FondsAnbieter-Charlemagne Capital: Magna Global Emerging Markets Fund.

27. Dezember 2012 von um 09:30 Uhr
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter- Charlemagne Capital: Emerging markets saw little overall change in November, with strength in Asia balanced by some weakness in EMEA and Latin America. Stronger economic newsflow from China buoyed sentiment more widely, helping to support share prices across the exporting economies of Asia. Fortlaufende Nachrichten zur Schulden und Staatskrise.Latin America was dragged lower by a poor performance from Brazil as GDP growth disappointed, frustrating government efforts to stimulate the economy. There were few further developments of note in Emerging Europe. The performance of the portfolio was supported by several of its holdings in Asia, with

off-benchmark positions in the Chinese jewellery group Chow Tai Fook and the Taiwanese contact lens manufacturer St. Shine Optical particularly beneficial. Although first half results from Chow Tai Fook were disappointing, with margins hit by temporary hedging losses, the market focused on an upbeat outlook, sending its share price up 18% over the month. St. Shine Optical put on 20% following third quarter results that were supported by strong OEM sales in Japan, more than offsetting some weakness amongst its higher margin own brand business. Some adverse developments in Russia; although likely to prove temporary, had a significant impact during the month however. Rail freight operator Globaltrans fell 18% on 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. Both companies have strong business models and superior long-term prospects; they remain in the portfolio. Amongst changes to the portfolio during the month, CEMEX Latam, the Colombian-based Latin American subsidiary of CEMEX, Mexico’s global cement group, came into the portfolio on IPO. As well as its Colombian operations, the company is also active in Panama and Costa Rica, some of the fastest-growing and most profitable cement markets in the world. The offer was attractively priced, at a discount to other high growth emerging market cement stocks. Divestments included the Russian gas producer NOVATEK, following the loss of a large contract to Rosneft and amidst some uncertainty over future tax rates. The Korean financial services group KB Financial 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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