SVM Value Fund (Switzerland)
Transcription
SVM Value Fund (Switzerland)
SVM Value Fund (Switzerland) April 2014 Best Fund over 3 years Equity Switzerland Best Fund over 3 years Equity Switzerland _____________________________________________________________________________________ Fund’s Information Net asset value CHF 223.39 Performance since inception +126.17% incl. dividend* Total assets CHF 25.907 millions Investment Objective and Policy Investment Adviser’s Report The investment objective and policy of the Fund is to achieve above average capital growth from a portfolio of equities and equity-related securities selected by the Investment Adviser’s application of value-based investment methods. Market comments: Better than expected company results and good news on the economy were overshadowed by renewed tension in Ukraine. Rising risk aversion was reflected in a rise in the price of gold and a drop in ten-year sovereign yields. A significant M&A activity is going on in Europe and in the USA: Pfizer/Astra Zeneca, GE/Siemens/Alstom, Holcim/Lafarge and Meda/Mylan, to name the big deals, a move that will continue due to the high valuation of many companies. In April, the Swiss Performance Index (SPI) increased by 1.60% to 8333.70, while the Swiss Market Index (SMI) gained 0.27% to 8476.66. Short term, we remain cautious: the geopolitical situation in Ukraine is spoiling the party. Investment Strategy Monthly performance +3.88% Initial issue price CHF 100 (15.02.02) Number of units issued 115’974 Subscription/redemption Weekly – 12 a.m on Monday Dividend (last) CHF 1.79 paid June 17th 2010* Benchmark Swiss Performance Index (SPI) Management fee Max. 2% p.a. Subscription/redemption fee Max. 2% / None Performance fee 20% over SPI with Highwatermark Publications Le Temps Neue Zürcher Zeitung Identification numbers ISIN CH0013610248 TELEKURS 1361024 BLOOMBERG SVMVALU SW. The Value-based investment method used by the Investment Adviser aims to identify companies whose share price stands at a significant discount to their intrinsic or fundamental value. The Fund aims to outperform the Swiss Performance Index (SPI) and will invest principally in securities (which will be selected on a value basis and not a sector basis) included in the universe defined by the General Swiss Performance Index (SPI), holding companies and other companies listed in Switzerland. The approach focuses on identifying undervalued shares by analysing fundamental value based on companies’ long term growth prospects. This applies to large as well as medium- and small companies and well-managed ones in addition to what would be more commonly recognised as “recovery” situations. The Fund will invest with the aim of medium to long term growth although short term investment opportunities will also be considered. Liquidities 16.97% Fund Administrator CACEIS (Switzerland) SA Nyon Custodian Bank Equities 83.03% EFG Bank Zürich Audit KPMG SA Geneva Investment Adviser SVM Pro Performance SA World Trade Center Av. Gratta-Paille 2 CH 1018 Lausanne Tel +41 (0) 21 641 1183 Fax +41 (0) 21 641 1181 E-mail [email protected] Website www.caceis.ch 2.48 General Retailers 2.74 Support services 2.84 Electronic & Elect. Equipment 2.98 Technology Hardware & Equip. 3.02 Health Care Equip. & Serv. 3.31 Financial Services 3.33 Insurances 4.71 Real Estate Investment & Serv. 4.85 8.30 Banks 9.66 Media 11.14 Construction & Materials 16.97 Liquidities 23.67 Industrial Engineering 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Fund comments: For the month under review, the Net Asset Value increased by 3.88% to CHF 223.39, over-performing the Swiss Performance Index (SPI) by 2.28%, and the Swiss Market Index (SMI) by 3.61%. In April, we increased marginally Cie Financière Tradition Bs, National Ins. Rs and Zehnder Bs, while reducing slightly our exposures to: Bobst Rs, and Publigroupe Rs. Due to the planed merger between Holcim and Lafarge, our exposure in Holcim Rs has been sold. The liquidities increased to 16.97% from 11.80% at the end of last month. Switzerland Category Pharmac. & Biotechnology Fund's allocations Fund’s domicile “Securities Investment Funds” Sector allocation in % Largest holdings in % Valartis Group Bs Bobst Rs Komax Rs Kardex Rs Eastern Property Hold Rs National Insurance Rs Bossard Bs Looser Holding Rs Arbonia-Forster RS APG/SGA Rs 8.30 6.05 5.26 5.21 4.85 4.71 4.67 4.40 3.95 3.51 130.00% 125.00% 120.00% 115.00% 110.00% 105.00% 100.00% 95.00% 90.00% 85.00% 80.00% 75.00% 70.00% 65.00% 60.00% 55.00% 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 15.02.02 - 30.04.14 SVM Value Fund SPI SMI Performances in % Net return in % Apr 2014 +3.88 +1.60 SVM Value Fund Benchmark (SPI) Over/Under Perf. SPI +2.28 YTD 2014 +9.90 +6.32 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 +21.43 +24.60 +18.51 +17.72 -15.31 -7.72 +23.97 +2.92 +26.12 +23.18 -36.93 -34.05 +2.65 -0.05 +19.48 +20.67 +25.92 +35.61 +19.13 +6.89 +23.81 +22.06 Since inception +126.17* +90.49 +3.58 -3.17 +0.79 -7.59 +21.05 +2.94 -2.88 +2.70 -1.19 -9.69 +12.24 +1.75 +35.68 *including dividend Additional Data in % Apr 2014 SVM Value Fund +3.88 SMI +0.27 Over/Under Perf. SMI +3.61 Net return in % YTD 2014 +9.90 +3.34 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 +21.43 +20.24 +18.51 +14.93 -15.31 -7.77 +23.97 -1.68 +26.12 +18.27 -36.93 -34.77 +2.65 -3.43 +19.48 +15.85 +25.92 +33.21 +19.13 +3.74 +23.81 +18.51 Since inception +126.17* +32.15 +6.56 +1.19 +3.58 -7.54 +25.65 +7.85 -2.16 +6.08 +3.63 -7.29 +15.39 +5.30 +94.02 Since inception: +126.17% in Swiss francs 3 Years +335.94% in US dollars +174.26% in Euro 5 years 10 years 140.00% 45.00% 120.00% 120.00% 40.00% 35.00% 100.00% 100.00% 80.00% 30.00% 80.00% 25.00% 60.00% 60.00% 20.00% 15.00% 40.00% 40.00% 10.00% 20.00% 20.00% 5.00% 0.00% 0.00% SVM Value Fund SPI SMI 0.00% SVM Value Fund SPI SMI SVM Value Fund SPI SMI 140.00% 120.00% SMI NAV SPI 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% -20.00% -40.00% Febr 2002 Dec 02 Dec 03 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 "Past performance is not necessarily a guide to future performance." "Commissions and fees charged, when shares are issued or redeemed, are not included in the performance calculation." “Prospectuses as well as reports are available free of charge at Caceis (Switzerland) SA, Nyon and at EFG Bank AG, Zürich.“ SVM Pro Performance SA is authorised and regulated by the Swiss Financial Market Supervisory Authority FINMA