FondsAnbieter-Charlemagne Capital: Magna Eastern European Fund.

22. Dezember 2012 von um 15:00 Uhr
Wie beurteilen FondsAnbieter ihre Anlagerreigionen ? Wie fällt die Analyse der Kapitalanlagegesellschaften (KAG) über Fundamentaldaten, Währungen und Kapitalflüsse aus? Informationen direkt aus dem Research Centern der FondsBranche finden SJB FondsBlogger in der Kategorie "Anbieter. Berichten."

Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! FondsAnbieter- Charlemagne Capital: Emerging European stockmarkets scored modest overall gains in November, with Poland and some frontier markets particularly strong. The performance of the portfolio again benefited from its exposure to Turkey though a couple of adverse stock-specific developments in Russia dragged down the overall return.

Rail freight operator Globaltrans fell 18% on continued corporate governance concerns and after it failed to buy the captive freight operation of the steelmaker EVRAZ, having raised funds earlier in the year for this very purpose. Residential real estate developer Etalon also fell 18% after it mishandled the news that two of its flagship projects had been delayed, with some impact on revenues over the short term. Another strong return from the portfolio’s holdings in Turkey failed to counter the full impact of these temporary set-backs. Valuations on the Istanbul stock exchange are now close to all-time highs, but with company earnings growing strongly across the economy, a tradition of strong corporate governance and a focus on shareholder return, not least through a culture of high dividends, it would come as no surprise were the market to establish a new, higher, valuation benchmark. In November, the agricultural vehicles group Turk Traktor and the gold miner Koza Gold were the leading performers, with both seeing a share price rise of 14%.

The main news in Turkey during the month was however the successful secondary offering from the leading bank Halkbank. This raised USD 2.7 billion and was two times oversubscribed, reflecting the strong current demand for Turkish equity which seems to mirror the current dissatisfaction with Russia within the investment community. The portfolio continues to hold a significant overweight exposure to Turkey. The portfolio’s exposure to the white goods manufacturer Arcelik was increased following some weakness in its share price. The company sells into the lower price segment of the European market, an area likely to benefit from the economic downturn. The company is also looking to expand into India, opening up the Asian market. Divestments included the Hungarian bank OTP, after the government prolonged and increased what was supposedly a temporary banking tax. The Turkish construction group ENKA was also sold with better opportunities now elsewhere.

Über Carlemagne Capital:

Charlemagne Capital, eine unabhängige Fondsgesellschaft spezialisiert auf Emerging Markets Investments, wurde 2000 gegründet. Sie zeichnet sich durch einen fundamental orientierten Bottom-up Ansatz bei der Aktienselektion aus. Fonds in Deutschland: 10. Verwaltetes Vermögen: 2,33 Mrd. US-Dollar. Zu Umsatz und Gewinn macht die FondsGesellschaft keine Angaben. Anzahl der Mitarbeiter: 70. Geschäftsführer: Michael Baer, Jayne Sutcliffe, Jane Bates, Adrian Jones, James Mellon, Lord Lang of Monkton und Jacob Johan van Duijn, Huw Lloyd Jones.

Kategorien: Anbieter. Berichten.
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