PHILEAS L/S EUROPE - I GBP share 30 June 2020
Performance review
Performance (%)
Performance since inception
Warning: Past performances are no guarantee of future returns. This document has been published for information purposes only and does not constitute a commercial offer or investment proposal. The reader is invited to consult the full prospectus
ISIN: FR0011335355 Launch date: 12 October 2012 Structure: UCITS V - French FCP Management team: Ludovic LABAL / Cyril BERTRAND Benchmark: EONIA
Custodian: CACEIS BANK Administrator: CACEIS FA Auditor: MAZARS Fund dealing: daily Dividend policy: accumulation
NAV: 124.17£ AUM: 108 M£ Management fees: 1.20% incl.taxes Performance fees: 20% incl.taxes above EONIA + 100 bps Currency: GBP
PHILEAS ASSET MANAGEMENT SAS - 60, rue de Prony - 75017 Paris - Tel. : +33 (0)1 40 54 47 26 - [email protected] - www.phileas-am.fr
The investment objective of the PHILEAS L/S EUROPE Fund is to generate absolute performance, over the recommended 2-years investment horizon, decorrelated from equity markets (Stoxx 600 index), with lower volatility. The Fund invests in long and short equity positions, through discretionary stock picking mainly in Europe.
Source: Phileas Asset Management, unless otherwise noted
Source: Phileas Asset Management
Historical monthly returns*
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2012 -0.52% +0.15% -0.41% -0.77%
2013 +0.61% +0.14% +0.56% -0.44% +0.18% +0.74% -1.13% -0.52% -0.35% -0.51% +0.85% +1.73% +1.84%
2014 +1.16% +0.09% -0.01% -1.19% -0.45% -0.41% -0.15% -0.20% +1.96% +0.53% +0.26% +0.24% +1.79%
2015 +2.16% +0.41% -0.13% -0.94% +1.44% +0.25% +1.50% +0.45% +0.98% +0.19% +0.98% +0.74% +8.32%
2016 -0.16% -1.31% -0.76% +1.01% +1.09% -0.14% +0.72% -0.60% +0.69% -0.79% -2.11% -0.49% -2.81%
2017 +1.45% -0.07% +0.27% +0.40% -0.16% -0.21% -0.04% -0.92% +0.41% +0.53% +0.41% -0.50% +1.54%
2018 +2.69% +0.24% +0.66% -1.25% +2.19% +0.46% -0.48% +0.39% +0.83% -0.95% +0.08% -0.46% +4.43%
2019 -1.97% +1.15% -0.43% +1.21% -0.56% +0.33% -0.26% +1.32% -1.10% -1.15% -0.12% +0.32% -1.32%
2020 +0.63% +1.27% -0.54% -0.01% -0.13% +1.19% +2.41%
Risk indicators - 1-year data
YTD 1 month 1 year 3 years Annualized
performance*
PHILEAS L/S EUROPE 2.41% 1.19% 1.37% 5.40% 1.93%
EONIA -0.22% -0.03% -0.43% -1.15% -0.20%
Portfolio exposure Portfolio exposure by instrument
%
Gross exposure 120.7%
Net exposure 15.3%
Net beta-adjusted exposure 6.8%
% N° of positions
Long equity 68.0% 41
Short equity 52.7% 72
Short indices 0.0% 0
Source: Bloomberg
* I GBP share launched as of 10/12/2012
* Calmar ratio computed over the last 3 years
Beta Volatility Sharpe
ratio
Maximum
drawdown Calmar ratio *
PHILEAS L/S EUROPE 0.00 3.83% 0.20 -3.04% 0.44
* I GBP share class historical monthly returns
In June, PHILEAS L/S EUROPE rose by 1.19%, recording gains of 1.78% on the long portfolio
and losses of 0.59% on the short portfolio as markets rose by 2.84% (Stoxx 600).
The main positive contributors this month :
- In Telecom (+57 bps), MasMovil contributed 47 bps following a takeover bid by the private
equity consortium KKR, Cinven and Providence. The share price rose by 21% over the
month. However, the €22.50 per-share offer came as a disappointment given our
valuation level, which was closer to €30. In March 2018, the stock was trading at €25
per share. All told, the buyers will most likely be getting the best deal.
