(Boursier.com) — Richelieu Pragma Europe is an equity fund invested in European Union companies of all market capitalizations, eligible for the PEA and integrating extra-financial criteria.
The management team’s understanding of economic and stock market cycles dictates the positioning and allocation between 3 complementary pockets: strategic (select companies with above-average fundamentals and committed shareholders), thematic (capitalize on multi-year European issues) and tactical (adapting the fund to short market cycles).
The Richelieu Pragma Europe fund thus combines the expertise and allocation convictions of the Richelieu Group strategist, Alexandre Hezez, and the stock selection of the equity manager, David Autin.
Up 15% over 5 years, the gains amount to 33% over 10 years. At the level of holdings, the banking sector participated in the recent performance of the fund with a strengthening of BBVA within the portfolio driven by adequate diversification of the franchise and a transition towards a model of stakeholder capitalism. “At the same time we decided to reduce our position in HUGO BOSS after noting that higher operational costs due to increased marketing and reduced gross margins due to increased pricing pressure could hamper margin expansion expected” comment the managers. “The shift towards looser monetary policy, in resonance with signals from the US Fed, suggests cautious optimism about the eurozone’s ability to overcome its current challenges and foster sustainable economic growth, while remaining vigilant in the face of changes in wages and underlying inflation.
Conclusion
Pragmatic, multi-cap management for European Union companies!
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