Investment Universe, Process, Strategy and Benchmark – How does the Fund Manager invest? (ISIN: LU0147784119)
Wilhelm Schröder: "S&P ASX 200 Index is the most widely used benchmark for the Australian market as well as for the NESTOR Australien.The fund can invest in every listed Australia and Newzeeland based company, as well as 10% of the fund outside of this spectrum. The fund has not invested in NZ for years, though. NESTOR Australien does invest outside of Australia on a regular basis – usually, in companies which are having some sort of Australian relationship like Australian management or similar.
Currently and for some time now, the fund has invested about 30% in gold mining companies, 30% in non-gold resources companies, and 30% in Australian, industrial companies. Between 5-10% is usually held in cash. The fund does invest predominantly in small- and midcaps. The benchmark-index does start at about 700 mill A$ market capitalisation, resulting in many investments outside of the benchmark.
The fund has historically had a strong overweight position in gold mining stocks, as well as in resources ex-gold companies. In more recent years, the allocation to gold mining stocks has been increased even further, at the costs of non-gold resources. The target is, to have around 30% of the fund as a minimum allocation to industrial stocks. Since inception, the fund has had only minimal exposure to Australian financial companies. This is also the case currently.
Australian, institutional investment is very much concentrated on the top 200 companies by market capitalisation. The fund is trying to pick those companies, which will grow into this segment. This process is generally accompanied by strong outperformance.
The Fund is a stock picker and aggressive sector-picker. The stock selection process has many things to talk about… just a few important notes:
Management is the single most important aspect of the selection process. In the industrial sector, free cashflow generation is the single most important aspect of investment, but also dividend yield, growth and market positioning are important parameters for investment.
The resources sector is using totally different valuation tools and this is way too complex to lay out here."
UI-ChampionsCall mit ProfitlichSchmidlin: „Wir graben tiefer“ - Opportunitäten für langfristige Unternehmensbeteiligungen und Anleihe-Sondersituationen
„Wir graben tiefer“ - Opportunitäten für langfristige Unternehmensbeteiligungen und Anleihe-Sondersituationen„Im Jahr 2023 sind die Fundamentaldaten bei unseren Beteiligungen mit den Aktienkursen weit...Performance Rückblick 2005
Wilhelm Schröder: "2005 war ein sehr enttäuschendes Jahr für den Fonds. Die Minderperformance gegenüber der Benchmark S&P ASX 200 Index lag bei neun Prozentpunkten. Hauptgrund dafür: Die Kursentwicklung von kleineren und mittleren Bergbauunternehmen blieb hinter der Performance von großkapitalisierten Aktien zurück. Dieses Phänomen ist häufig in frühen Phasen eines Bullenmarktes zu beobachten."
Performance Rückblick 2006
Wilhelm Schröder: "2006 begann die Aktienrally der Nebenwerte. Der Fonds überflügelte seinen Vergleichsindex um 41 Prozentpunkte. Er konnte vor allem durch das gute Abschneiden von Bergbau- und Goldminenaktien punkten."
Performance Rückblick 2007
Wilhelm Schröder: "Auch 2007 konnte der Fonds seinen Vergleichsindex hinter sich lassen. Fondsanleger schnitten um 6,5 Prozentpunkte besser ab. Wieder wurde die hohe Rendite vor allem durch Aktien aus dem Bereich Bergbau erzielt. Aber vor allem im ersten Halbjahr trugen auch kleine Industriewerte zur überdurchschnittlichen Fondsperformance bei. Ab Jahresmitte bremste jedoch der Ausbruch der Finanzkrise die Kursentwicklung kleinerer Titel."
Performance Rückblick 2008
Wilhelm Schröder: "2008 war ein besonders schwieriges Jahr, das Anlegern eine Minderperformance von 21 Prozentpunkten gegenüber dem Index bescherte. Negativ wirkte einerseits der schwache australische Dollar, der 25 Prozent seines Wertes gegenüber dem Euro verlor. Andererseits büßten mittelgroße Aktien und Nebenwerte besonders stark an Wert ein. Doch selbst Bluechips wie BHP Biliton, Rio Tinto und Xstrata verloren dramatisch an Wert. Im Rohstoffsektor brach das Geschäft ein. Viele Unternehmen verloren Geld."
Performance Rückblick 2009
Wilhelm Schröder: "2009 markierte die Rückkehr der Märkte zur neuen Normalität. Die großen Verlierer von 2008 – also der australische Dollar, Nebenwerte und Rohstoffaktien – erholten sich wieder und erreichten wieder realistische Bewertungen. Der Fonds erzielte einen Mehrertrag gegenüber dem Vergleichsindex von 139 Prozent."
Performance Rückblick 2010
Wilhelm Schröder: "The fund outperformed the benchmark dramatically, by about 47%. Resources stocks, gold mining companies as well as smaller industrials outperformed the market in the aftermath of the financial crisis, as markets stabilised."
Performance Rückblick 2011
Wilhelm Schröder: "The fund underperformed the Index by about 8%. Weakening growth, a strong currency and disappointing performance of gold mining stocks put pressure especially on smaller companies in the resources sector, but also consumer-orientated businesses."
Performance 2012 - Year-to-Date
Wilhelm Schröder: "So far this year, the fund outperformed the Index by 12%. Gold stocks especially contributed to this strong performance, in the wake of extraordinary liquidity-measures being taken by the European Central Bank. In general, risk appetite returned to markets, leading to good outperformance of smaller companies in general."
Performance seit 2007
Wilhelm Schröder: "Over the period since the end of 2006, the fund only managed a small degree of outperformance. Especially during the financial crisis, smaller companies – and resources stocks in particular – got hit pretty hard, and it took some time to return to ourperformance over longer periods."