Fiche mensuelle

Commentaires

Transcription

Fiche mensuelle
Rapport de gestion : août 2016
Actif net
Performance
depuis le
31/12/2015
13.71%
31/08/2016
150 119 753 €
Essor Emergent
V. L.
31/08/2016
4 389.97 €
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 des pays en développement, dits émergents. Le style de gestion est l’approche « valeurs » (pur stock picking). Concernant l’approche
« pays » la recherche de la stabilité économique est primordiale. L’analyse et la recherche au niveau des secteurs permettent d’identifier les
valeurs capables d’exploiter le potentiel de croissance propre aux pays émergents. Le choix porte sur les sociétés les plus sous-valorisées, tout en
minimisant les risques grâce à la diversification. L’indice de référence est le MSCI Emergent Markets Free.
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
A risque plus élevé
rendement potentiellement plus élevé
4
5
Cash
7
6
Utilities
FR0000284150
SICAV
13/06/1997
Euro
Support de contrats d’assurance vie.
Capitalisation
Quotidien
avant 11h30
MSCIEN Emerging Market
Actions Internationales
Actions Emergent - générale
supérieur à 5 ans
Souscription : 5% maximum
Frais de gestion : 1.75% max. TTC
Martin Maurel Gestion
N° Agrément AMF : GP97103
Genesis Investment Management Ltd
Telecom Services
Materials
Industrials
5.7%
8.3%
1.7%
Health Care
7.3%
Financials
Energy
30.3%
3.8%
Consumer Staples
21.9%
Consumer Discretionary
5.4%
Répartition géographique
CACEIS Bank
Europe
17.9%
Indicateurs de risque*
Performances cumulées sur 5 ans (en %)*
Liquidités
0.6%
Amérique
Latine 11.5%
MoyenOrient /
Afrique
10.9%
1 an glissant
-0.07
0.77
7.71
0.05
0.78
Ratio d'information
Ratio de Sharpe
Tracking Error
Alpha
Bêta
0.5%
4.5%
Information Tech.
Groupe Martin Maurel
www.martinmaurel.com
Promoteur
Publication des VL
0.6%
Asie 59.2%
Les 10 principales positions
Libellé
60.0
50.0
40.0
30.0
20.0
%
TAIWAN SEMICONDUCTOR
5.05%
SAMSUNG ELECTRONICS
4.44%
SAMSUNG FIRE & MARINE
2.81%
AXIS BANK
2.71%
AIA GROUP
2.47%
10.0
KOTAK MAHINDRA BANK
2.20%
0.0
SUN PHARMACEUTICAL
2.17%
-10.0
NOVATEK
2.12%
-20.0
08/11
CENTRAL PATTANA
1.81%
06/12
04/13
Essor Emergent
02/14
12/14
10/15
08/16
TATA CONSULTANCY
MSCIEN Emerging Market (Clôture)
1.72%
TOTAL
27.50%
Performance nette en %*
Essor Emergent
MSCIEN Emerging Market
1 mois 3 mois 1 an
1.51
8.49 14.49
2.90 11.89 12.51
3 ans
21.45
22.40
Performance au
5 ans 2016
35.55 13.71
26.57 11.72
31/08/2016
2015 2014
-6.29 9.94
-5.22 11.38
2013
-5.14
-6.81
2012 2011
16.54 -13.67
16.41 -15.70
Volatilité
1 an
18.54
22.35
* Source Europerformance
Essor Emergent
Rapport de gestion : août 2016
Commentaire de gestion
Portfolio Commentary – August 2016
Emerging markets rose again this month as the MSCI EM Index gained 2.9%. China was a major contributor (up 8%), although it remains well behind most
major emerging markets in 2016. South Africa was the notable underperformer in August (down 7%), largely a result of the rand weakening on the back of
the political controversy involving finance minister Pravin Gordhan.
The portfolio achieved a modest 1.5% gain although a number of holdings posted double-digit share price returns, including half a dozen from China.
Prominent amongst these were two consumer companies, China Mengniu Dairy (+14%) and China Resources Beer (+21%), the banking behemoth ICBC
(+13%), and e-commerce giant Alibaba (+18%). Elsewhere, Vietnam Dairy Products (Vinamilk) and Thai convenience store operator CP ALL both
advanced 22%, the latter following strong earnings results, while Rumo Logistica (Brazil) continued to rebound from its January lows with a further 18%
uplift. The three Indian banks in the portfolio also featured, led by Axis Bank (+10%) whose share price has risen by 60% in the last six months. Turning to
detractors, LatAm telco LiLAC retreated by 18% while the market responded to the Kenyan government capping interest rates on bank loans by taking
Equity Bank’s share price down by a third. Other detractors included four pharmaceutical companies, Aspen (South Africa, -11%), the Indian duo Lupin (14%) and Sun (-6%), and Hikma, whose share price fell 20% following a profits warning relating to delays in integrating a generics business it had acquired
earlier in the year. Elsewhere, Anglo American and First Quantum Minerals gave back some of their recent gains and a number of South African positions
declined as the currency weakened.
India and China were conspicuous factors behind the portfolio underperformance this month. The portfolio’s underweighting in the strong Chinese market
led to relative losses, while the Indian pharmaceutical companies and IT services names (down 2% in aggregate) underperformed. Some value was added
through stock performance in Russia and South Korea. Looking at sectors, substantial value was lost in health care and IT relative to the index.
Portfolio Activity
In a busy month of trading, purchases dominated activity, which included initiating a position in South African internet and entertainment group Naspers,
ending the period at 1.4% of the portfolio. The underlying driver of this investment is to gain exposure to Tencent (China) at a reduced price. Tencent is an
internet service provider and is one of the highest quality franchises in emerging markets with a strong operational track record, continued growth
opportunities and a management team that have executed exceptionally and acted with integrity. Tencent’s franchise has become stronger over the last
year, giving it more opportunities to monetise new areas of the Chinese internet.
The vast majority of Naspers’ value is derived from its own investment in Tencent and yet the Naspers share price has underperformed Tencent by 50% in
the last 18 months. Having followed Naspers for many years the internal view is that the de-rating has been overdone; some of their most valuable assets
are reaching scale and monetisation and the African pay-TV business is at a cyclical low.
Other purchases included further additions to Heineken, LiLAC and Jeronimo Martins (Poland), while participation in a discounted placement of shares led
to an increase in the weight of WH Group (China). A small position was built in Colombian warehouse shopping operator PriceSmart and one other holding
entered the portfolio this month:
CVC Brasil is a Brazilian travel agency specialising in group travel which has developed sustainable purchasing advantage over airlines and hotels. They
have in excess of 1,000 stores across the country, which is expected to rise significantly through franchises over the next five years. Online travel packages
are also projected to grow.
These purchases were funded through scaling back Samsung Electronics (South Korea) and Thai Beverage following strong share price performance and
further sales in Banco Santander (Brazil) and KBank (Thailand). In China, ASM Pacific and Anhui Conch were again reduced and following a recent share
price rebound the position in ICBC was halved as macro concerns regarding excessive credit growth and lack of needed reforms continue. Corp
Moctezuma (Mexico) and Industrias Romi (Brazil) exited the portfolio this month.
Catherine Vlasto
Principaux mouvements sur le mois
Achats / Renforcements
Ventes / Allègements
NASPERS
ICBC
HEINEKEN HOLDING
SAMSUNG ELECTRONICS
CHINA OVERSEAS LAND & INVT
LONGFOR PROPERTIES
ANHUI CONCH CEMENT
SEMEN INDONESIA PERSERO
LILAC
JERONIMO MARTINS
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]