Monatsbericht gibts anscheinend nur auf Englisch: allianz global inv.
zitat: ".....June 2016 was the single worst month for the performance
of the Discovery Europe Strategy. The fund ended the
month with a loss of -4.89%, bringing YTD performance to -7.79%. .
The month saw a significant increase in equity market
volatility and severe losses in European Equity indices due to
the discussion ahead of Brexit and the aftermath of the
announcement of the unexpected decision of the UK to
leave the EU. Going into the UK’s referendum on
membership of the EU, our opinion was that a Remain result
was more likely than a Leave result. We did not take
directional exposure to the outcome of the UK referendum.
Our base case scenario was that the outcome would be for
Remain and consequently we positioned the portfolio based
on our company-specific research. .
However, as Leave won the referendum, we did not have
the portfolio structure needed to be correctly positioned for
this unexpected event. Fund performance suffered, despite
our stringent risk parameters and our very limited portfolio
beta on the evening before the referendum. The fund had a
positive net exposure of 10%, going into the referendum,
which was mainly due to the fund’s Healthcare names. The
fund had a small net long to European Financials (of 2%),
which was an outsized detractor, responsible for around a
quarter of the fund’s loss this month. .
Notably, we have seen certain names detract significantly
more than we would have expected in a Brexit scenario.
Among these we would include several Irish names which
we have held for several quarters, such as Smurfit and
Ryanair; the German tour operator TUI; the Austrian building
materials group Wienerberger and the Italian online luxury
company Yoox. The portfolio management team has
reacted to re-calibrate the fund after the Brexit referendum
to account for the new situation. .
The team appreciate our investors continued trust and we
are fully committed to regaining ...."
also: es war der schlechteste Monat für den Fonds, vom Brexit wurden sie überrascht, ein Viertel der Verluste geht auf das Konto europ. Finanztitel. jetzt wurde das Portfolio neu kalibriert.
ausblick: ".....We have responded to this new environment by
strengthening our positions in Healthcare and Telecom
names and have reduced our Financials positions. We
believe there will be some opportunities in other perceived
conservative sectors such as Consumer Staples and Utilities
and we see some similarities to 2008/2009 where the flight
in to some of these names proved to be wrong. Despite the
disconnect between current valuations and the impact of
expected economic growth for these sectors, investors
continue to prefer them for their perceived ‘safe haven’
status. We expect the forthcoming market uncertainty and
volatility to give further opportunities for our fundamental
stock picking approach. ...."
noch mal der Link zu AGI, globale Webseite: agifunds.com