Echiquier Agenor 28 June 2013 Echiquier Agenor is a bottom up stock-picking fund. It invests in European small and mid-cap growth stocks that are especially selected for the quality of their management.
Manager Comments on 28 June 2013
Performance as 28/06/13
As the media reflects on the slowdown in emerging markets, let us not forget that Europe is stabilising and that this is beneficial to European midcaps. The asset category is enjoying renewed investor interest in 2013, as shown by positive capital flows.
Evolution of the Portfolio and its index since inception (base 100)
250
NAV
230
ECHIQUIER AGENOR
210 190 170
Since 1 January 2013, Echiquier Agenor has gained 12% compared with 8% for the benchmark index, the MSCI Europe Small Cap. These growth stocks have had the wind in their sales over the past year as shown for example by SARTORIUS (+60%), SCHIBSTED (+35%) and MTU (+29%). Remaining disciplined in valuation terms, we have taken profits on lines offering limited upside. The fund's liquidity rate has therefore risen from 4% to 10% since the beginning of the year in order to make the most of future opportunities.
201,93 €
1 month YTD 1 year 3 years 5 years since inception
150 130 110 90
Echiquier Agenor
70
Benchmark
50 Feb-04
Feb-07
Feb-10
Feb-13
Benchmark
(%)
(%)
-1,6
-4,4
12,0
8,0
30,8
26,8
22,4
28,4
32,5
18,8
101,9
69,0
Source : Bloomberg
Past performances do not guarantee future performances and are not constant over time. Fund and index performances include dividend distributed (strating January 1st 2013). Until 2012 included, index performance was calculated ex dividend.
Annual Performance
Our more positive view of Europe has resulted in the search for stocks exposed to sectors that are still growing in Europe. This is the case of German group COMPUGROUP MEDICAL, in which we recently took a position. This European leader in software for healthcare professionals, which nevertheless generates 90% of its sales in Europe, is a resilient growth stock. Our regular meetings with corporate leaders have shown that the European macro-economic backdrop is stabilising, this being a precursor to any recovery. As an example, the European leader in cash dispensers, WINCOR NIXDORF, has seen its business rally in a number of European countries. This is a hugely optimistic message, which makes us confident in the still significant potential harboured in midcap stocks. Risk Measures
- Fund
19,6
- Index
23,9 9,5
Alpha
Holdings EV/Sales 2013
7,1% 0,8
Price Earnings 2013 Dividend Yield (%) Average Market Cap (M€)
Number of holdings Total assets (M€)
ECHIQUIER AGENOR
Year
(%)
(%)
Year
(%)
(%)
2004
13,3
8,7
2009
56,4
47,3
2005
35,5
32,6
2010
36,3
27,8
2006
23,0
31,6
2011
-27,9
-19,1
1,6 18,2 2,0 1 532,1 40
Benchmark
2007
-2,0
-7,3
2012
23,1
22,9
2008
-48,5
-52,4
2013
12,0
8,0
Principal Holdings
5 years
Beta
Benchmark
Portfolio Profile
Standard Deviation (%)
Tracking Error
ECHIQUIER AGENOR
Weight (%)
Holdings
Largest Variations* Weight (%)
Holdings
Change (%)
GERRESHEIMER
3,1
MOTHERCARE
2,8
MOTHERCARE
+23,2
SAFILO
3,0
MTU AERO ENGINES
2,8
APR ENERGY
+21,1
SEB
2,9
DE LONGHI
2,7
NEMETSCHEK
+7,0
TECAN
2,9
TOD S
2,7
ZUMTOBEL
-14,9
KRONES
2,9
IPSOS
2,6
TAKKT
-13,2
483,4
STROEER
-12,7 *over the passed period
Geographic Distribution
Weighting by Market Capitalization < 500 M€
Germany 36,4% Italy 17,3%
Sector Distribution Consumer Goods 41,3%
12,1%
Material, Industry 25,4%
between 500 M€ and 1000 M€
23,3% Health Care 17,2%
France 15,1% between 1000 M€ and 2000 M€
UK 7,2% Denmark 6,9%
32,7% 21,6%
> 2000 M€
Information Technology 6,1% Energy 4,1% Financials 4,0%
Switzerland 6,1% Cash
10,3%
Utilities 1,9%
Others 10,9%
Fund Information > Portfolio Inception > Classification > Risk level
27 February 2004 FCP equities from countries in the European Union
> ISIN Code
FR0010321810
> Portfolio Manager
Armand DE COUSSERGUES
> Annual fees
2,392% TTC max.
6 on a scale from 1 to 7
> Benchmark
MSCI Europe Small Cap Net Index (euro)
Disclaimer This document is for informational purposes only and is not an invitation to invest in Financière de l’Echiquier’s funds. This fund is registered with and regulated by the "Autorité des Marchés Financiers" ("AMF") in France and can be marketed to a retail audience in France, Italy, Germany, Switzerland and Spain. The fund is UCITS IV compliant. This document does not constitute a recommendation to buy or sell any investment, or subscribe to any investment management advisory service.
FINANCIERE DE L’ECHIQUIER - ASSET MANAGEMENT COMPANY 53 AVENUE D'IENA – 75116 PARIS TEL. : 01.47.23.90.90 – FAX : 01.47.23.91.91 – www.fin-echiquier.fr/en S.A. AU CAPITAL DE 10 000 000 € – SIREN 352 045 454 – R.C.S. PARIS AGREMENT A.M.F. N° GP 91004