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SICAV Digital Funds: Outperforming over the long term

La Compagnie Financière Genevoise I 1855 is the official marketer for the Digital Funds SICAV in Switzerland. Managed by our partner Chahine Capital, this sub-fund SICAV aims to generate long-term capital returns.

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Chahine Capital Investment Monthly Report
January 2024

7 February 2024

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Chahine Capital

Investment Monthly Report
January 2024

7 February 2024

The macro environment continues to be favourable for equities (MSCI Europe NR +1.6%, MSCI USA NR +1.5% in January). Economic momentum is still picking up in all regions. Moreover, the central banks are still expected to complete their monetary pivot in the first half of 2024, despite Mr Powell’s less generous comments at the end of the month. In this context, interest rates rose in January, which did not help the small and mid cap segment in relative terms. Surprisingly, given the rising interest rates and climbing indices, it was the defensive Visibility stocks that stood out, while Value stocks underperformed. The start of the announcement period largely explains this phenomenon. In Europe, for example, ASML Holding and LVMH, two of the biggest names listed on the stock market, climbed by +17.1% and +5.5% respectively in January on the back of well-received quarterly results. Could this finally be the sign of a return to fundamentals, more favourable to stock-pickers? It is likely and bodes well for our active management approach.

Small and mid caps suffered from the relative pressure on interest rates during the month. However, this movement benefited all of our Value segment, in particular financial stocks, which are overweighted in our funds, via Italy in particular. In addition, our selection in the materials sector made a significant contribution to January’s performance, thanks in particular to cement companies (CRH PLC, Buzzi Spa). Against this backdrop, the Digital Stars funds ended the month slightly ahead of their indices. Digital Stars Europe Acc posted a monthly performance of +2.1% compared with +1.6% for the MSCI Europe NR. Digital Stars Continental Europe Acc ended January at +1.8% compared with +1.9% for the MSCI Europe ex UK NR. Digital Stars Eurozone Acc posted a monthly performance of +3.7% compared with +2.2% for the MSCI EMU NR.

 

The portfolio reviews carried out in January were diversified, increasing our positions in the healthcare, industry and IT sectors. Among the exits were mainly consumer discretionary, bank and energy stocks. The overweight of banking stocks in Digital Stars Europe is now at 3.3%.

Digital Stars Europe is overweight financials, real estate and industrials. The fund is underweight healthcare and consumer staples.

The UK is still the fund’s top weight at 19.8%, ahead of Italy at 14.3% (largest overweight) and Germany at 11.0%.

 

Digital Stars Europe Smaller Companies Acc ended up +0.8% in January, vs. -0.9% for the MSCI Europe Small Cap NR. Small and mid-caps suffered from the relative pressure on interest rates, but this movement benefited our entire Value segment, particularly our Italian banks. Our materials stocks made a significant contribution to January’s performance, as did our industrials.

The monthly portfolio reviews have strengthened our positions in the communication services, real estate and healthcare sectors. Sales occurred mainly in consumer discretionary, energy and finance.

The portfolio is now mainly overweight in consumer staples, materials and communication services, and underweight in finance, healthcare and IT.

The United Kingdom is the biggest country weight in the portfolio and weighs 17.3% (but remains the most largely underweight country), ahead of Sweden at 15.3% and Italy at 12.5% (2nd largest country overweight).

 

Digital Stars US Equities Acc USD was up +0.2% in January, vs. +1.5% for the MSCI USA NR and -3.5% for the MSCI USA Small Cap NR. Small and mid caps suffered from the relative tension on interest rates during the month, as well as from Mr Powell’s ‘hawkish’ speech on 31 January. Our underweight position in the communications services and information technology sectors did not pay off, nor did our selection within financial stocks. Some individual stocks in the IT and consumer sectors made a positive contribution to performance.

The latest monthly portfolio review mainly increased the positions in consumer discretionary, as well as in finance, real estate and media, and reduced mainly those in IT and industry sectors.

The portfolio is significantly overweight in industry, as well as in consumer discretionary and finance. The most underweight sectors are IT, media and pharmaceuticals.

Chahine Capital Investment Monthly Report
December 2023

1 January 2024

Chahine Capital

Investment Monthly Report
December 2023

1 January 2024

Equity indices closed December on a high note (MSCI Europe NR +3.7%, MSCI USA NR +4.7%), with 2023 remaining an excellent year for investors (MSCI Europe NR +15.8%, MSCI USA NR +26.1%). The monetary catalyst unveiled in November has played out over an extended period. Investors are still betting on a reversal in monetary policy in the near future. Rate cuts are expected as early as the first half of 2024. In this context, the yield curve as a whole eased in December, boosting equity indices, particularly small- and mid-cap ones (MSCI Europe Small NR +7.0%, MSCI USA Small +11.3%).

The easing in bond yields has benefited the profile of our funds, which are overweight in the cyclical real estate and industrial sectors, and underweight in the more defensive healthcare and consumer staples sectors. However, this has not compensated for the impact of the bond yields on some of our banks, especially in southern Europe (BPER, Banco BPM, Banco de Sabadell). Against this backdrop, the Digital Stars funds ended the month underperforming their indices. Digital Stars Europe Acc posted a monthly performance of +3.3% compared with +3.7% for the MSCI Europe NR. Digital Stars Continental Europe Acc ended December at +2.7% compared with +3.8% for the MSCI Europe ex UK NR. Digital Stars Eurozone Acc posted a monthly performance of +3.5% compared with +3.2% for the MSCI EMU NR.

