[private]
Ken Hsia, Lead Portfolio Manager of the
Investec GSF European Equity Fund
Equity Pan-European Allcap
The Investec GSF European Equity fund combines a quantitative input from Investec’s 4Factor™ model and qualitative contributions from the Portfolio Manager and analysts. The fund uses the 4Factor™ approach, a proprietary screening tool based on 4 criteria: strategy, value, earnings and technicals.
Well diversified and style agnostic fund. Flexible and opportunistic approach in terms of style, size and market capitalization to build an unconstrained portfolio of 50 to 70 stocks.Repeatable and scalable investment process that delivered strong track record not only for European Equities but across different geographies.
2019 was largely driven by multiple expansion rather than improved company earnings growth. It will be hard for stock market returns to continue to rise over a sustained period in the absence of stronger earnings growth. Therefore, Ken Hsia anticipates a more balanced 2020.
He finds potential in cyclical sectors. Relative to the US and China, exports play a greater role in European economies, making cyclical companies in Europe particularly sensitive to trade-related uncertainty. Valuations of these companies are currently discounted to reflect the current trade tensions.
New opportunities should arise as certain stocks and sectors have sold off unfairly for various reasons. Some pent-up demand in economic activity will come through as geopolitical issues are resolved in Europe. Whilst it has been already reflected in 2019 portfolio positioning, through exposure in financial and semiconductor stocks, the investment team recently noted some potential in a few automotive and building material names. They aim to maintain a balanced portfolio, valuations of quality stocks being at 20-year highs.
We hope to have the pleasure of welcoming you to this conference which will be an opportunity to strengthen our relationships and discuss with Ken Hsia your European equity investments.
Conference will take place at our office: 12 rue Verdaine, 3rd floor, Geneva, from 8:30 to 10:00 am
Presentation will be held in english and a breakfast will be served.
Please confirm your attendance before 5 February 2020,
or contact us at 022 316 16 80