風險考慮因素:
  1. 本基金以主動方式管理及主要投資於歐洲公司股票的多元化投資組合。
  2. 投資於本基金涉及風險,包括一般投資風險、股票市場風險、與預託證券相關的風險、剔除標準風險、地理集中及歐元區風險、因英國脫歐引致的變動帶來的風險、中小市值股票風險和貨幣風險,並可能導致您損失部分或全部投資金額。
  3. 本基金可運用衍生工具作對沖及有效投資組合管理,因而涉及與衍生工具相關的風險。投資於衍生工具可能導致基金蒙受重大損失的風險。
  4. 本基金價值可以波動不定,並有可能大幅下跌。
  5. 投資者不應僅根據本[文件/網站]而投資於本基金 。

投資涉及風險。過往業績並非當前或將來的表現的可靠指標,亦不應作為選擇個別產品或策略的唯一考慮因素。

普徠仕(盧森堡)系列
歐洲股票基金
投資採取類型中立的選股方針,注重持倉質素,以維持均衡的投資組合。
ISIN LU0285830955
基金單張
產品資料概要
2016年12月31日 - Dean Tenerelli, 基金經理,
We believe there will be more uncertainty in the year ahead, with the prospect of further potentially sizable shifts in the European political landscape. However, in our view, the foundations for investing in Europe are more solid than investors may appreciate, once one looks below the surface.

概覽
策略
基金概要
透過投資由優質歐洲公司組成的前景極佳的投資組合達致長線資本增長。
2020年10月01日

基金經理 指示性基準

由2020年10月1日起,Tobias Mueller已成為唯一負責管理本基金投資組合的基金經理。

表現(已扣除費用)

過往表現並非未來表現的可靠指標。

2016年12月31日 - Dean Tenerelli, 基金經理,
The MSCI Europe Index rallied strongly in December, fuelled by continuing optimism over U.S. economic growth, higher oil prices in the wake of OPEC's output reduction accord, and waning concerns about deflation. Markets also took the majority 'No' vote in the Italian constitutional referendum in their stride and fears of a blow to European unity receded. At the portfolio level, consumer discretionary, information technology, and financials were the main underperformers. Our holding in Liberty Global, Europe’s largest cable operator, weighed the most on performance. Mobile companies with non-U.S. dollar earnings fared less well than their more U.S. centric rivals at the start of the month after U.S. President-elect Donald Trump announced a pro-business regulator for the industry. On the positive side, consumer staples, materials, and utilities made the strongest relative contributions to performance. Our position in Nestlé, the world’s largest packaged-food company, performed well as investors sought quality defensive stocks that have fallen sharply since Trump's election win.
2016年12月31日 - Dean Tenerelli, 基金經理,

Moving to Overweight in Financials

  • We moved to an overweight position in financials, adding banks with significant U.S. exposure, such as UBS and HSBC Holdings, and those benefiting from strong balance sheets and businesses, which include Nordea Bank and BNP Paribas.
  • We further reduced our overweight allocation to the consumer discretionary sector on concerns that accelerating inflation might sap consumer confidence and affect retailers.
  • Information technology, where our holdings are concentrated in the IT services and software industry, and telecommunication services, which are benefiting from corporate consolidation, are now our largest overweight allocations.
  • We reduced our exposure to "bond proxy" sectors as bond yields rose in anticipation of higher interest rates. We moved underweight to utilities, selling holdings mostly in Spain and the UK, while investing in regulated Italian companies. We cut our exposure to real estate by eliminating our holding in French property REIT Gecina.
  • Materials is now our largest negative allocation, after we sold out of Fresnillo, the UK-listed Mexican miner. The industry's business models tend not to fit our investment philosophy.

Moving to Overweight in Financials, Banks in Focus

We moved to an overweight position in financials, which is now by far our largest absolute position. Before the change in sentiment ignited by the U.S. election outcome, we had estimated that the low interest rate environment would crimp bank income and margins and undermine the sector. We added to our bank holdings after the election to take advantage of the new environment. We have invested in a number of banks either with a large U.S. exposure, such as UK-based HSBC Holdings and Switzerland's UBS, or with strong balance sheets and franchises-including France's BNP Paribas; Nordea Bank, the largest financial services provider in the Nordic region; and Dutch bank Abn Amro, which offers an attractive dividend yield and benefits from a strong private banking franchise in Europe.

We raised the funds for these investments from the sale of London Stock Exchange (LSE), a British stock exchange and financial information company, and KBC, a leading Belgian bank. The share price performance of LSE has been disappointing, and we also feel there is a strong risk that Brexit-related uncertainty may prompt regulators to oppose the proposed merger with its European counterpart Deutsche Boerse. KBC has performed strongly over the year, and we felt there were more attractively valued banks on the Continent after the U.S. election.

