With an increase of +10.67% (V share class), the NESTOR Europa fund again outperformed the benchmark index MSCI Europe +6.47% in the second quarter. Since the beginning of the year, the fund price rose by +25.83% (MSCI Europe +15.46%).
The performance of the V share class since launch on 01/07/2016 increased to +100.99% compared to +56.44% for the MSCI Europe. This gives the fund an annual return of +14.98%, which corresponds to an outperformance of +5.62% per annum.
Fund provider Ökoworld AG discloses reserves
Due to the scale achieved, the fund provider Ökoworld AG had to present a consolidated group balance sheet for 2020 for the first time. This revealed the company's true earning power and strength of substance. Since the beginning of the year, the company's market value has doubled to over 550 million euros. The inflow of new funds in the managed fund products continued to be pleasing. In addition, significant income from performance fees can be expected again in 2021, as settlement takes place on a quarterly basis and the managed funds noticeably exceeded the old "high watermark" as of 30 June 2021.
Puma, Adidas, Moncler, Kering and New Wave flourish
Even in times of pandemic, consumers thirst for lifestyle and luxury goods. This sector is traditionally strongly represented in the NESTOR Europe Fund, especially since a strong demand pull from the Far East generally ensures stable basic growth. The Swedish New Wave presented a surprisingly strong result, but the other sporting goods manufacturers Adidas and Puma were also convincing. In addition, Moncler and Kering (including Gucci and Balenciaga) reached new share price highs.
DIY stores and construction suppliers on the sunny side
Until now, Sto (thermal insulation), a building supplier from the tranquil town of Stühlingen in the Black Forest, has been rather cagey in its forecasts to the capital market. Now, for the first time, the board of directors leaned out of the window with a confident multi-year statement and, in addition to pleasing sales growth, also expects an expansion of margins in the coming years. Hornbach Baumärkte is also currently experiencing enormous demand and announced a very significant increase in guidance for 2021. Furthermore, we also remain confident for H+H International (Denmark, aerated concrete) and Byggmax (DIY stores). The latter completed another sensible expansion step with the acquisition of the Norwegian Right Price Tiles. In addition, the second quarter was also significantly above analysts' estimates for the Swedes.
Outlook
Although we, as value-oriented stock pickers, are particularly concerned with the fundamental data of the companies, the fundamental sector perspectives also play an important role in our considerations. In addition to the sectors already mentioned, we consider the areas of IT infrastructure, logistics and ESG services to be exceptionally attractive. For example, Sweden's Semcon is increasingly concerned with CO2 reduction strategies in the future. The leisure and outdoor sector as well as the motorhome industry should also continue to boom, as evidenced by the quarterly statement of the French Trigano. The European market leader for motorhomes posted a turnover increase of 131.2%(!) in the 3rd quarter.
Dirk Stöwer, Kontor Stöwer Asset Management GmbH