In July, the fund achieved a net performance of -1.32% (gross: -1.00%). The long book lost -0.88%, and the short book -0.12%. The average net exposure was 106.11%, which is lower than the previous month.
Market Review
- Indices: DAX -0.4%, MDAX +1.7%, SMI -0.7%, TecDAX -0.7%, SDAX -0.1%, Russell 2000 +1.68%
- Currencies: Euro vs. CHF -0.5% (CHF 0.93), Euro vs. USD -3.09% (USD 1.16)
- Commodities: Brent Oil +7.72% (USD 71.70), WTI +6.77% (USD 67.20), Bitcoin +7.3% (USD 115,076)
What moved the markets? In July, a new trade agreement between the EU and the USA initially brought relief, as tariffs on European exports were reduced. However, the initial euphoria did not last, since the agreement was perceived in Europe as unbalanced in favor of the USA, which particularly burdened export-oriented sectors. The European Central Bank left its key interest rate unchanged in light of stable inflation at 2%, fueling speculation about a possible delay in further monetary easing. Domestically focused sectors like utilities and banks performed above average, while export-dependent companies suffered due to ongoing global trade uncertainties. A stimulus package announced by the German government provided positive momentum, expected to deliver medium-term growth impulses.
Portfolio Review: Our position in VusionGroup lost -17.59% in July. VusionGroup reported an adjusted Q2 revenue of EUR 415 million (+64.6% YoY), clearly exceeding both its own forecasts and consensus estimates (+16% and +17%, respectively). Value-Added Services (VAS), especially the high-margin and non-recurring revenues, performed particularly well and are expected to positively influence the earnings mix. Although order intake slightly disappointed during the quarter, the company reaffirmed its ambitious full-year targets of EUR 1.4 billion in revenue (+40% YoY) and an EBITDA margin of 17–18%. Analysts expect the company to reach the upper end of this range, supported by a strong H1 result to be released on September 15. Despite a lofty valuation (37x 2025E EPS, PEG 0.8x), the stock remains attractive given the expected EPS growth of ~48% p.a. through 2027 and a positive newsflow in H2 (especially rollouts in EMEA). Aixtron declined -4.7%. Aixtron reported slightly better-than-expected results for Q2 2025: Revenue came in at EUR 137.4 million, slightly above consensus, and the EBIT margin at 19.6% was clearly above expectations (17% or 16.6% consensus). The margin improvement was mainly driven by lower R&D expenses despite higher operating costs. Order intake came in as expected at EUR 118.5 million, down -33% YoY, but still showing solid demand, e.g., from the AI data center segment. The full-year forecast (revenue EUR 530–600 million, EBIT margin 18–22%) was confirmed and appears achievable. Overall, we believe Aixtron is operationally on track and may surprise positively, although the weaker USD remains a potential headwind. TeamViewer fell -5.7%. TeamViewer reported slowed revenue growth of only 5% (6% currency-adjusted) in Q2 2025, mainly due to underperformance from the newly acquired unit 1E. While the core business remained stable, especially in the enterprise segment, 1E delivered only 2% growth, far below the mid-term target of 20% p.a. Positively, profitability was strong: Adjusted EBITDA rose by 17% to EUR 84 million with an impressive margin of 44%, beating expectations. Management presented a credible plan for accelerating growth in H2, including new products, pipeline strength, and initial synergies with 1E. Despite slightly reduced revenue guidance, the stock remains fundamentally attractive, as profitability is convincing and there’s potential for a growth rebound in H2.
Investment Decisions: Over the course of the month, we further reduced both our short and long positions. No new investments were made.
Outlook: We are focusing on companies with strong domestic demand, as opposed to those dependent on exports. Following new tariff negotiations with the U.S., we expect more stable export conditions and thus renewed interest in stocks that were previously heavily sold off. We see significant recovery potential in certain sectors and companies. The German stimulus package, marking a departure from the “black zero” fiscal policy, is expected to inject new momentum into industry, construction, e-mobility, digitalization, and finance.
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