Dear Friends and Investors,
The KEN European Growth Champions Fund gained +6.38% in the month of November The average net exposure was 83.77% with the long and short books +9.92% and -3.02% to performance.
The market environment this month was generally robust Small and midcaps have underperformed so far this year, with uncertainty about when the segment would regain demand The MDAX is lagging around 20% behind the DAX year to date. We referred to this divergence at the beginning of the year. Moreover, we have recently observed significant price increases among some small and midcaps and the associated signs of bargain hunting in the market. Since current valuations are very attractive, the focus on potential risks has been put off to the medium term. We have thus positioned the portfolio more constructively: the short side has been starkly reduced and the long side expanded accordingly. With regard to individual stocks, we see upside potential in value stocks such as Traton (0.5 x P/B), Kion (0.7 x P/B) or Thyssen. In November, portfolio winners included Zalando, Swissquote and Meyer Burger. Our position in Majorel stagnated after its main competitor Teleperformance took a nosedive on the back of accusations of dubious work conditions. Majorel’s valuation continues to allow for patience toward the stock. Regarding the short side, it no longer has center stage given the current market environment but continues to be actively managed to take advantage of any opportunities that arise.
Download factsheet
The information provided on this website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any financial instruments or investment products.
KEN Capital provides independent investment advisory services. Any references to past strategies or investment approaches are for illustrative purposes only and do not represent ongoing fund offerings.
Past performance is not indicative of future results. All investments involve risk, including the potential loss of capital.
This website does not constitute investment, legal, tax, or other professional advice. Any investment decisions should be made based on individual circumstances and in consultation with qualified professional advisors.