December 2019 Quarterly Report - ECP Flagship European Value

160120 Market Commentary

December 2019 Quarterly Report - ECP Flagship European Value

  • Performance overview
    • Strong finish of the year for markets and our strategy
    • Our value approach outperformed in Q4 the market, the value and growth indices

 

  • Portfolio changes
    • We invested in Jost Werke, Norma and Origin Enterprises, all market leaders with solid competitive positions in important markets and strong fundamentals
    • We sold Loomis for valuation reasons and Europcar because we lost faith in management

 

  • Market environment & Outlook
    • Attractive environment for European value equities and ample investment opportunities make us confident our approach will deliver solid results