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Chahine Capital Investment Monthly Report
February 2024

11 March 2024

Read this article
Chahine Capital

Investment Monthly Report
February 2024

11 March 2024

The market made further progress in February (MSCI Europe NR +1.9%, MSCI USA NR +5.3%). The resilience of global economic momentum is leading to upward revisions of GDP growth expectations, and this is proving to be a powerful support for cyclical assets, including equities. This is all the more buoyant given that it has taken many investors by surprise. At the same time, earnings releases also came as a positive surprise, with margins well above expectations. For the 4th quarter, earnings for S&P 500 companies were +7.2% above expectations, and +3.8% for STOXX Europe 600 stocks. All we can do now is hope that the resilience of the economy does not call into question the accommodative pivot of the central banks, which is still expected in 2024, albeit in a more nuanced way than at the start of the year.

The relative pressure on interest rates logically benefited our financial stocks (BPER, Wise, Unipol Gruppo) during the month, and penalised the real estate sector, well represented in the portfolios. Semiconductor and luxury goods stocks were also among the best contributors. Earnings announcements usually support our Momentum approach, and this month’s good publications from our holdings (Höegh Autoliners, Sulzer, Royal Vopak, GTT) made a positive contribution to our funds as a whole. Against this backdrop, the Digital Stars funds ended the month outperforming their indices. Digital Stars Europe Acc posted a monthly performance of +2.7% compared with +1.9% for the MSCI Europe NR. Digital Stars Continental Europe Acc ended February at +3.1% compared with +2.4% for the MSCI Europe ex UK NR. Digital Stars Eurozone Acc posted a monthly performance of +1.9% compared with +3.3% for the MSCI EMU NR. The fund benefited from the same trends in absolute terms, but was adversely affected in relative terms by the high concentration of the index on the month’s key drivers.

 

The portfolio reviews carried out in February were diversified, increasing our positions in the industry, healthcare and finance sectors. Among the exits were mainly consumer staples, materials and IT stocks.

Digital Stars Europe is overweight finance, industry and real estate. The fund is underweight healthcare and consumer staples.

The UK is still the fund’s top weight at 16.9%, ahead of Italy at 16.2% (largest overweight) and Germany at 9.8%.

Digital Stars Europe Smaller Companies Acc ended up +1.4% in February, vs. 0.0% for the MSCI Europe Small Cap NR. Earnings announcements have supported the fund over the month (BAM Groep, SAF-Holland, Fugro). The good performance of growth stocks, well represented in the portfolio, outweighed the poor performance of the real estate sector.

The monthly portfolio reviews have strengthened our positions in the healthcare and IT sectors. Sales occurred mainly in industry, consumer staples and energy.

The portfolio is now mainly overweight in materials and consumer staples, and underweight in finance and healthcare.

Sweden, largest country overweight, is now the biggest country weight in the portfolio and weighs 20.6%, ahead of the United Kingdom (the most largely underweight country) at 15.1% and Italy (2nd largest country overweight) at 13.3%.

 

Digital Stars US Equities Acc USD was up +6.2% in February, vs. +5.3% for the MSCI USA NR and -5.3% for the MSCI USA Small Cap NR. The US market performed fairly homogeneously this month. It was the behaviour of individual stocks that made the difference, thanks to positive announcements from some of our portfolio holdings, like e.l.f. Beauty or AppLovin.

The latest monthly portfolio review mainly increased the positions in consumer discretionary, consumer staples, as well as in finance, and reduced mainly those in IT and real estate sectors.

The portfolio is significantly overweight in industry, as well as in consumer discretionary and finance. The most underweight sectors are IT, media and pharmaceuticals.

 

Chahine Capital Investment Monthly Report
January 2024

7 February 2024

Chahine Capital

Investment Monthly Report
January 2024

7 February 2024

The macro environment continues to be favourable for equities (MSCI Europe NR +1.6%, MSCI USA NR +1.5% in January). Economic momentum is still picking up in all regions. Moreover, the central banks are still expected to complete their monetary pivot in the first half of 2024, despite Mr Powell’s less generous comments at the end of the month. In this context, interest rates rose in January, which did not help the small and mid cap segment in relative terms. Surprisingly, given the rising interest rates and climbing indices, it was the defensive Visibility stocks that stood out, while Value stocks underperformed. The start of the announcement period largely explains this phenomenon. In Europe, for example, ASML Holding and LVMH, two of the biggest names listed on the stock market, climbed by +17.1% and +5.5% respectively in January on the back of well-received quarterly results. Could this finally be the sign of a return to fundamentals, more favourable to stock-pickers? It is likely and bodes well for our active management approach.

Small and mid caps suffered from the relative pressure on interest rates during the month. However, this movement benefited all of our Value segment, in particular financial stocks, which are overweighted in our funds, via Italy in particular. In addition, our selection in the materials sector made a significant contribution to January’s performance, thanks in particular to cement companies (CRH PLC, Buzzi Spa). Against this backdrop, the Digital Stars funds ended the month slightly ahead of their indices. Digital Stars Europe Acc posted a monthly performance of +2.1% compared with +1.6% for the MSCI Europe NR. Digital Stars Continental Europe Acc ended January at +1.8% compared with +1.9% for the MSCI Europe ex UK NR. Digital Stars Eurozone Acc posted a monthly performance of +3.7% compared with +2.2% for the MSCI EMU NR.

