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March Europa F.I.

Strategy that invests in the best opportunities the European companies offer, with the target of beating the Stoxx 50 in the medium-term.

European companies offer very attractive investment opportunities and with March Europa Bolsa you will be able to take advantage of these opportunities. We follow a value investment philosophy where we look for good companies that offer a good opportunity to buy. To select these companies we analyse them in depth, we understand them. We invest in companies that have gone through our qualitative filter and have a discount of about 30% on their target price, maintaining a weight of 5% in those companies in which we have the greatest conviction, as long as their liquidity is guaranteed.

If you are looking to invest in Europe, this is a very good alternative. We are going to build a portfolio according to our conviction in the different companies that we analyse and invest in. We will look for those business ideas that have attractive valuations and that offer us an interesting value increase potential, in such a way that our fund achieves a behavior, in the long term, better than the market.

We do not follow any benchmark index, so our portfolio will be considerably differentiated with respect to the Stoxx50, both by sectoral breakdown and geographic breakdown.

Investing in the March Europa Bolsa is investing in companies with an interesting potential and that can have a good behavior regardless of the economic cycle in which we may be.

The yield of March Europa FI was -0.74% in September compared with +1.71% for the Stoxx50 Europe. Year to date, the fund’s yield is -14.21% and the index is -14.66%.

Industry, consumer staples and consumer discretionary are the sectors with the greatest weight. By country, the fund focuses its investments on France, the United Kingdom and Germany.

We have started a position in a French company called Verallia, which is a competitor of Vidrala.

Other highlights are our increase in the position in Carrefour, due to its good outlook, and in SCS group, taking advantage of the fall after their presentation of results. We have also slightly increased our position in Essilor Luxottica.

We have trimmed back in our positions in the following companies, inter alia: Tobii after its sharp rise in recent weeks, MBB, TGS and CHR Hansen.

We have maintained the liquidity of the fund (including current account liquidity plus derivatives account liquidity) to levels of 4.5% at present. With a view to ensuring that this measure does not reduce the level of investment, we have maintained Eurostoxx futures maturing in Dec 20 that account for around 5.4% of the portfolio, maintaining our level of investment in equity at 100.1%, very slightly above our goal of 100%.

Return *

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

Risk *

Volatility

* Data as of:

Antonio López Silvestre

Head of European and Spanish Equities

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