Fiche mensuelle

Rapport de gestion : août 2016
Actif net
Performance
depuis le
31/12/2015
-7.25%
31/08/2016
29 574 825 €
Essor Europe
V. L.
31/08/2016
2 178.94 €
OPCVM conforme à la Directive 2009/65/CE
Objectif de gestion : Le portefeuille de la SICAV est principalement investi en actions et autres valeurs donnant accès au
capital de sociétés cotées dans les pays de l’OCDE. Au moins 75 % de l’actif est investi en actions de la Communauté
Européenne. Son indice de référence est le MSCI$ Europe converti en euros.
Niveau de risque
Répartition sectorielle
A risque plus faible
rendement potentiellement plus faible
1
2
3
Code ISIN
Forme Juridique
Date Agrément
Devise
Fiscalité
Affectation du Résultat
Valorisation
Souscriptions/Rachats
Indice de référence
Catégorie AMF
Catégorie EuroPerf.
Horizon de Placement
Commissions
Gestionnaire financier
par délégation
Gestionnaire financier
par sous-délégation
Dépositaire
Promoteur
Publication des VL
A risque plus élevé
rendement potentiellement plus élevé
4
5
6
Cash
7
Technology
FR0000286411
SICAV
12/06/1998
Euro
Support de contrats d’assurance vie.
Eligible au PEA.
Capitalisation
Quotidienne
avant 11h30
MSCIEG AC Europe, dividendes réinvestis
Actions pays de l'Union Européenne
Actions Europe - général
supérieur à 5 ans
Souscription : 2.50% maximum
Frais de gestion : 1.65% max. TTC
Martin Maurel Gestion
N° Agrément AMF : GP97103
0.9%
4.0%
Telecom
7.5%
Oil & Gas
2.3%
Industrials
19.6%
Healthcare
9.6%
Financials
32.1%
Consumer services
17.8%
Consumer goods
6.3%
Répartition géographique
Taube Hodson Stonex Partner LLP
Espagne
13.3%
CACEIS Bank
Groupe Martin Maurel
www.martinmaurel.com
Danemark
1.3%
Cash +
Divers 0.9%
Irlande 2.2%
Belgique
3.9%
Indicateurs de risque*
France
24.5%
Suède 2.9%
Italie 8.6%
1 an glissant
-0.61
-0.32
14.49
-0.17
1.05
Ratio d'information
Ratio de Sharpe
Tracking Error
Alpha
Bêta
Performances cumulées sur 5 ans (en %)*
Suisse 2.3%
Norvège
2.6%
Pays Bas
8.6%
Royaume
Uni 13.7%
Allemagne
15.4%
Les 10 principales positions
Libellé
120
100
80
60
40
20
0
-20
08/11 03/12 10/12 04/13 11/13 06/14 12/14 07/15 02/16 08/16
Essor Europe
%
TAG TEGERNSEE IMMO
6.7%
YOOX
5.7%
ING GROEP
4.4%
BNP PARIBAS
4.3%
INDRA SISTEMAS
4.0%
INNATE PHARMA
3.9%
SAINT GOBAIN
3.7%
DEUTSCHE POST NAMEN
3.5%
ASOS
3.1%
VIVENDI
MSCIEG AC Europe (Ouverture)
3.1%
TOTAL
42.5%
Performance nette en %*
Performance au 31/08/2016
Essor Europe
MSCIEG AC Europe (Ouverture)
1 mois
2.65
0.71
3 mois
-3.51
-0.12
1 an
-8.10
-1.95
3 ans
20.39
25.79
5 ans
72.07
68.39
2016
-7.25
-2.76
2015
8.35
8.78
2014
2.64
7.40
2013
41.13
20.51
2012
20.71
18.09
2011
-16.30
-7.51
Volatilité
1 an
23.98
18.19
* Source Europerformance
Essor Europe
Rapport de gestion : août 2016
Commentaire de gestion
After volatility following the Brexit vote markets were much calmer in August with little movement in either direction. Throughout the month market
participants continued to focus on the outlook for Europe post Brexit and the timing of the next interest rate rise in the US.
Economic data from the UK was good, with unexpectedly robust retail sales figures for July surprising the market. Retail sales figures for August figures
were not as strong but were ignored by the market; PMI manufacturing data for August showed a very positive reading. In the US, where economic news
was broadly positive, equities were relatively unchanged over the month. European equities, however, continued to make progress, slightly outperforming
the US. Emerging markets were strong.
It does appear as if companies and consumers held off making decisions before the Brexit vote, pushing activity into July and August. Lower sterling also
appears to have stimulated manufacturing activity quite quickly in the UK. The positive data helped sterling to claw back part of its losses.
Oil prices drifted down but then recovered and most other commodities were flat to weak in August.
During the month we continued to buy Europcar and took advantage of price weakness to top up Ablynx. We also bought further shares in Sacyr, the
Spanish construction group, where we believe there is significant hidden value in its concessions business.
Following a review of our energy investments which we discussed in last month’s report, the sale of Repsol was completed and the holding in San Leon
Energy was sold.