- In Food Retail (+50 bps), performance was driven by HelloFresh, now the world’s leading
home delivery meal-kit company. In reaching critical size, HelloFresh has achieved
brand-name status among consumers in Germany, England, the Netherlands, and the
USA. As the market is still some distance from maturity, we remain confident in the
company's short- and medium-term growth prospects.
- In Consumer Goods (+35 bps), positive contributions came from Burberry, Puma and
Logitech. At Burberry, the success of Riccardo Tisci's recent collections supports our
brand-renewal scenario.
- In the Automobile sector (+28 bps), Trigano benefited from sustained demand for its
motorhomes range. The market was already growing prior to the Covid-19 outbreak
and the health crisis has only served to reinforce this structural consumer trend.
The main negative contributors this month :
- In Services/IT (-71 bps), our long portfolio proved disappointing on average with negative
contributions from Compass, Indra Sistemas, Spie, and Bureau Veritas. We sold our
positions in Compass where normalisation could take longer than expected, and in
Indra Sistemas where there is a lack of visibility on both contract progress and pay-
ments in its Transport and Defence division. In contrast, we remain confident in Bu-
reau Veritas, where second-quarter guidance was overly cautious, and in Spie, which is
attractively valued and set to benefit from the European recovery plan.
96
98
100
102
104
106
108
110
112
114
116
118
120
122
124
126
128
130
PHILEAS L/S EUROPE
EONIA
PHILEAS L/S EUROPE - I GBP share 30 June 2020
Portfolio exposure by market cap
Top holdings
Gross exposure
Warning: Past performances are no guarantee of future returns. This document has been published for information purposes only and does not constitute a commercial offer or investment proposal. The reader is invited to consult the full prospectus
available on the company website.
PHILEAS ASSET MANAGEMENT SAS - 60, rue de Prony - 75017 Paris - Tel. : +33 (0)1 40 54 47 26 - [email protected] - www.phileas-am.fr
Source: Phileas Asset Management, unless otherwise noted
Gross performance contributors by sector - 1 month
Long % Short %
Worldline 3.2% Building
Switzerland 1.4%
Getinge 3.1% Telecom
France 1.3%
Bureau Veritas 3.1% Consumer
France 1.2%
Atos Origin 2.9% Telecom
Switzerland 1.2%
Trigano 2.6% Food/Bev/HPC
Germany 1.1%
Performance analysis
Portfolio exposure by sector Portfolio exposure by country
Net beta-adjusted exposure
Number of positive months 50
Number of negative months 43
% positive months 53%
Best month +2.69%
Worst month -2.11%
-0.71%
-0.45%
-0.13%
-0.11%
-0.05%
0.08%
0.10%
0.13%
0.28%
0.35%
0.50%
0.59%
Services/IT
Media
Food/Bev/HPC
Industry
Building
Infrastructures
Healthcare
Aeronautics/Defence
Automobile
Consumer
Food Retail
Telecom
14.8%
19.5%
6.7%
3.5%
0.9%
1.1%
1.2%
1.2%
2.1%
23.0%
45.1%
-5.4%
-4.0%
-2.9%
-1.9%
-1.3%
-1.3%
-0.9%
-0.6%
-0.3%
0.1%
25.2%
Switzerland
Germany
Sweden
Spain
Belgium
Netherlands
Finland
Denmark
Italy
UK
France
Net beta-adjusted exposure
Gross exposure
7.5%
2.7%
22.4%
2.2%
3.7%
9.1%
10.2%
6.1%
6.8%
7.0%
11.0%
30.5%
-2.5%
-2.1%
-1.6%
-0.5%
-0.3%
-0.2%
-0.1%
0.7%
1.3%
3.6%
3.9%
4.6%
Food/Bev/HPC
Media
Consumer
Aeronautics/Defence
Infrastructures
Industry
Healthcare
Food Retail
Automobile
Building
Telecom
Services/IT
Net beta-adjusted exposure
Gross exposure
3%
21%
28%
5%
33%
28%
2%
12%
0%
1 - 2 bn€
2 - 10 bn€
> 10 bn€
Net
Long
Short
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
-20%
-10%
0%
10%
20%
30%
40%
50%