Our global equity (flagship) ACATIS Aktien Global Fonds has been through many cycles in its 20-year life. First we had the dot.com bubble of 2001, then the global financial crisis in 2008 and finally a 10-year bull run in the growth investment segment that has lead to the biggest dispersion between growth and value. This has led to the MSCI World out-performing most value managers. The funniest thing is, take five certain (US) stocks out of the equation and the gap looks very different!
With this challenging background, our long-term track remains strong with a 220% out-performance against the MSCI World since inception. Have the last few years been tough? Of course they have! However, the reason our flagship fund has shown such resilience is due to our unique stock picking approach, led by our co-founder Dr Hendrik Leber.
Looking for value in these times is no easy feat. One cannot simply look at once common value parameters (earnings, PB, PE and so on) anymore…the markets are more fluid…listed companies are now younger and technology is leaving once established companies at the wayside. Our value strategy has evolved as well. Companies like Deutsche Bank are no longer a value-investor’s wet dream, and there are too many other value-traps in today’s markets. We are looking at companies from a future perspective now. Which companies are likely to become future sector champions based on where we believe the world is going? What about their internal patent property and what of their competitors? What about the supply chain? Names such as Sartorius, Nvidia, Brookfield Asset Management or China Resources Gas are a few examples of what we are currently investing in. Value investing has gone through puberty and come out on the other side – unscathed!
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Photo: Amit Kapoor