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TCSETendercapital Secular Euro
Tendercapital Secular Euro is a long-only thematic equity fund actively managed which invests in companies across the European equity market engaged in the area of «Robotics&Automation», «Sustainable Environment», «Digital Economy» and «Healthy Living». The fund promotes environmental, social and governance (ESG) criteria through a combination of exclusion, integration of ESG parameters and active management. ESG criteria are interwined with traditional financial analysis to define the reference framework for portfolio structuring.
Achieve a positive annual return with a medium risk profile.
November was characterized by significant gains on the main European indices. The fund maintained a broad diversification, with 71 securities in portfolio. The fund continues to maintain a balanced exposure between cyclical and defensive sectors.
Industrials and technology are the sectors most represented in the fund, at 12% and 11%, respectively. The fund maintains a prevalent exposure to the small and large segments, with the latter at 58% in November, in line with the previous month. The main positive contributor for the month was Prosus, whose sector benefited from the positive market sentiment related to the post-Covid Chinese reopening theme. The worst contributor was Laboratorios Farmaceuticos: the company active in the CDMO segment fell short of expectations, with lower-than-expected estimates for 2023FY. We maintain a positive view on the stock in the medium term. The portfolio’s beta is stable at 0.96. In terms of secular trends, Digital Economy is the trend with the greatest weight in the portfolio, at 39.2%. The weight of the top ten stocks in the portfolio increased to 39.1%, mainly due to market movements. During the month, liquidity increased to 7% due to the sale of the position in TKH, a company that had been in the top 10 in the previous month. The evolution of the company’s idiosyncratic factors is behind the decision to sell the position completely. The fund maintains an ESG rating of AA, based on its MSCI score.
Europe Large-Cap Blend Equity
ISIN Code Share Class: SECULAR EURO RETAIL ACC SHARE CLASS
ISIN Code: IE00B8XC4845
Consult Monthly Factsheet
ISIN Code Share Class: SECULAR EURO INSTITUTIONAL ACC AI SHARE CLASS
ISIN Code: IE00B8XCNZ43
DISTRIBUTION Ireland, United Kingdom, Italy, Switzerland
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- Tendercapital Memorandum and Articles Funds PLC
- Tendercapital Funds PLC Prospectus
- Addendum for SFDR
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