 

The portfolio reviews carried out in December were diversified, increasing our positions in the real estate and industry sectors. Among the exits were mainly financials and consumer discretionary stocks. The overweight of banking stocks in Digital Stars Europe is now at 4.5%.

Digital Stars Europe is overweight financials, real estate and industrials. The fund is underweight healthcare and consumer staples.

The UK is still the fund’s top weight at 21.9%, ahead of Italy at 13.7% (largest overweight) and Germany at 12.0%.

 

Digital Stars Europe Smaller Companies Acc ended up +3.9% in December, vs. +7.0% for the MSCI Europe Small Cap NR. The fund benefited from the rally of the small caps, but was held back in particular by banks, which were affected by the easing of the yield curve, and by industrials.

The monthly portfolio reviews have strengthened our positions in the materials, IT, real estate and food sectors. Sales were mainly in consumer discretionary, industrials and financials.

The portfolio is now mainly overweight in consumer staples, energy and materials, and underweight in finance, healthcare and IT.

The United Kingdom is the biggest country weight in the portfolio and weighs 19.0% (but remains the most largely underweight country), ahead of Sweden at 13.3%, which stands now ahead of Italy at 13.1% (now the largest country overweight).

 

Digital Stars US Equities Acc USD was up +7.9% in December, outperforming the MSCI USA NR at +4.7% and the MSCI USA Small Cap NR at +11.3%. The outperformance is mainly due to the fund’s exposure to small and mid caps and to value/cyclical stocks, in particular regional banks, personal care products and industrial companies.

The latest monthly portfolio review mainly increased the positions in financials, as well as in real estate and consumer discretionary, and reduced mainly those in IT and industry sectors.

The portfolio is significantly overweight in industry, as well as in banks. The most underweight sectors are IT, media, and pharmaceuticals.

Chahine Capital Investment Monthly Report
November 2023

8 December 2023

Chahine Capital

Investment Monthly Report
November 2023

8 December 2023

Equity indices rose strongly in November (MSCI Europe NR +6.4%, MSCI USA NR +9.4%). The good inflation figures were reassuring, as was the fact that, from a fundamental point of view, corporate margins remained at a high level after the release of the 3rd quarter results.
We may be at the crossroads of two virtuous inflections. That of the monetary cycle, with the first rate cuts expected in the 1st half of 2024, combined with that of the growth cycle, with both sides of the Atlantic at the bottom of the cycle and a gradual improvement in activity expected. In addition, indices are attractively valued in both Europe and the United States, if we exclude the « magnificent 7 ».
The positive news on inflation was well received by investors: the markets rallied strongly, particularly small and mid caps, which are well represented in the funds. Semiconductors (ASM Int’l, BESI, Aixtron) have benefitted from the easing in long-term bond yields. Our underweight position in defensive stocks (healthcare and consumer staples) boosted our funds in relative terms, as did our position in financials (BPER), particularly UK stocks (3i Group, Wise) whose good publications were welcomed by the market. Against this backdrop, the Digital Stars funds ended the month outperforming their indices. Digital Stars Europe Acc posted a monthly performance of +7.6% compared with +6.4% for the MSCI Europe NR. Digital Stars Continental Europe Acc ended November at +7.8% compared with +7.4% for the MSCI Europe ex UK NR. Digital Stars Eurozone Acc posted a monthly performance of +9.1% compared with +7.9% for the MSCI EMU NR.

The portfolio reviews carried out in November were diversified, increasing our positions in the real estate and financial sectors. Among the exits were IT, industry and healthcare stocks. The overweight of banking stocks in Digital Stars Europe is now at 5.8%.
Digital Stars Europe is overweight financials, real estate and industrials. The fund is underweight healthcare and consumer staples.
The UK is still the fund’s top weight at 19.5%, ahead of Italy at 14.6% (largest overweight) and Germany at 12.3%.

Digital Stars Europe Smaller Companies Acc ended up +6.9% in November, vs. +9.0% for the MSCI Europe Small Cap NR. IT stocks (X-Fab, Hanza) contributed the most, while the negative returns of stocks linked to energy (Okeanis Eco Tankers, Odfjell Drilling, Höegh Autoliners) restrained the rally of small-caps.
The monthly portfolio reviews have strengthened our positions in the real estate and media sectors. Sales were mainly in healthcare and consumer staples.
The portfolio is mainly overweight in consumer discretionary, consumer staples and energy, and underweight in healthcare, IT and financials.
The United Kingdom is the biggest country weight in the portfolio and weighs 23.3% (but remains the most largely underweight country), ahead of Italy at 12.1%. Greece is still the most overweight country at 8.4%.

 

Digital Stars US Equities Acc USD was up +10.7% in November, outperforming the MSCI USA NR at +9.4% and the MSCI USA Small Cap NR at +9.0%. The fund’s outperformance comes from the exposure to small and mid caps. Some construction-related industrial stocks performed well (Simpson Manufacturing, Builders FirstSource, Boise Cascade), as did a number of technology stocks (Workday, SolarWinds, Palo Alto Networks).
The latest monthly portfolio review mainly increased the positions in financials and utilities, and reduced those in IT and industry sectors.
The portfolio is significantly overweight in industry. The most underweight sectors are IT, media, and pharmaceuticals.