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TCSETendercapital Secular Euro
This is a Euro denominated fund which invests primarily in European equities and provides the Client with the means of gaining exposure to the potential upside of equity markets over the medium term. The investment manager selects undervalued themes highlighted by a top-down quantitative secular analysis which then focuses on a single company and its future economic prospects, emphasizing European companies with business activities in foreign markets. The portfolio is carefully constructed piecemeal through a rigorous top-down analysis of the future demographic trends and the socio-economic-healthcare developments.
Achieve a positive annual return with a medium risk profile.
October was characterized by negative returns on the main European indices. The fund maintained broad diversification during the month, with 67 securities in portfolio, in line with the previous month. The fund continued a gradual rotation of sectors, moving towards cyclical sectors (industrial, oil & gas and construction) while reducing its positions in defensive sectors, along with a preference for large over small caps. Liquidity in the portfolio was maintained at 11%, in line with the previous month. The portfolio’s beta rose to 0.9. Tech remains the fund’s main sector (19%), followed by industrial (13.7%), thanks to a gradual reduction in the health care sector. During the month, the small cap segment saw another reduction due to profit taking on some of the fund’s most significant positions. Midsona and Zeiss are no longer in the top ten holdings. In terms of secular trends, big data analytics (25%) and clean tech solutions (17%) are the themes with the greatest weight in the portfolio. The top ten securities steadily account for 29% of the portfolio.
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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Funds Documents
Full Prospectus
[1] Distributors marked with [1] act as sub-distributors on behalf of Allfunds Bank S.A., which serves as primary distributor (without exclusive agreement) of Tendercapital Funds plc’s shares in Italy, with option to make use of sub-distributors.
[2] Distributors marked with [2] act as sub-distributors on behalf of Online Sim SpA, which serves as primary distributor (without exclusive agreement) of Tendercapital Funds plc’s shares in Italy, with option to make use of sub-distributors.