Syngenta, the Swiss global agribusiness from which we have been taking profits in recent months, was sold after the takeover by ChemChina was not
blocked by the US.
A new investment has been made in Compagnie Financière Richemont, a Swiss based luxury goods holding company which fits in with our consumption
growth theme.
Richemont
Richemont, which was formed in 1988 following a spin out of the international assets of the Rembrandt Group, is a new investment within our consumption
growth theme. It focusses on hard luxury, high-end products, primarily jewellery and watches where its market share is 33 per cent and 28 per cent,
respectively. The company owns a portfolio of 20 distinct, well established brands, which it divides into three reporting segments:“Jewellery Maisons” (55%
of group revenue), “Specialist Watchmakers” (29% of group revenue) and “Other” (16% of group revenue). Although it sells both jewellery and watches,
Cartier, Richemont’s most significant brand in terms of revenue, reports within the “Jewellery Maisons” segment. The other companies that make up this
segment are Van Cleef & Arpels and Giampiero Bodino. The “Specialist Watchmakers” segment consists of A Lange & Söhne, Baume & Mercier, IWC
Schaffhausen, Jaeger-LeCoultre, Officinee Panerai, Piaget, Ralph Lauren Watch & Jewellery (a joint venture with Ralph Lauren), Roger Dubuis and
Vacheron Constantin. The “Other” segment consists of a variety of soft luxury brands including Alfred Dunhill, Chloe and Montblanc. Currently, this segment
is loss-making, but possesses significant value potential that could be realized either through disposals or strategic investment.
Additionally, Richemont owns a 50% stake in YOOX Net-A-Porter, the luxury online retailer in which we have a direct holding.
Richemont’s balance sheet is extremely robust, with long term debt of €379m and a net cash position of over €5.3bn. This substantial cash reserve
provides the company with the capacity to manage the cyclical nature of its operating environment, whilst offering the potential for accretive M&A. It also
means that management’s commitment to a progressive dividend policy (the dividend yield is 3%) is well covered.
Jewellery and watches are high margin products: for FY2016, operating margins were approximately 30% and 16%, respectively. However, it is important
to note that the inclusion of Cartier watches within the jewellery segment means that the actual operating margin for jewellery is significantly higher.
Similarly, the operating margin for watches has been artifically depressed as the company has dealt with inventory issues in Hong Kong and elsewhere. A
normalised operating margin for this segment would be 20%+. Notwithstanding the temporary challenges facing watches, jewellery will remain a higher
margin product due to the difference in distribution; jewellery is almost exclusively sold through branded outlets, whereas 2/3 of watch sales occur through
third party retailers. This high level of profitablity means that incremental growth in revenues translates into significant growth in earnings.
We have met with management on several occasions and consider them to be highly capable, with a proven track record of navigating the peaks and
troughs of what is a cyclical and operationally geared.
Taking a three year time horizon from the purchase in August at CHF57, our scenario analysis indicates: Base Case [12x EV/EBITDA],
CHF72.98, total return of 38%; Bull Case [15x EV/EBITDA], target price CHF88.56, total return of 65%; Bear Case [9x EV/EBITDA],
CHF57.40, total return of 11%.*
target price
target price
Cato Stonex
Source: GAM unless otherwise stated. (Unless otherwise noted, where shown, performance is shown net of fees, on a NAV to NAV basis).
Répartition par capitalisation
Cash
0.9%
Principaux mouvements sur le mois
< 1 Md €
20.6%
> 5 Mds €
44.1%
1 à 2,5 Mds €
24.4%
Achats / Renforcements
Cie Financière Richemont
Sacyr
Ablynx
Europcar Group
Ventes / Allègements
Syngenta
Repsol
San Leon Energy
2,5 à 5 Mds €
10.0%
Avertissement
La présente publication vous est communiquée à titre purement informatif. Elle ne constitue ni une proposition, ni une offre d’achat ou toute autre transaction portant sur
les instruments financiers qui y sont visés, ni un conseil en placement. Il convient de prendre toute décision d’investissement dans les instruments financiers visés dans
le présent document après avoir pris connaissance de la version la plus récente du prospectus (disponible auprès de la Société MMG et sur le site internet
www.martinmaurel.com). Les futurs investisseurs sont tenus d’entreprendre les démarches nécessaires afin de déterminer eux-mêmes l’adéquation de leur
investissement, en fonction des considérations légales, fiscales et comptables qui leur sont applicables. Les informations contenues dans le présent document peuvent
être modifiées sans avis préalable. Les investisseurs sont tenus de veiller à disposer de la dernière version disponible du présent document. Les performances et
réalisations du passé ne constituent en rien une garantie pour des performances actuelles ou à venir. Les données de performance ne prennent pas en compte les
commissions en frais contractés à l’émission ou au rachat de parts.
Toutes explications supplémentaires peuvent être obtenues si nécessaire auprès de MARTIN MAUREL GESTION-Département Gestion actions, e-mail :
[email protected].