September 2019 Quarterly Report - ECP Flagship European Value

221019 Market Commentary

September 2019 Quarterly Report - ECP Flagship European Value

  • Performance overview
    • Negative return for Fund during volatile quarter
    • Rebound of our Value Portfolio in first half of September was not strong enough to compensate for steep sell-off in August

 

  • Portfolio changes
    • Portfolio balanced between stable compounders ( 55% ) and more cyclical quality names ( 45% )
    • ABB and Porsche Holdings have been added
    • Yara and Worldline ( spin-off Atos ) have been sold as fair value reached

 

  • Market environment & Outlook
    • Many pre-conditions for a return in favour of our investment approach are met
    • Portfolio at record margin of safety of 37%