Fiche mensuelle
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].