Download March 2015 AULIEN S.C.A., Sicav

AULIEN S.C.A., Sicav - SIF Global Fund
(Isin : LU0730697348 )
March 2015
NAV at 27.02.15 : EUR 111.5
Performance until 27.02.15
Quote of the month : “ The trouble is, you think you have time” - Buddha
113
111
109
107
105
103
101
99
The latest GDP figures have shown a US economy slowing down (from
approx. 4% in Q3 to around 2.5% in Q4 while Europe’s growth is accelerating (so far modestly) with encouraging figures once again from Germany. The consensus believes these trends will continue during 2015 with
Europe benefitting from low oil, low EUR and its QE1 to reach 2-3%
growth. We have our doubts with this optimistic scenario but will not fight
stock markets for the time being. We still think that printing money and
kicking the debt can further down the road will not permit any sustainable and sound economical recovery. Europe needs to reduce its unnecessary large social wealth fare.
Japan is struggling to escape from its low growth and deflationary environment. Finally, the “soft landing” of the Chinese economy is already
having large consequences for countries like Australia, but could also
spoil things for everyone else if it gets out of control.
We kept a rather passive strategy stance during the month enjoying a
nice performance from the existing investments. We did increase our
allocation to the well managed Fidelity Patrimoine but also initiated a
new position in TBT: US, a short certificate on the 20 year Treasury Bond
as long term interests finally seem to break their decreasing trend.
We’re currently looking for potential new investments like the perpetual
Total Bond with a call in of 2% in 2021. Glaxo Smithkline (GLK:LN) is
also promising with an interesting pipeline of products.
Our favorite picks still include Lyxor India Fund, Gränges (+ 24% since
our purchase on January 16th), and Sampo.
nov..14
janv..1 5
juil..14
sept.. 14
mai.1 4
mars .14
nov..13
juil..13
2.5%
YTD
5.8%
Since inception
11.5%
Performance (in EUR)
Aulien Fund
1m
2.5%
3m
5.3%
6m
5.4%
YTD
5.8%
EuroStoxx 50
7.4%
10.7%
13.4%
14.4%
Barclays Pan Euro Agg
0.3%
5.0%
6.8%
3.7%
Strategy & Investment Policy
The objective of the Company is to achieve for the Shareholders an optimum return by
undertaking directly or indirectly investments while reducing investment risk through
diversification.
The Sub-Fund will predominantly invest in a diversified portfolio of equities, government and corporate bonds, commodities (through financial derivative instruments),
currencies, structured products and alternative investment products.The sub-Fund will
allocate a significant portion of its equity allocation into Scandinavian stocks.
Financial Conditions
26.10.2011
SICAV SIF
diversified
4/7 medium-high
5 years
LU0730697348
EUR
Weekly
Luxembourg
Aulien S.A.R.L.
CBP Quilvest
EFA Luxembourg
EFA Luxembourg
Mazars Luxembourg
sept.. 13
1 month
Past performances are not guaranteed of future results
Investment decisions: “surfing the current wave”
Issue date
Classification
Fund type
Risk level
Maturity invest. recomm.
Isin Code
Currency
Nav calculation
Domicile
General Partner
Custodian
Fund Administrator
Transfert Agent
Auditor
mai.1 3
Aulien Fund
Macro & Politics: “mixed emotions”
Fund characteristics
mars .13
nov..12
janv..1 3
juil..12
sept.. 12
mai.1 2
mars .12
97
nov..11
Equity charts are inspiring with most indexes in the western world breaking out to new highs. The monthly figures are spectacular (EuroStoxx 50
+ 7.4% / S&P 500 + 5.5% / OMX 30 + 7.5%). Even Japan seems to
break its multidecade bearish trend. Technically, breakouts are bullish
and we feel one should continue to take advantage of these tailwinds.
Nevertheless some markets are not enjoying this party, primarily emerging and commodity markets. Russia, Brazil, China and South Africa are all
struggling with various political and economical issues and with lagging
performances.
After recent sharp moves and high volatility forex market have stabilized
for a little while. All eyes are on the Fed’s probable interest hike with a
potentially strong bullish impact on the Greenback.
Aulien was up 2.5% in February and is up 5.8% YTD.
janv..1 2
Markets: “blue sky”
AUM (m EUR): 24.4
janv..1 4
Monthly management comment
Subscription fees
Redemption fees
Performance fees
Management fees
Current top positions
max 5%
0%
15%
1.5%
Stocks:
IShares Euro Stoxx 50
ZKB Gold ETF
Kurita Water Industries
2.8%
2.6%
2.3%
ProShares Trust UltraShort 20+ yr Treasury 2.2%
Net Entertainment
2.2%
Sampo
2.1%
BNP Paribas Arb Issuance Certif Basket 2.1%
Bonds:
Rabobank Nederland 4.125% 2022
Stora Enso Oyj 5% 2018
4.4%
4.2%
Funds:
Templeton Inv GI Total Return H1 Cap 4.0%
Fidelity Fds Patrimoine A Eur Cap
2.8%
Cash:
8.5%
AULIEN S.C.A, SICAV-SIF—28 Rue Edward Steichen — L 2540 Luxembourg