Fonds-Blog-SJB: Mehr. Als Fonds. Kaufen. Von Gerd Bennewirtz.

unabhaengigkeitFonds-Anbieter- Janus Capital International Limited: On the heels of Brexit, SJB Fonds Echo. Analysiert.Donald Trump’s election to the presidency of the U.S. marks the second significant populist outcry through the ballot box. Although we are concerned about Mr. Trump’s rhetoric on free trade and other policies, we believe that some of the positions expressed during the campaign may ultimately benefit U.S. economic growth. The immediate pronounced downward move across risk assets, however, denotes justifiable uncertainty, as do now diminished expectations that the Federal Reserve (Fed) will raise rates in December. The weeks and months ahead will be critical to determine and analyze policy priorities as an administration is assembled and lines of communication with Congress are established.

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter- F&C Investments:  Die Zahl der institutionellen Investoren, die in Private-Equity investieren möchten, steigt. „Die meisten Investoren wollen ihr Private-Equity-Engagement erhöhen“, sagt Hamish Mair, Head of Private Equity der Fondsgesellschaft F&C Investments. Das sei wenig überraschend, ergänzt der Fondsmanager des Dachfonds F&C European Capital Partners II: Denn laut Umfrage von Prequin gaben 75 Prozent der befragten Investoren an, dass ihre Private-Equity-Engagements 2014 ihre Erwartungen erfüllt haben. „Die Investoren werden im Private-Equity-Sektor durch Erträge angezogen, die deutlich über denen des Aktienmarktes liegen“, erklärt er. So habe beispielsweise der größte nationale Private-Equity-Verband British Private Equity and Venture Capital Association (BVCA) ermittelt, dass seine Mitglieder per Ende 2013 in den vergangenen zehn Jahren eine Internal Rate of Return in Höhe von 15,7 Prozent erzielt haben, während der FTSE-All-Share-Index im selben Zeitraum nur jährlich 8,8 Prozent Zuwachs verzeichnete. Selbst wenn diese Zahlen mit Vorsicht zu genießen seien: „Investoren sollten bei einer risikoreichen Anlageklasse wie Private Equity eine Risikoprämie von rund sieben Prozent erwarten und anstreben“ betont Hamish Mair.

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter-GAM: The euro share class of GAM Star Continental European Equity outperformed the benchmark, the MSCI Europe ex-UK index, by 5.4% in the final quarter of the year, recovering a substantial amount of the underperformance suffered in the earlier part of the year. The key drivers of outperformance were many of our long-held positions that had drifted – and thus de-rated – for much of the year but put in a strong return in the final quarter. Such stocks include Kone, Wirecard, Duerr, Publicis, Inditex and Anheuser-Busch InBev. The market had ignored key fundamental aspects of these companies, such as strong cash generation and high returns on capital employed, for most of the year, but finally started to appreciate these, together with the stocks’ attractive valuations. Another positive was that the fund did not hold any companies operating in the oil or mining sectors. The euro share class of GAM Star European Equity also put in strong numbers, with an outperformance of 4.5% over the three-month period.

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Kategorien: Anbieter. Berichten.
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FondsAnbieter- GAM: Weekly Manager Views

17. Dezember 2014 von um 11:00 Uhr

unabhaengigkeitFondsAnbieter-GAM: We continue to have a negative view of oil stocks and have consequently had very little exposure to them in GAM Star Continental European Equity for the last five years. We do not believe economists have fully discounted the impact of the oil price fall. We think the fall is a highly significant positive for Europe, which is a net oil importer. It is particularly beneficial for four countries that have been historically weak – Greece, Portugal, Spain and Ireland. For example, the Spanish Ministry of Finance estimates that Spain’s 2015 GDP could be boosted by 1–1.5% if we have a perpetuation of cheap oil prices. In Europe, the main economies that have and will continue to be negatively impacted are Norway and Scotland.

Prices at USD 65–70 a barrel mean oil producers are effectively destroying value. The inability to originate cash will inevitably result in balance sheet issues for these companies. Given that oil forward prices are currently below USD 80 a barrel, and that the breakeven price for many producers is over USD 100 a barrel, we are comfortable not owning any of the integrated oil stocks for at least the next two-to-three months. Many of these companies have high operating leverage, meaning a five dollar drop in the oil price will have a disproportionate effect on profitability (as much as a 25% drop for emerging market oil producers).

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Kategorien: Anbieter. Berichten.
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unabhaengigkeitFondsAnbieter-GAM: Der erfolgreiche Börsengang von Alibaba unterstreicht: Auch inSJB Fonds Echo. Analysiert. Zeiten hoher Bewertungen eröffnen sich im privaten Sektor weiterhin gute Chancen am chinesischen Aktienmarkt. Dieser Ansicht ist Michael Lai, Manager des GAM Star China Equity. „Die chinesische Wirtschaft läuft noch nicht rund und bleibt stark abhängig von der Politik Pekings, doch einige wenige Bereiche können unabhängig davon wachsen“, erklärt er. Für Investoren komme es darauf an,

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Kategorien: Einblicke. Intim.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: Since around mid-February, we have seen some pronounced movements in the US yield curve, with the short end increasing in yield, while the yield on the long end at 30-years has declined. We have seen similar moves in Germany and in the UK, but much less marked. Meanwhile, the opposite is the case in Japan, which is what the authorities had intended.SJB FondsSkyline OHG 1989. PortfolioManagement. Antizyklisch.

In emerging markets, the yield curves of Mexico and Brazil as well as the South African rand have all rallied somewhat, while high yield bond spreads have contracted. Investment grade spreads were broadly unchanged, while global equities have seen mixed fortunes since mid-February. Overall, the environment has been challenging. In particular, the fast-moving Crimean crisis has sparked risk aversion and volatility. We currently have no net exposure to Russia, although it is interesting to note that the rouble is recovering, while bonds have stopped falling. SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: GAM Star Technology had a good year in 2013. The themes for 2014 are likely to be more of the same, although there is some hype building around certain parts of the market, which we have to be mindful of. These include areas such as big data (analysis of large / complex data sets), consumer 3D printing and wearable user interfaces. Although the underlying drivers of theseIhre Werbung. Hier? themes have not changed, we need to be cautious about where we choose to invest, avoiding expensive names.

The biggest shift we see across the technology segment is IT moving from being just about the ‘T’ for technology to the ‘I’ for information. This is particularly the case in the big data space. The exponential growth in data and the way that intelligent data analysis can transform businesses is something we are very focused on. Linked directly to data growth is storage. We have heavy investment in storage names, which comprises about 20% of the fund. We believe this is a good way of gaining exposure to the big data theme without being pulled into some of the more hype-driven names, such as Tableau or Splunk. Our view is that we can get low-risk exposure to the theme through storage, without having to overpay for the latest hot idea.

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Kategorien: Anbieter. Berichten.
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