sign in sign up
<<
Home , Enel

MW ACTIONS This UCITS is a sub-fund of the SICAV MW ASSET MANAGEMENT

Fund Manager : Cyril DEBLAYE

Echelle de Risque May 2020 ISIN NAV: 30/04/2020 Perf. 2020 Fund Size (M €) Bloomberg ticker Risque plus faible Risque plus élevé Share Class CI LU1061712466 5,4512 € -4,27% 20,63 € MWACECI LX Equity Share Class CIP LU1061712540 5,6368 € -4,08% MWAECIP LX Equity 1 2 3 4 5 6 7

OBJECTIVES AND INVESTMENT POLICY This sub-fund is classified as « European Equities ». The aim of this fund is to outperform its benchmark, Blue Chips stocks represent 65% of net assets, and small and medium-cap companies (below € 1 the Eurostoxx 50 Net Return (denominated in - coupons re-invested tax-free) over the billion) 15%. recommended 5 year holding period, through a selection of european equities. In order to diversify management strategies within the portfolio, the manager is allowed to invest up to a maximum of 25% in bonds, debt securities and money market instruments without any rating This index reflects the investment universe of the Sub-fund but is not compelling to its management. restriction. This Sub-fund complies with European standards and is actively managed on a discretionary basis. The Sub-fund is constantly 75% to 100% invested in european equities of which at least 75% eligible to PEA The Sub-fund can invest up to 20% in UCITS units and shares. The Sub-fund may also invest in (Equity Savings Plan). derivative products or products that may include some derivative element. The manager will take open or hedging positions to cover equity risks and will be able to hedge currency risks through

CUMULATIVE PERFORMANCES (Share Class CI) (*) Inception ANNUAL RETURNS (Share Class CI) 1 month 3 months 2020 1 Year 3 Years 5 Years 2001* 2019 2018 2017 2016 2015 2014 2013 2012 MWAE 8,80% 0,26% -4,27% 1,81% -16,89% -21,63% 3,44% 25,94% -28,27% 3,89% 1,07% 1,23% -2,46% 19,86% 17,65% Indice 4,74% -7,57% -17,64% -5,41% -7,82% -1,93% 29,27% 28,20% -12,03% 9,15% 3,69% 7,97% 1,71% 20,50% 15,53% Ecart Relatif 4,06% 7,83% 13,37% 7,22% -9,07% -19,70% -25,83% -2,26% -16,24% -5,26% -2,62% -6,75% -4,16% -0,64% 2,12% (1) De la création en 2001 à 2010 50% DJ STOXX +50% CAC 40 ; de 2010 à 2015 SXXE Index ; depuis le 28/01/2016 Eurostoxx 50 Net Return

40% PERFORMANCE CHART (SINCE JANUARY 2010) MWAE Index 20% 130 160 MWAE Index 0% 140 120 2019 2018 2017 2016 2015 2014 2013 2012 120 -20% 110 100 -40% 100 80 RISK INDICATORS * 60 Volatility Sharpe Ratio Tracking Error 90 Fund Indicator Fund Indicator 40 1 year 30,92% 32,89% 0,08 -0,15 1,35% 80 20 3 year 22,24% 22,05% -0,74 -0,33 -0,69%

70 0 5 year 20,18% 20,80% -1,05 -0,07 -1,02% janv-10 janv-11 janv-12 janv-13 janv-14 janv-15 janv-16 janv-17 janv-18 janv-19 janv-20 * Ratios calculated on a weekly basis

MAIN MOVEMENTS OVER THE PAST MONTH New positions Strenghtened positions Reduced positions Sold positions néant - LOTUS BAKERIES - WOLTERS KLUWER - ENEL SPA - MSCI INC - AMADEUS IT GROUP SA - ASM INTERNATIONAL NV - SA - TEMENOS AG - REG - MTU AERO ENGINES AG

