December 31, 2008
94.95 EUR
167.88 EUR
250.28 EUR
Merclin Global Equity is an actively managed fund invested in equities worldwide. The objective is to outperform
out
the MSCI AC World Index
over the long term by selecting undervalued stocks. Besides equities the fund also invests
invest in value funds with great track records to cover regions
or sectors where the manager of Merclin has not a sufficient edge to allow for outperformance. Special attention goes to management with
proven talent and significant share participation. The fund is recommended to investors with an investment horizon of at least 3 to 5 years.
-27.99%
41.37%
5.91%
-16.06%
-16.06%
–
-16.57%
-39.08%
-16.57%
-12.31%
-2.16%
6
–
–
Last quarter was a very bad one in absolute terms with a loss of
13%. But relative to its benchmark, which lost 22,6%, it was
one of the best quarters.
We still
ill avoid cyclical companies and companies with too
much debt. This strategy turned out to be the good one in the
last quarter. Our two most important positions held extremely
well: Fairfax is unchanged and Odyssey Re is up 20% for the
quarter. Our Japanese
se exposure was also of great help: the
strength of the Yen annihilated the weakness of the Japanese
stocks.
Our strategy remains the same going into 2009: take advantage
of the low prices offered to continually improve the quality of
the portfolio. We invest
vest only in solid companies which will
weather this storm without too much damage.
–
-27.99%
-16.20%
26.15%
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Fairfax Financial
Odyssey Re
Microsoft
Inditex
AB - Inbev
Samsung
Nokia
Berkshire Hathaway
Pfizer
Novartis
6.00%
4.37%
3.97%
3.24%
3.18%
3.05%
2.76%
2.68%
1.81%
1.64%
150
125
100
Others
0,87%
75
Options & Futures
1,46%
Cash
6,22%
50
Stocks
Merclin GE
Consumer Discretionary
(13.21%)
0,00%
MSCI World (ex--div)
Consumer Staples
(5.09%)
Energy
(6.20%)
91,45%
Financials
(22.15%)
%)
20,00%
Holding Companies
(4.88%)
Healthcare
(10.73%)
Industrial goods
(8.23%)
40,00%
IT
(12
(12.78%)
60,00%
80,00%
Telecom
(6.30%)
Materials
(4.46%)
100,00%
Others
(2.92%)
Utilities
(3.03%)
Zurich Financial
Swiss Re
MTN Group
Alcatel-Lucent
Petrochina
Koninklijke Philips
Ebay
Ackermans-Van
Van Haaren
FFP
Inditex
Odyssey Re
AB-Inbev
USD;
43,05%
Others;
1,54%
Emerging
Markets;
20,40%
Euro zone;
19,65%
EUR;
30,73%
USA;
28,00%
GBP;
1,24%
CHF;
3,46%
JPY;
19,18%
Other;
1,04%
Great
Britain;
2,84%
Japan;
24,12%
Switzerland;
3,96%
Hedge: 5% JPY and 5% USD
123,93 €
123,70 €
115,99 €
120,63 €
123,43 €
115,26 €
111,88 €
112,08 €
109,21 €
99,25 €
93,04 €
94,95 €
-6,01%
-0,19%
-6,23%
+4,00%
+2,32%
-6,62%
-2,93%
+0,18%
-2,56%
-9,12%
-6,29%
+2,05%
-27,99%