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Komfie Manalo, Opalesque Asia: The Netherlands-based asset manager Saemor Capital said that its main fund, the Europe Alpha Fund, gained 2.6% in May, bringing the YTD figure back to -8.3% on the back of a reversal of trends seen earlier in the year, with gains coming from the larger holdings in the firm’s long book.
In its monthly report to investors, Saemor said that quality, earnings momentum and growth factors all added to the model performance, while value was negative. Low beta did especially well as a factor in May, despite the market being up for the month.
Saemor said in the report, "This is typically an environment in which the fund does well. Long positions in Recordati, Societe Generale, Brembo, Saft (take-over by Total) and Berkeley were the biggest individual contributors as markets rebounded towards the end of the month. The fund also made money on short positions in materials and higher risk names, where the likes of Fresnillo, Inmarsat and Zalando sold off considerably. Conversely, the biggest detractor from the Fund performance came from a long position in Rio Tinto. The stock sold off in line with the sector, just like BHP Billiton, the other quality holding within the sector. Bayer was another long position that detracted from performance. It made a take-over bid for Monsanto and announced th...................... To view our full article Click here
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