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Vini Catena

The Value Chain of wine as a universe of investment through March Vini Catena.

 

 

The grape provides multiple sectors and companies in which we can invest. Not only in wine cellars, but also in all kinds of global companies that help the grape, once it is treated and distilled, reach the consumer.                                                                                   We refer, apart from wine cellars, to companies related with fertilisers, machinery, corks, cooperage, distribution, logistic, catering, on-line shops… in other words, a very broad universe full of large and small, multinational or very local companies.

It allows us to combine companies from different sectors and performances that, combined in March Vini Catena, provides us with a very attractive investment solution in order to have a variable income exposure from a more defensive point of view.

We do not follow any kind of benchmark index since we invest in good companies, well managed, that can have a catalyst that makes them generate value in the long term. We will invest in companies with a 30% discount from their price target, maintaining a weight around the 5% in those companies for which we hold more conviction, provided that liquidity inherent to them is guaranteed.

There is a Global trend favouring high quality wine, where demand is progressively higher and the offer is getting smaller, representing a very interesting opportunity for the final investor.

The “premium” characteristics of most of companies in this sector make it an interesting defensive investment compared to Global Equities.

The demand for fine wine is coming not only from developed countries, but also from Emerging Markets, increasing the probability that companies related to this sector outperform in the long term.

The fund shows a low correlation to Equity Markets and lower volatility than Global Equities.

The stock that contributed the most over the month was Zignago Vetro Spa, followed by LVMH and François Frères (Tonnellerie), while Brown Forman was the name that contributed the least to the portfolio’s performance, followed by Vidrala and Liquor Stores.

No major transactions were undertaken in the portfolio in March.

It is, however, worth highlighting the current operational strength of Tonnellerie François Frères, which recently confirmed its long term sales targets after posting quarterly results, with continued growth for wine and an upturn in whisky.

Besides, the tax measures recently approved in Italy to encourage investment in funds with exposure to Italian small and mid-caps buoyed Zignago Vetro, which has gained 30% year to date.

The yield of March International – Vini Catena A-EUR was +1.62% in September, while the year-to-date yield stands at -12.63%.

Distilled spirits, industrial machinery, wines and distribution are the sectors with the greatest weight. By country, the fund focuses its investments in the US, France and the Netherlands.

In the past month, we have made minor changes to the Fund’s portfolio, reducing our position in Remy Cointreau. We continue to watch the market closely to take advantage of any opportunities which may arise.

One highlight this month was the O-I Glass analysts’ presentation, where the company spoke in positive terms about its restructuring process and the picking up of activity and prices in recent weeks.

Return *

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

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Volatility

* Data as of:

Antonio López Silvestre

Head of European and Spanish Equities

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Francisco Javier Pérez Fernández

Head of Global Equities

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