjaro. Robust sales volumes of cancer and COVID-19 antibody drugs are also encouraging. We believe that the company has several late-stage assets with high probabilities of success that should serve as catalysts over the next 12 to 18 months. We also expect Eli Lilly's base business to remain stable against competition and drug pricing pressures, and we are encouraged by management's goal of increasing the company's operating margin percentage over the next five years.
We established a position in energy drink company Monster Beverage on weakness. The stock price slumped in response to Monster's second-quarter earnings release in early August, as the company reported its gross margin far below consensus expectations due to cost inflation. We like Monster for its durable topline growth and strong position in the fast-growing, high-margin energy drink category and think its setup improves from here as price increases take hold and input costs come down.

30-Sep.-2022 - Taymour Tamaddon, Portfoliomanager,

Shares of Cigna climbed higher in the wake of a solid second-quarter earnings release in August. The positive results were driven by a better-than-expected medical loss ratio and continued strength in its Evernorth segment. We believe that Cigna represents an underappreciated source of steady growth at an attractive valuation and that the acquisition of Express Scripts should enhance the company's overall earnings growth profile. Cigna also has significant exposure to commercial markets in which we think that the company will be able to exercise pricing power in the near term.
Shares of Ross Stores rose. Investors were content with its second-quarter earnings results, which were in line with expectations. The off-price retailer also appeared to benefit from heightened expectations of an economic downturn and projections that it may benefit from changing consumer behavior. We believe Ross Stores will remain a long duration earnings growth story through a combination of square footage expansion and solid same-store sales growth. In addition, we view the stock's risk/reward profile as compelling.
Shares of Rivian Automotive rebounded. In July, Amazon.com began rolling out its fleet of Rivian electric delivery vans in select cities. The introduction of the sweeping Inflation Reduction Act in the U.S. Senate, which would include an improvement to the electric vehicle tax credit, also buoyed the stock. In August, investors reacted positively to management commentary that was incrementally more optimistic regarding the potential for Rivian to meet or exceed its production guide. We believe that Rivian is well positioned to benefit from the automotive industry's most powerful trend of electrification as it targets the largest, most profitable segments of this growing market (mid-size luxury and large luxury). Led by a very capable management team, we expect Rivian to benefit from strategic partnerships and business-to-business trends that should provide stability, as well as scale efficiencies for its business-to-consumer segment
Shares of Snap Inc. plunged due to a disappointing second-quarter earnings report, which management attributed to a challenging economy, slowing demand for the company's online ad platform, the lingering impact of Apple's 2021 iOS privacy changes update, and rising competition. In response to these challenges, the company announced plans to slow its pace of hiring, invest in its advertising business, and find new sources of income. Management also announced a share repurchase program. Snap Inc.'s control of the impressionable and highly engaged youth demographic, relatively low ad load, and culture of innovation combine to form a tightly coiled monetization spring. We believe that network effects and innovations in technology will continue to drive user growth and engagement, paving the way for ad inventory expansion that should drive earnings growth over time.
Shares of ServiceNow fell after management took down its full-year subscription revenue outlook due to the impact of a strong U.S. dollar; the company earns a large portion of its revenue from countries that have seen their currencies depreciate against the dollar. We believe that ServiceNow's strong platform should allow it to continue to take share within its core market and expand to adjacencies outside of IT service management.

Risiken

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