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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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Group news

Chahine Capital Investment Monthly Report
July 2024

8 July 2024

Read this article
Chahine Capital

Investment Monthly Report
July 2024

8 July 2024

The blow of the dissolution of the French National Assembly mainly weighed on French stocks (MSCI France NR -6.3% in June), and more modestly on European indices (MSCI Europe NR -1.0%). US indices, meanwhile, continued to rise (MSCI USA NR +3.5%). Is this troubled electoral context likely to throw the global economy off course? In our view, this is unlikely. On the one hand, previous election-related shocks have not had a lasting impact on the trend, as was the case with the election of Donald Trump, the Brexit vote or the rise to power of populist parties in Europe. Furthermore, the scenario in France of an absolute majority for a coalition of the « extremes » seems to be receding, as is the risk of a budgetary breakdown in the Eurozone’s 2nd largest economy. Fundamentals should therefore once again support the equity asset class, once the economic turmoil has passed. The global economic momentum remains robust, the Fed is poised to cut interest rates in the wake of the ECB, and valuations remain attractive, both in Europe and in the United States for most stocks, while the earnings momentum is currently positive.

Digital Stars Europe Acc posted a monthly performance of -2.1%, vs. -1.0% for the MSCI Europe NR. The fund is up +11.6% YTD, beating its index by +2.5%. Technology (ASM Int’l, SÜSS MicroTec, BESI, SAP, ASML) and healthcare (UCB, Ypsomed) were the only two positive sectors this month, both in the fund and in the market, but their underweight and our remaining cyclical positioning penalised the fund in relative terms. The troubled electoral environment weighed on all the small and mid caps, which are currently well represented in the portfolio.
The portfolio reviews carried out in June were diversified, increasing significantly our positions in the consumer staples and discretionary sectors, as well as in IT. Among the exits were mainly energy stocks, as well as healthcare and media stocks. France, already heavily underweight, has seen its weight further reduced.
Digital Stars Europe is significantly overweight industry. The fund is underweight healthcare, consumer discretionary and consumer staples.
Italy (largest overweight) remains the fund’s top weight at 16.0%, ahead of the UK at 15.3% and Germany at 10.4%.

Digital Stars Continental Europe Acc ended June at -2.3%, vs. -1.1% for the MSCI Europe ex UK NR. The fund is up +11.3% YTD, beating its index by +2.6%. Technology (ASM Int’l, SÜSS MicroTec, BESI, SAP, ASML) and healthcare (UCB) were the only two positive sectors this month, both in the fund and in the market, but their underweight and our remaining cyclical positioning penalised the fund in relative terms. The troubled electoral environment weighed on all the small and mid caps, which are currently well represented in the portfolio.
The portfolio reviews carried out in June were diversified, increasing significantly our positions in consumer staples and discretionary, as well as in industrials. Among the exits were mainly energy stocks, as well as healthcare and media stocks. France, already heavily underweight, has seen its weight further reduced.
Digital Stars Continental Europe is overweight in industry, as well as in real estate. The fund is underweight healthcare and consumer staples.
Italy (largest overweight) is still the fund’s top weight at 18.1%, ahead of Germany at 13.3% and Sweden at 10.6%.

Digital Stars Eurozone Acc posted a monthly performance of -3.2%, vs. -2.5% for the MSCI EMU NR. The fund is up +12.8% YTD, beating its index by +4.5%. The fund suffered from its ‘all-cap’ positioning, partially offset by its underweight positions in France and energy.
The portfolio reviews carried out in June saw the integration of finance stocks, as well as materials. On the outgoing side, the media and consumer discretionary sectors.
The media sector remains the largest overweight, ahead of consumer discretionary and real estate. The fund is underweight in consumer staples, utilities, energy and healthcare.
France remains the largest country weight at 21.3%, followed by Italy at 19.4% and Germany at 18.0%. Italy remains the fund’s most overweight country, and Germany the most underweight with France.

Digital Stars Europe Smaller Companies Acc ended up at -1.6% in June, outperforming by +1.8% the MSCI Europe Small Cap NR (at -3.3%). The fund is up +11.4% YTD, beating its index by +6.4%. Positive publications from several of our stocks (XPS Pensions Group, CMC Markets) enabled the fund to outperform the index, despite a few disappointments.
The monthly portfolio reviews have strengthened our positions in the finance and healthcare sectors. Sales occurred mainly in materials and real estate sectors. The weight of Sweden was significantly reduced.
The portfolio is now mainly overweight in industrials, IT and healthcare, and underweight in finance, real estate and consumer discretionary.
The UK (largest underweight) becomes the largest country weight at 17.4%, ahead of Sweden at 15.8% and Italy (most underweight country) at 12.5%.

Digital Stars US Equities Acc USD ended up at -1.4% in June, vs. +3.5% for the MSCI USA NR and -1.3% for the MSCI USA Small Cap NR. The fund is up +9.5% YTD, vs. +14.6% for its index and +1.8% for the MSCI USA Small Cap NR. The excellent performance of the “Magnificent 7” buoyed the index, accounting for most of the fund’s underperformance.
The latest monthly portfolio review mainly increased the positions in the real estate, energy and materials sectors, and reduced mainly those consumer discretionary and finance sectors.
The portfolio is significantly overweight in consumer discretionary and industry, as well as in finance. The most underweight sectors are IT, media and healthcare.

