Bertrand Faure provides his views on “the most hated rally in history”, in which stock markets climbed in the midst of a devastating health and economic crisis and how the team have navigated the Strategic European Smaller Companies Fund through this period.
The webinar presentation can be downloaded here.
Bertrand comments on the following subjects during the webinar:
- How fundamental trading fared during the pandemic and the team’s current market views.
- The Fund’s alpha generating performance vs benchmark since its inception in May 2015.
- The view that “the stock market is not the economy, it’s only a tool for pricing the future”.
- The reduction of cyclical exposure within the portfolio and how capital is being deployed in stocks the team believe are able to cope with all potential outcomes.
- The opportunities that volatility will create in the months to come and the management of the portfolio’s cash exposure as a result.
- Current outlook and portfolio positioning.
The views and statements contained herein, including those pertaining to contribution analysis are those of Pascal Investment Advisers SA in their capacity as Investment Adviser to the Fund as of 05/06/2020 and are based on internal research and modelling.