CB Accent LUX – Darwin Selection Euro is a UCITS V fund that seeks to provide a best-in-class performance through active and dynamic asset allocation, hedging and risk- minimization strategies, as well as active currency management. The portfolio creation is approached from a macro perspective in order to successively select the best possible candidates within the investable universe. The manager does not pursue passive index replication or benchmarking strategies and will allocate to the broadest spectrum of assets that fall within the scope of the fund.
General Data
Domicile: Luxembourg
Legal Structure: SICAV Ucits V
Fund Manager: SWM SA
Management Company: ADEPA SA
Custodian: State Street, LUX
Reference Currency: EUR
AuM: EUR 5.96 M
NAV Frequency: Daily
Registered in: LUX, CH, IT
Management Fee: 2%
NAV as at 31.08.2022 EUR 92.02
ISIN:
EUR(A): LU0417110276
CHF(A) Hedged: LU0681572425
Share Type: Accumulation
Investor’s profile
Targeting investors who expect a long-term increase of their assets and wish to realize a regular revenue, but are ready to accept temporary price fluctuations.
Fund manager insights
In August, central banks emphasized their determination against inflation, despite the risks to economic growth. The restrictive tone reflected on a bad month for markets. Powell announced the FED focus on fighting inflation at the expense of growth. Reducing inflationary pressures will likely require an extended period of below-trend growth. Market expectations for US interest rates are for a 75 basis point rise in September the same is expected from the ECB. Therefore, most economic data points to a slowdown. Additionally, Europe continues to sink into an unprecedented energy crisis and risks of recession remain high. The weakness of the euro, which has recently slide to parity with the US dollar, reflects these widespread fears. On the bright side, 75% of SP500 companies reported positive earnings in 2Q22. The index 12-month PE ratio is 16.7x lower than the 5-year (18.6x) and the 10-year average (17.0x). Against this backdrop global equity markets were weak, ending the rebound that began in July. European equity markets fell the most (-4.7%), while SP500 lost 4.1% for a total -17.7% in the first 169 trading days of 2022. It is one of the worst starts to a year in history. Bond markets situation is similar. The Global Bonds Index has fallen by 20% since January 2021, marking the longest US bond market decline in history. For the first time since ’81, all asset classes fell last month, even commodities – WTI (- 10%) and gold (-5%). NAV closed at 92,02 with a monthly -2.30%.