Chahine Capital Macro update – July 2024

3 July 2024

Chahine Capital

Macro update – July 2024

3 July 2024

Chahine Capital Investment Monthly Report
May 2024

10 June 2024

Chahine Capital

Investment Monthly Report
May 2024

10 June 2024

Numerous macro and microeconomic tailwinds supported the equity markets in May (MSCI Europe NR +3.3%, MSCI USA NR +4.7%). Good earnings reports reassured investors and highlighted the attractive valuations in Europe and the United States for the vast majority of listed companies. In addition, the drop in oil prices in May led to a fall in inflation expectations on both sides of the Atlantic, reinforcing the central scenario of an imminent rate cut by the ECB, before the Fed follows suit in September. Even if seasonality becomes less buoyant, it still seems premature to reduce equity exposure and may even be costly to stay away from equity markets, despite the recent rise in equity indices. All the more so as some market segments (small and mid caps) have been lagging significantly for many months, leading to a valuation discount, and this could support the prospects for the relative performance of our active ‘Momentum’ Digital Stars strategy.

Digital Stars Europe Acc posted a monthly performance of +5.1%, outperforming by +1.8% the MSCI Europe NR (+3.3%). The fund is up +14.0% YTD, beating its index by +3.8%. Our overweight positions in industry and finance helped the fund this month, as did our underweight position in consumer discretionary (particularly luxury goods). More importantly, however, it was the good earnings reports from many of our companies (Buzzi, Prysmian, Indra Sistemas, Camurus) that enabled us to widen the gap, despite a few disappointments.
The portfolio reviews carried out in May were diversified, increasing significantly our positions in the industry, as well as in the consumer discretionary sectors. Among the exits were mainly finance, IT and real estate stocks. The weight of Sweden was significantly decreased.
Digital Stars Europe is significantly overweight industry, and slightly overweight finance and real estate. The fund is underweight healthcare, consumer staples and consumer discretionary.
Italy (largest overweight) remains the fund’s top weight at 16.9%, ahead of the UK at 15.2% and Germany at 8.0%.

Digital Stars Continental Europe Acc ended May at +5.3%, outperforming by +1.6% the MSCI Europe ex UK NR (+3.6%). The fund is up +13.9% YTD, beating its index by +4.0%. Our overweight position in industry helped the fund this month, as did our underweight position in consumer discretionary (particularly luxury goods). More importantly, however, it was the good earnings reports from many of our companies (Buzzi, ALK-abello, Camurus, Prysmian, Indra Sistemas) that enabled us to widen the gap, despite a few disappointments.
The portfolio reviews carried out in May were diversified, increasing significantly our positions in industry, as well as in materials. Among the exits were mainly stocks in the finance, real estate and IT sectors. The weight of Sweden was significantly decreased.
Digital Stars Continental Europe is overweight in industry, as well as in real estate. The fund is underweight healthcare, consumer staples and consumer discretionary.
Italy (largest overweight) is still the fund’s top weight at 18.7%, ahead of Germany and Sweden at 11.4%.

Digital Stars Eurozone Acc posted a monthly performance of +5.4%, outperforming by +2.6% the MSCI EMU NR (+2.7%). The fund is up +16.5% YTD, beating its index by +5.4%. The fund benefited from its all-cap positioning and from its underweight in energy. The underweight in luxury goods also helped, thanks in particular to the underperformance of LVMH, absent from the portfolio. More importantly, however, it was the good earnings publications from some of our stocks (SÜSS MicroTec, Prysmian, ANIMA HoldingIndra Sistemas, Camurus) that enabled us to widen the gap.
The rebalancing carried out in May saw the integration of IT stocks, as well as materials and media. On the outgoing side, the consumer discretionary, finance and industry sectors.
The media sector becomes the largest overweight, ahead of consumer discretionary and real estate. The fund is underweight in consumer staples, utilities, energy and healthcare.
France remains the largest country weight at 26.0%, followed by Italy at 20.0% and Germany at 15.5%. Italy remains the fund’s most overweight country, and Germany the most underweight with of France.

Digital Stars Europe Smaller Companies Acc ended up +6.1% in May, outperforming by +0.2% the MSCI Europe Small Cap NR (+5.8%). The fund is up +13.2% YTD, beating its index by +4.5%. Positive publications from several of our stocks (Ambea, SÜSS MicroTec, Buzzi, Heijmans) enabled the fund to outperform the index, despite a few disappointments.
The monthly portfolio reviews have strengthened our positions in the IT and healthcare sectors. Sales occurred mainly in consumer discretionary sector. The weight of Italy was significantly decreased.
The portfolio is now mainly overweight in industrials and IT, and underweight in finance, real estate and consumer discretionary.
Sweden (one of the two most overweight countries, along with Italy) is still the biggest country weight in the portfolio and weighs 17.6%, ahead of the UK (most underweight country) at 17.3% and Italy at 12.6%.

Digital Stars US Equities Acc USD was up +6.5% in May, outperforming by +1.8% both the MSCI USA NR (+4.7%) and the MSCI USA Small Cap NR (+4.7%). The fund is up +11.0% YTD, beating its index by +0.3%. Positive publications from several of our stocks (Abercrombie & Fitch, Gap, AppLovin, SEMrush, e.l.f. Beauty) enabled the fund to outperform the index, despite a few disappointments.
The latest monthly portfolio review mainly increased the positions in the healthcare, IT and consumer discretionary sectors, and reduced mainly those real estate sector.
The portfolio is significantly overweight in consumer discretionary and industry, as well as in finance. The most underweight sectors are IT, media and healthcare.