Dear Friends and Investors,
The KEN European Growth Champions Fund ended the month of December with a performance of -0.92%, and thus with a net performance of +9% for Q4 and -18.70% for the full year 2022. Despite a good performance against the MDAX (-28.49%), TecDAX (-25.48%) and SDAX (-27.35).
The top contributors to fund performance were Zalando (+5.33%), OCI (+4.08%), Shop Apotheke (+3.83%, short position), Schoeller Bleckmann (+3.33%) and Meyer Burger (+2.21%). Our positions in Suess Microtec (-2.69%), Secunet (-2.03%), Global Fashion Group (-1.96%), EQS Group (-1.96%), and Fabasoft (-1.72%) lost ground. Overall, small and less liquid stocks bore the brunt of market declines, falling in the first three quarters but recovering against the indices in the fourth. We further refined our risk management approach to be able to respond with greater agility during weak market phases. In this way, we were able to prevent deeper corrections in the portfolio during the months of August and September in particular. In general, business models were put to the test against the changing times and the associated impact on the energy supply. OCI, Schoeller and Meyer Burger were our top picks and clear winners in the energy crisis and rising inflation situation. We also sold some positions entirely. With a view to higher interest rates, unprofitable growth companies and companies deep in debt came under pressure. We bought Zalando in Q3 based on its healthy balance sheet and comfortable market position. It was a winner in a difficult market segment based on fundamental analysis.
The first few days of the year have given us optimism for the year ahead. We would like to take this opportunity to pause and thank you for the trust you have placed in us and to wish you a healthy and successful 2023!
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This document was prepared by KEN Capital Advisors AG for information and marketing purposes. The sole basis for the purchase of collective investment schemes/fund shares are the most recent sales prospectus or fund contract and the key investor information («KIID»), if available, in conjunction with the most recent annual report or, if available, semi annual report of the investment fund. Additional information about this product can be found on the following website VP Fund Solutions (Liechtenstein) AG, 9490 Vaduz‚ Liechtenstein‚ www.vpfundsolutions.li , where the mandatory product documents are made available. Information for investors in Switzerland: the representative agent is MRB Fund Partners AG, Fraumünsterstrasse 11‚ 8001 Zürich‚ Switzerland and the paying agent is Neue Privat Bank AG‚ Limmatquai 1, 8001 Zürich, Switzerland. The relevant documents such as the constituent documents‚ prospectus‚ key investor information document as well as the latest annual and semi annual report can be requested free of charge from the representative.