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Lluc Lux

Lluc is one of our most iconic investment strategies and with a more high risk profile within the Luxembourgish SICAV of Grupo Banca March.


The fund is one of three Luxembourgish SICAV managed by March Asset Management aimed at a high risk profile investor.

The portfolio´s investment target is to beat the main Global Equities markets with lower volatility.

The fund’s Global Equities exposure is about 70% in normal market conditions, depending on the vision of the markets and opportunities that may arise. We invest in developed and emerging companies, apart from going for sectors with growth and, therefore, companies rather more risky.

Currency risk is hedged to a large degree to avoid adding volatility to the fund, although at the discretion of the managers.

We take advantage from the developing of the equity markets with an long-term approach. We manage the equity exposure based on our vision of the markets and opportunities that arise in the market. This way, if markets correct in an aggressive way, we try to be opportunistic and take advantage to increase the exposure level to equity.

At a long-term our target is to generate a yield in accordance to markets, but with lower volatility.

The yield of March International – Lluc Lux A-EUR in March was +4.21%. The yield during the year was +10.66%.

The market continues the same trend since the beginning of the year with indices such as the MSCI Global, SP 500, and Stoxx 600 at record highs supported by good macroeconomic and corporate data. Vaccination rates are uneven between the US and Europe resulting in better growth expectations in 2021 in the US with a positive impact on the dollar (+1.73% in the second half of the month). Long-term fixed-income continues with rising yields reflecting higher growth and inflation going forward.

We maintain our view on the reopening of the economy, steepening of the curve, and higher inflation expectations. Valuation levels and safety margin are always a priority in each of our positions.

Equity levels at the close of March were 90.85%.

Financial, consumer discretionary, and materials are the sectors with the greatest weight. By country, the fund focuses its investments on the US, France, and Luxembourg.

The most significant movements have been as follows: partial sale of Carnival (with positive return), Las Vegas Sands, Lunding, and Mastec.

With indices at record highs, we are demanding valuation levels as reflected in Lluc’s equity ratios: P/E 21 16.2x, against the MCSI Global index which trades at 19.4x P/E 21e.

Return *

2021 1 month 3 months 6 months 1 year 3 years
2020 2019 2018 2017 2016

Risk *


* Data as of:

Juan Berberana Fernández de Muria

Institutional SICAV Co-Manager

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Juan Carlos Acitores Peñafiel

Institutional SICAV Co-Manager

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  • Other Share Classes available*