COMMENTS

After several weeks of containment, the Covid-19 epidemic appears to be under control in many countries, including Europe. This allowed, in May, a gradual lifting of traffic and activity restrictions. For the time being, this deconfinement is not accompanied by a second wave of infection and allows a gradual revival of economic activity. This revival of the economy and this good “sanitary” news are added to the massive support and recovery measures by the States and the Central Banks. Thus, in May, optimism remained in place and the rally started in mid-March continued. Risk aversion continues to decline and market volatility is approaching "normal" levels. Equity indices continued to rebound with increases of around 5%. In May, the fund made some position changes. We sold off our positions in Enel, Amadeus and Safran and initiated new positions in ASM, MSCI and Lotus Bakeries. The fund remained fully invested with a clear preference for the Information Technology (34%) and Consumer Discretionary (18%) sectors. Over the month, the fund posted a performance of +8.80%, outperforming its benchmark by 4.06%, which rose by +4.74%. Since the start of the year, the fund has fallen by -4.27%, a performance significantly higher than that of its benchmark: -17.64%. MAIN EQUITY POSITIONS MAIN PERFORMANCE CONTRIBUTORS OF THE MONTH Name % Currency Country Sector Positive % of average AUM Negative % of average AUM

IMCD NV 6,17% EUR Netherlands Industrials ADYEN NV 1,04%

ADYEN NV 5,22% EUR Netherlands Information Technology REPLY SPA 0,81%

NESTE OYJ 4,75% EUR Finland Energy LULULEMON ATHLETICA INC0,76% REPLY SPA 4,70% EUR Information T NESTE OYJ 0,57% WOLTERS KLUWER 4,54% EUR Netherlands Industrials NVIDIA CORP 0,55%

DECOMPOSITION PAR PRINCIPALES ZONES GEOGRAPHIQUES

40% 37,47% 35% 33,82% 30% MWAE Benchmark 24,37% 24,17% 25% 20% 17,83%

15% 11,90% 9,92% 10% 6,49% 4,69% 4,75% 3,55% 3,17% 5% 2,16% 1,93%1,77% 0,00% 0,93% 0,00% 0,00% 0,00% 0% Germany Netherlands Italy United States Finland Canada Austria Belgium

DECOMPOSITION PAR PRINCIPAUX SECTEURS

40% 34,34% 35% 30% MWAE Benchmark 25% 20% 18,25% 16,13% 15,37% 14,02% 15% 12,74% 12,60% 9,64% 9,94% 10% 9,34% 6,82% 5,85% 4,86% 4,75% 5,22% 5% 2,34% 0,00% 0,00% 0% Information Consumer Industrials Real Estate Health care Financials Energy Consumer Staples Utilities Technology Discretionary

REPARTITION DU PORTEFEUILLE PAR TYPE D'ACTIF REPARTITION DU PORTEFEUILLE PAR CAPITALISATION

Cash & Cash 1,08% Large (> 1000 M€) Equities equivalents Funds Futures 100% Small & Mid (< 1000 M€) 90% 80% 70% 60% 50% 98,3% 40% 30% 20% 98,92% 10% 0% 1,65% 0,00% 0,00%

CHARACTERISTICS of Share Class CI CHARACTERISTICS of Share Class CI P Informations Fees Informations Fees Investment Category European Equities Subscription 2% max. Investment Category European Equities Subscription 2% max. Inception date 21/09/2001 Redemption None Inception date 21/09/2001 Redemption None Valuation frequency Daily Management 2% TTC Valuation frequency Daily Management 1.5% TTC Depositary CACEIS Luxembourg Outperformance None Depositary CACEIS Luxembourg Overperformance 20% TTC Settlement T+2 Indicator : Net Return Settlement T+2

Legal form : Sub-funds of an open-ended investment fund incorporated in Luxembourg, intended for institutional investors particularly

These UCITS are approved and regulated by the Surveillance Commission of the Financial Sector (CSSF) in Luxembourg MW GESTION - AMF-accredited GP 92 - 014 - 7 Rue Royale - 75008 PARIS - RCS Paris B 388 455 321 Tel : 01 42 86 54 45 - Fax : 01 47 03 45 97 - [email protected] - www.mwgestion.com

Non contractual document