Alken European Opportunities

19 Pages·2015·1.03 MB·English

Alken European Opportunities
Q3 Update

October 2015
Speakers
Nicolas Walewski - Founder and co-Portfolio Manager
Marc Festa – co-Portfolio Manager
Automobiles and Auto Suppliers
Antoine Badel - Senior Analyst
Technology, Financials & Property
Vincent Rech – Analyst
IT hardware & Telecommunications
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Performance & Exposures
Alken European Opportunities Fund
120% 106.49% Alken Fund –
Active
European
Return* (%)
100% Opportunities (%)
81.55%
YTD 1.25 -2.60
80%
56.87% 1 Year 3.95 -0.08
60%
3 Years 56.87 16.32
40%
5 Years 81.55 26.77
20%
Since launch
1.25% 3.95%
106.49 58.71
(03.01.2006)
0%
YTD 1Y 3Y 5Y Since
Source: Internal calculations. *Active return is the outperformance of the
inception Alken European Opportunities Fund (R share class - EUR) measured against
(03/01/2006) the STOXX EUROPE 600 benchmark (EUR) dividends reinvested.
Performance (net return) up to end September 2015.
Past performance information contained in this document is not an
Alken European Opportunities STOXX Europe 600 indication of future performance.
2006 2007 2008 2009 2010 2011 2012 2013 2014
Alken European Opportunities (%) 28.12 10.65 -47.63 41.19 17.34 -11.93 27.81 33.73 10.15
STOXX Europe 600 (%) 19.97 2.07 -43.77 32.39 11.61 -8.61 18.18 20.76 7.2
Active Return (%) 8.15 8.58 -3.86 8.8 5.73 -3.32 9.63 12.97 2.95
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Alken European Opportunities – Q3 Performance Highlights
•Over the third quarter the Fund returned -7.42% versus -8.42% for the benchmark, an
outperformance of +1.01%.

•Wirecard was the standout performer for the quarter and Ryanair continued their positive
price performance YTD after publishing strong traffic statistics. Drillisch posted positive
returns as they announced price increases and rumours of a bid from United Internet. Veolia
and Temenos were also key performers.

•Peugeot and Renault and car supplier Valeo were the chief detractors, dragged down by fears
over the China slowdown and concerns regarding the implications of the VW revelations for
the auto sector. Technology name Micron suffered from the continued weakness in DRAM
prices, however in August volumes and prices started to stabilise and we saw signs of

improvement in several of its end markets including PC.

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Macro overview
Supportive money supply indications
M1 and M3 on Eurozone are growing again M1 points to Eurozone GDP acceleration
14 14 6
12
12
4
10
10
8
2
8
6
6 4 0
2
4
-2
0
2
-2
-4
0
-4
-2 -6 -6
M1 M3 M1 y/y (9m lag) Real GDP
Source: Bloomberg data as end August 2015
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Risks Concentrated in China and Leveraged Commodity Exporting Countries
Breakdown of PMI evolution
65
60
55
50
45
40
Eurozone China US Brazil
Source: Bloomberg data as end August 2015
8
High yield turbulence (I) – well within long-term ranges
9
High yield turbulence (II) - entirely driven by commodities
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