 

The portfolio reviews carried out in January were diversified, increasing our positions in the healthcare, industry and IT sectors. Among the exits were mainly consumer discretionary, bank and energy stocks. The overweight of banking stocks in Digital Stars Europe is now at 3.3%.

Digital Stars Europe is overweight financials, real estate and industrials. The fund is underweight healthcare and consumer staples.

The UK is still the fund’s top weight at 19.8%, ahead of Italy at 14.3% (largest overweight) and Germany at 11.0%.

 

Digital Stars Europe Smaller Companies Acc ended up +0.8% in January, vs. -0.9% for the MSCI Europe Small Cap NR. Small and mid-caps suffered from the relative pressure on interest rates, but this movement benefited our entire Value segment, particularly our Italian banks. Our materials stocks made a significant contribution to January’s performance, as did our industrials.

The monthly portfolio reviews have strengthened our positions in the communication services, real estate and healthcare sectors. Sales occurred mainly in consumer discretionary, energy and finance.

The portfolio is now mainly overweight in consumer staples, materials and communication services, and underweight in finance, healthcare and IT.

The United Kingdom is the biggest country weight in the portfolio and weighs 17.3% (but remains the most largely underweight country), ahead of Sweden at 15.3% and Italy at 12.5% (2nd largest country overweight).

 

Digital Stars US Equities Acc USD was up +0.2% in January, vs. +1.5% for the MSCI USA NR and -3.5% for the MSCI USA Small Cap NR. Small and mid caps suffered from the relative tension on interest rates during the month, as well as from Mr Powell’s ‘hawkish’ speech on 31 January. Our underweight position in the communications services and information technology sectors did not pay off, nor did our selection within financial stocks. Some individual stocks in the IT and consumer sectors made a positive contribution to performance.

The latest monthly portfolio review mainly increased the positions in consumer discretionary, as well as in finance, real estate and media, and reduced mainly those in IT and industry sectors.

The portfolio is significantly overweight in industry, as well as in consumer discretionary and finance. The most underweight sectors are IT, media and pharmaceuticals.

Chahine Capital Investment Monthly Report
December 2023

1 January 2024

Chahine Capital

Investment Monthly Report
December 2023

1 January 2024

Equity indices closed December on a high note (MSCI Europe NR +3.7%, MSCI USA NR +4.7%), with 2023 remaining an excellent year for investors (MSCI Europe NR +15.8%, MSCI USA NR +26.1%). The monetary catalyst unveiled in November has played out over an extended period. Investors are still betting on a reversal in monetary policy in the near future. Rate cuts are expected as early as the first half of 2024. In this context, the yield curve as a whole eased in December, boosting equity indices, particularly small- and mid-cap ones (MSCI Europe Small NR +7.0%, MSCI USA Small +11.3%).

The easing in bond yields has benefited the profile of our funds, which are overweight in the cyclical real estate and industrial sectors, and underweight in the more defensive healthcare and consumer staples sectors. However, this has not compensated for the impact of the bond yields on some of our banks, especially in southern Europe (BPER, Banco BPM, Banco de Sabadell). Against this backdrop, the Digital Stars funds ended the month underperforming their indices. Digital Stars Europe Acc posted a monthly performance of +3.3% compared with +3.7% for the MSCI Europe NR. Digital Stars Continental Europe Acc ended December at +2.7% compared with +3.8% for the MSCI Europe ex UK NR. Digital Stars Eurozone Acc posted a monthly performance of +3.5% compared with +3.2% for the MSCI EMU NR.

 

The portfolio reviews carried out in December were diversified, increasing our positions in the real estate and industry sectors. Among the exits were mainly financials and consumer discretionary stocks. The overweight of banking stocks in Digital Stars Europe is now at 4.5%.

Digital Stars Europe is overweight financials, real estate and industrials. The fund is underweight healthcare and consumer staples.

The UK is still the fund’s top weight at 21.9%, ahead of Italy at 13.7% (largest overweight) and Germany at 12.0%.

 

Digital Stars Europe Smaller Companies Acc ended up +3.9% in December, vs. +7.0% for the MSCI Europe Small Cap NR. The fund benefited from the rally of the small caps, but was held back in particular by banks, which were affected by the easing of the yield curve, and by industrials.

The monthly portfolio reviews have strengthened our positions in the materials, IT, real estate and food sectors. Sales were mainly in consumer discretionary, industrials and financials.

The portfolio is now mainly overweight in consumer staples, energy and materials, and underweight in finance, healthcare and IT.

The United Kingdom is the biggest country weight in the portfolio and weighs 19.0% (but remains the most largely underweight country), ahead of Sweden at 13.3%, which stands now ahead of Italy at 13.1% (now the largest country overweight).

 

Digital Stars US Equities Acc USD was up +7.9% in December, outperforming the MSCI USA NR at +4.7% and the MSCI USA Small Cap NR at +11.3%. The outperformance is mainly due to the fund’s exposure to small and mid caps and to value/cyclical stocks, in particular regional banks, personal care products and industrial companies.

The latest monthly portfolio review mainly increased the positions in financials, as well as in real estate and consumer discretionary, and reduced mainly those in IT and industry sectors.

The portfolio is significantly overweight in industry, as well as in banks. The most underweight sectors are IT, media, and pharmaceuticals.