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Lluc Valores SICAV, S.A.

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

 

The fund is one of three Institutional 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 was -3.26% in September. Year to date, yield stands at -11.43%.

Consumer discretionary, finance and technology are the sectors with the greatest weight. By country, the fund focuses its investments in the US, France and Japan.

Equity represented 87.29% at the end of September.

Throughout the autumn/winter, if the stock markets return to highs, we will continue to sell Equities to keep their weight at current levels, though we will take advantage of any significant correction (one month before the US elections, everything is possible) to once again increase our Equity exposure.

In the first half of September, global stock exchanges corrected by slightly less than 3%, as a result of the decline in much of the technology and Internet sector (Nasdaq corrected by -6%). The SP500 corrected by -3%, while Europe and Japan were up about +2%. Finally, emerging markets were virtually unchanged over the two-week period. For the time being, this correction does not appear to mark an early change in trend in the behaviour of the sector, within the stock markets, but it does highlight the demanding valuations of many companies (which have benefited operationally from the pandemic…).

In the second half of the month, global stock markets fell -1.5%. This time the most significant falls were in the markets in Europe (-4%) and Emerging Markets (-3%). All told, the fall in September was -4% although, in the closed quarter, the performance is still positive (+8%) in the global stock markets.

In this situation, we did not repeat the sales (which we made over the summer) of shares, which sought to limit the weight of equities in the portfolio. Throughout the month we have increased the weight of Carnival (the cruises company), which, in our case, may be the first of other possible acquisitions in companies that we think will benefit most from the definitive success of some of the vaccines in development (from now until the end of the year).

We also bought Mastec, a US energy infrastructure company. We have had meetings with the company in recent weeks. We remain on the lookout for investment ideas in the field of energy transformation, steering clear of overly high valuations. We prefer US companies to European ones – in Europe we are beginning to see some risk of bubbles due to the strong inflow of money into funds with an environmental and ESG profile.

Return *

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

Risk *

Volatility

* 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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