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

Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: We have not made any substantial changes to GAM Star China Equity over the past month or so. The sectors that we favour continue to be consumer discretionary, IT, residential property and environmental services. These themes have also driven the fund’s performance year-to-date. We generally prefer sectors that are not vulnerable to government intervention, because at the end of the day China remains a command economy.

Ever since the fund launched, our approach has been to take active positions against the benchmark within a concentrated portfolio of high-conviction ideas. That does not necessarily mean that we trade the portfolio very actively, but our stock and sector allocations are often quite far away from the benchmark. Despite the fact that our current themes have been in the portfolio for at least a year, and in some cases for much longer, they continue to work well. SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! FondsAnbieter-GAM: Financial companies’ reporting season for the second quarter proved in line with our expectations. However, the market has been volatile over the summer, impacted by the seasonally low liquidity levels and the Fed’s QE tapering comments. In the US, banks reported solid numbers that were on average above consensus, driven by solid loans growth and stronger credit quality. Credit growth in the US is around 6% year-on-year, while the non-performing loan ratio has declined to 4.5%, down from 7.5% in early 2010. The non-performing loans ratio in the credit card sector is particular encouraging at just 2.5%.

In the portfolio, we have long positions in Citigroup, Huntington, Fifth Third and Discover Financial Services. These are balanced by several shorts in expensive US regional banks, which are suffering from net interest margin compression. SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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