PHILEAS L/S EUROPE - I GBP share 30 June 2020
Performance review
Performance (%)
Performance since inception
Warning: Past performances are no guarantee of future returns.
This document has been published for information purposes only and
does not constitute a commercial offer or investment proposal. The
reader is invited to consult the full prospectus
ISIN: FR0011335355 Launch date: 12 October 2012 Structure: UCITS
V - French FCP Management team: Ludovic LABAL / Cyril BERTRAND
Benchmark: EONIA
Custodian: CACEIS BANK Administrator: CACEIS FA Auditor: MAZARS
Fund dealing: daily Dividend policy: accumulation
NAV: 124.17£ AUM: 108 M£ Management fees: 1.20% incl.taxes
Performance fees: 20% incl.taxes above EONIA + 100 bps Currency:
GBP
PHILEAS ASSET MANAGEMENT SAS - 60, rue de Prony - 75017 Paris -
Tel. : +33 (0)1 40 54 47 26 - [email protected] -
www.phileas-am.fr
The investment objective of the PHILEAS L/S EUROPE Fund is to
generate absolute performance, over the recommended 2-years
investment horizon, decorrelated from equity markets (Stoxx 600
index), with lower volatility. The Fund invests in long and short
equity positions, through discretionary stock picking mainly in
Europe.
Source: Phileas Asset Management, unless otherwise noted
Source: Phileas Asset Management
Historical monthly returns*
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2012 -0.52% +0.15% -0.41% -0.77%
2013 +0.61% +0.14% +0.56% -0.44% +0.18% +0.74% -1.13% -0.52%
-0.35% -0.51% +0.85% +1.73% +1.84%
2014 +1.16% +0.09% -0.01% -1.19% -0.45% -0.41% -0.15% -0.20%
+1.96% +0.53% +0.26% +0.24% +1.79%
2015 +2.16% +0.41% -0.13% -0.94% +1.44% +0.25% +1.50% +0.45%
+0.98% +0.19% +0.98% +0.74% +8.32%
2016 -0.16% -1.31% -0.76% +1.01% +1.09% -0.14% +0.72% -0.60%
+0.69% -0.79% -2.11% -0.49% -2.81%
2017 +1.45% -0.07% +0.27% +0.40% -0.16% -0.21% -0.04% -0.92%
+0.41% +0.53% +0.41% -0.50% +1.54%
2018 +2.69% +0.24% +0.66% -1.25% +2.19% +0.46% -0.48% +0.39%
+0.83% -0.95% +0.08% -0.46% +4.43%
2019 -1.97% +1.15% -0.43% +1.21% -0.56% +0.33% -0.26% +1.32%
-1.10% -1.15% -0.12% +0.32% -1.32%
2020 +0.63% +1.27% -0.54% -0.01% -0.13% +1.19% +2.41%
Risk indicators - 1-year data
YTD 1 month 1 year 3 years Annualized
performance*
PHILEAS L/S EUROPE 2.41% 1.19% 1.37% 5.40% 1.93%
EONIA -0.22% -0.03% -0.43% -1.15% -0.20%
Portfolio exposure Portfolio exposure by instrument
%
Gross exposure 120.7%
Net exposure 15.3%
Net beta-adjusted exposure 6.8%
% N° of positions
Long equity 68.0% 41
Short equity 52.7% 72
Short indices 0.0% 0
Source: Bloomberg
* I GBP share launched as of 10/12/2012
* Calmar ratio computed over the last 3 years
Beta Volatility Sharpe
ratio
Maximum
drawdown Calmar ratio *
PHILEAS L/S EUROPE 0.00 3.83% 0.20 -3.04% 0.44
* I GBP share class historical monthly returns
In June, PHILEAS L/S EUROPE rose by 1.19%, recording gains of
1.78% on the long portfolio
and losses of 0.59% on the short portfolio as markets rose by
2.84% (Stoxx 600).
The main positive contributors this month :
- In Telecom (+57 bps), MasMovil contributed 47 bps following a
takeover bid by the private
equity consortium KKR, Cinven and Providence. The share price
rose by 21% over the
month. However, the €22.50 per-share offer came as a
disappointment given our
valuation level, which was closer to €30. In March 2018, the
stock was trading at €25
per share. All told, the buyers will most likely be getting the
best deal.
- In Food Retail (+50 bps), performance was driven by
HelloFresh, now the world’s leading
home delivery meal-kit company. In reaching critical size,
HelloFresh has achieved
brand-name status among consumers in Germany, England, the
Netherlands, and the
USA. As the market is still some distance from maturity, we
remain confident in the
company's short- and medium-term growth prospects.
- In Consumer Goods (+35 bps), positive contributions came from
Burberry, Puma and
Logitech. At Burberry, the success of Riccardo Tisci's recent
collections supports our
brand-renewal scenario.
- In the Automobile sector (+28 bps), Trigano benefited from
sustained demand for its
motorhomes range. The market was already growing prior to the
Covid-19 outbreak
and the health crisis has only served to reinforce this
structural consumer trend.
The main negative contributors this month :
- In Services/IT (-71 bps), our long portfolio proved
disappointing on average with negative
contributions from Compass, Indra Sistemas, Spie, and Bureau
Veritas. We sold our
positions in Compass where normalisation could take longer than
expected, and in
Indra Sistemas where there is a lack of visibility on both
contract progress and pay-
ments in its Transport and Defence division. In contrast, we
remain confident in Bu-
reau Veritas, where second-quarter guidance was overly cautious,
and in Spie, which is
attractively valued and set to benefit from the European
recovery plan.
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PHILEAS L/S EUROPE
EONIA
