Value is more than a number …
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The German Equity Fund is an actively managed equity portfolio, which holds c. 20-30 stocks with an investment horizon of approximately 5 years. Our aim is to invest in German companies that are trading below our estimate of intrinsic value. Our investment process focuses on four elements, where we seek to invest in companies that have:
Low Price versus our estimate of value;
High returns on owners’ capital;
Favourable long term economics;
Shareholder orientated management
We believe that if we can invest in companies that possess all 4 characteristics then we can reduce the risk of a permanent loss of capital and enhance our chances of outperforming our benchmark over the long term.
The investment objective of the Fund is to outperform the MSCI Germany index over periods of three years or more.
| 1 month | YTD | 1 Year | 3 Year p.a. | 5 Year p.a. | 10 Year p.a. | |
| Fund | -2.5% | -17.1% | -17.1% | 4.1% | -4.2% | N/A |
| Benchmark | -3.1% | -15.4% | -15.4% | 6.0% | -3.7% | N/A |
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
| Fund | 23.5% | 18.6% | -39.7% | 21.4% | 12.0% | -17.1% |
| Benchmark | 22.0% | 22.3% | -40.6% | 23.3% | 15.9% | -15.4% |
| Company | Sector | % of Fund |
| SIEMENS | Industrials & Materials | 8.2% |
| BASF | Industrials & Materials | 5.5% |
| HEIDELBERG CEMENT | Industrials & Materials | 5.3% |
| MAN | Industrials & Materials | 5.3% |
| ADIDAS | Consumer Discretionary | 5.1% |
| DEUTSCHE TELEKOM | Telecoms & Utilities | 5.0% |
| KHD HUMBOLT | Industrials & Materials | 4.4% |
| METRO | Consumer Staples | 4.1% |
| TAKKT | Consumer Discretionary | 4.0% |
| THYSSENKRUPP | Industrials & Materials | 3.6% |
| Sector Name | Fund Weight |
| Consumer Discretionary | 12.5% |
| Consumer Staples | 4.2% |
| Financials | 13.7% |
| Healthcare | 3.4% |
| Industrials & Materials | 49.7% |
| Information Technology | 5.9% |
| Telecoms & Utilities | 10.6% |
Sean Kenzie joined Setanta in 2010 and has 12 years experience in the asset management industry. In addition to co-managing the German Equity fund Sean also has sector responsibility for the Global Industrial and Materials sectors. He spent 11 years working in CHC Asset Management with the principal responsibility of running the CHC International Equity Fund. He has a BA Insurance and an MBA (Finance) from UCD Smurfit Business School.
John Looby re-joined Setanta in 2007 having previously been with the firm from its foundation in 1998 to 2003. John is currently lead manager of our Global Equity suite, manager of our Global Telecom Services and Utilities sector, co-manager of our German Equity Fund and part of our 3-person multi-asset team. He has over 20 years experience in financial markets in roles spanning fixed income, absolute return and equities. With a primary degree in economics from UCD, he also has post-graduate qualifications in statistics and international relations from TCD and DCU, respectively.
Performance Source: Setanta Asset Management Limited, Benchmark is MSCI Germany Index. Performance is gross of management fees in Euro.
The German Equity Fund is managed by Setanta Asset Management Limited. The Fund is currently available in Germany, via a unit linked offering of Canada Life Assurance Europe Limited. For these life assurance products, investors should refer to the relevant policy conditions. The strategy is also available on a segregated basis.
WARNING: Past performance is not a reliable indicator of future results. The price of units and the income from them may go down as well as up and investors may not get back the amount invested. The return may increase or decrease as a result of currency fluctuations. Forecasts are not a reliable indicator of future performance.