We are overweight in insurance, adding to our holding in Prudential, a large global British insurer. We also hold Germany-based Allianz and Switzerland-based Zurich Insurance. We believe Zurich's strong cash flow generation will lead to an improvement in returns in the medium term.

  • We initiated a position in global mega-cap bank HSBC Holdings following Trump's election victory. Expectations for growth and inflation have moved higher, causing bond yields to rise and the yield curve to steepen, which benefits banks as they are able to increase net interest margins. The bank also generates a large amount of its profits in the U.S., which will benefit from the stronger U.S. dollar.

Information Technology Large Overweight

Information technology, where our holdings are concentrated in the IT services and software industry, is now one of our largest overweight allocations, along with telecommunication services. We favor companies with resilient business models, solid recurring revenues, and structural growth drivers. One of our largest bets within services is SimCorp, the Danish provider of investment management software and services to the global financial industry. We also own e-payment processing company Wirecard, which continues to generate solid organic growth in its core business and is well positioned for an increase in mobile payments, and UK-based Playtech, the online-gambling software company.

  • We sold out of our position in Sweden-listed technology equipment company Hexagon after the chief executive officer (CEO) was detained by Norwegian police in an insider trading probe. CEO Ola Rollen was key to our investment thesis as he pioneered the turnaround in the company, and while we await the result of the charge, we believe that Hexagon no longer fits our philosophy of being a high-quality company.

Reducing Consumer Discretionary as Inflation Picks Up

Consumer discretionary is another overweight exposure, though we have recently reduced our retail holdings because of signs that inflation might be accelerating. We are also underweight exposure to luxury goods mainly because of continuing unfavorable conditions in end markets. Although we do not own any automobile manufacturers, we are overweight automobile components suppliers, including Plastic Omnium and Continental. We expect these multinational companies to benefit from the weaker euro while growing faster than the car industry due to the development of new products needed to meet changing regulation.

  • We sold our position in Sweden-listed specialty retailer Hennes & Mauritz. We are concerned about the effect of inflation on consumer confidence and the impact this could have on footfall for retailers in the months ahead.

Moved to Underweight in Utilities

We moved to an underweight exposure to utilities and rebalanced our portfolio as bond yields have increased in anticipation of higher interest rates. We have reduced our holdings most recently in the UK and in Spain, selling our positions in UK power company SSE and the Spanish electricity companies Red Electrica and Endesa. We have reinvested the proceeds in regulated Italian companies, which stand to benefit from market consolidation and a more favorable legal regime, including multi-utility company Hera, which distributes gas, water, and energy and provides waste disposal services. We believe the company offers an attractive defensive profile, given the increased uncertainty in the European economy, and good dividend yield.

  • We acquired a new position in Italgas following its demerger from Snam, the Italian natural gas infrastructure company. Italgas will focus on local gas distribution services within Italy, while Snam will focus on the regasification process on a national level. We added to our initial holding in Italgas following the weakness in the share price as investors sold out of "bond proxy" sectors.

Materials Biggest Underweight; Sold Fresnillo

Materials is now our largest negative allocation. Investors moved into sectors such as materials during the rally in cyclicals near the end of the year, yet the weak cash flow generation of companies in the sector, ongoing cost inflation, and structurally low commodity prices deter us from making investments. Traditionally, we have found that the industry's business models tend not to fit our investment philosophy.

  • We further increased our underweight by selling our position in Fresnillo, the Mexican precious metals miner listed in the UK. We profited from this defensive holding during the pronounced market rotation earlier this year, but we now believe that the stronger U.S. dollar will likely weigh on the price of gold and reduce earnings.
2016年12月31日 - Dean Tenerelli, 基金經理,
Materials is now our largest negative allocation after we sold our position a precious metals miner that has had a strong run but is now likely to see its earnings curbed by the stronger U.S. dollar. We moved from underweight to slightly overweight in financials, still one of our largest absolute positions. We have invested in a number of banks either with a large U.S. exposure or having strong balance sheets and franchises, moving the portfolio to an overweight allocation to the industry.
2016年12月31日 - Dean Tenerelli, 基金經理,
We reduced our underweight to the Netherlands, investing in a large bank with a strong European franchise and healthy balance sheet. In contrast, we deepened our underweight allocation to Germany, selling out of a pharmaceutical company that we believe might be moving away from its core business.

有關基準數據來源的披露僅提供英文版本,可在此處找到。