Paul Wild verwendet bei seinem lange etablierten Fonds einen pragmatischen Investmentprozess. Die gezielte Titelauswahl nach dem „Bottom-Up“-Prinzip wird ergänzt durch „Top-Down“-Einschätzungen zu Wirtschaft und Branchen. Mit seinem Anlagestil, der vornehmlich auf Standardwerte setzt, und seinem Risikoprofil konnte der Fonds eine überdurchschnittliche Performance bei steigenden, aber auch fallenden Märkten erzielen. Er belegt im Zeitraum seit der Auflegung (2001) einen Spitzenplatz innerhalb der Vergleichsgruppe.

The MSCI Europe ex UK NR Index returned -5.88% in sterling terms (-4.93% in euro terms) in June.

From a European perspective, Greece was the big story in June. Early hopes of a deal between Greece and its creditors were soon dispelled by noises that the respective camps were too far apart, with critical sticking points on pension reforms and the whole subject of debt relief. The eventual call for a referendum on whether to accept the 25th June Eurogroup proposal - despite the fact this plan had not been formalised and had already expired - was met with disbelief by Europe's leaders. Meanwhile, the bundling of four IMF payments into one end-of-June payment tranche was unsurprisingly met with default. The imposition of capital controls effectively closed the banks, limiting ATM withdrawals to €60 per day and banning bank payments abroad. There is limited evidence so far that the ECB has front-loaded quantitative easing through this period, but has continued up until recently to increase the limits on the Emergency Liquidity Assistance to the Greek banking system.&nbsp;<br /><br />On the European macro front, industrial surveys were a little weaker but PMI surveys were fairly robust, whilst on the consumer side confidence and auto sales were resilient. Naturally, equity markets had a rough month but remain 12% above their end-of-December level in euro terms. Sovereign bond yields continued to rise, with the 10-year German Bund yield climbing 0.28% to close at 0.78%, whilst Italian and Spanish yields rose 0.49% and 0.46% to close at 2.33% and 2.30% respectively.

Helped by good stock picking, the Fund returned -5.13% in sterling terms (-4.16% in euro terms) in June as its steady performance so far this year continued. At the sector level by far the greatest contribution came from industrials. Here there was notable performance from Randstad, which is benefiting from a resumption of strong growth in the Dutch temporary staffing market and continued strong conditions in the US. Elsewhere, the likes of Danish jewellery manufacturer Pandora and a number of French financials performed pretty well for the portfolio. The largest single stock negative contribution came from Alcatel, but we continue to increase the position size in the belief that the outlook for telecom capex will pick up in the second half of the year.

Die Daten sind angegeben nach Gebühren bei Wiederanlage des Nettoertrags. Die Wertentwicklung anderer Anteilsklassen kann von diesen Ergebnissen abweichen und wird auf Anfrage mitgeteilt. Die Wertentwicklung des Fonds wird der Performance des MSCI Europe ex UK NR gegenübergestellt. Die Ergebnisse für den Zeitraum vom 5. November 2003 bis zum 31. Dezember 2012 werden dem FTSE Eurofirst 300 ex UK TR Index gegenübergestellt. Wo angezeigt, zeigt die monatliche Renditetabelle die zusammengesetzte diskrete monatliche Performance. Im Zeitraum vom 5. November 2001 bis zum 7. Mai 2003 basiert die Renditehistorie auf der bereits bestehenden Anteilsklasse mit einer höheren Managementgebühr.