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- PUTNAM - Europe High Conviction, Syst. NAV Hdg, (CHF) M D
PUTNAM
Europe High Conviction
ISINLU1183696290PUTNAM - Europe High Conviction, Syst. NAV Hdg, (CHF) M D
ISINLU1183696290General information
| Asset Class | Equities | |
| Category | Europe | |
| Strategy | Regional Equities | |
| Fund base currency | EUR | |
| Share Class reference currency | CHF Hedged | |
| Benchmark | MSCI Europe EUR ND (CHF Cross Hdg.) | |
| Dividend Policy | distribution | |
| Total Assets (all classes) in mn | CHF 169.69 | 31.03.2025 |
| Assets (share class) in mn | CHF 0.13 | 31.03.2025 |
| Number of positions | 73 | 31.03.2025 |
| TER | 1.18% | 30.09.2024 |
Risk rating
Lower riskHigher risk
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Typically lower rewardTypically higher reward
Past performance is not a guarantee of future results. If the funds are denominated in a currency other than that in which the majority of the investor's assets are held, the investor should be aware that changes in rates of exchange may affect the value of the funds' underlying assets. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
Performance & Statistics
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| As of |
| Share Class (Net) |
| Benchmark |
Sorry, we could not retrieve the data for this share class.
Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
Loading...
| As of |
| Share Class (Net) |
| Benchmark |
Sorry, we could not retrieve the data for this share class.
Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
Loading...
| As of |
| Share Class (Net) |
| Benchmark |
Sorry, we could not retrieve the data for this share class.
Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
| Fund | Benchmark | |
|---|---|---|
| Total Return | 33.36% | 64.75% |
| Annualized Return | 2.85% | 5.00% |
| Annualized Volatility | 13.80% | 13.86% |
| Sharpe Ratio | 0.23 | 0.38 |
| Downside Deviation | 9.56% | 9.25% |
| Positive Months | 56.91% | 56.91% |
| Maximum Drawdown | -25.41% | -22.58% |
* Risk-Free Rate -0.29%Target Rate -0.29%
Calculations based on monthly time series
Earliest Date: 10.02.2015, Latest date: 24.04.2025
| Fund vs Benchmark | |
|---|---|
| Correlation | 0.934 |
| R2 | 0.871 |
| Alpha | -0.14% |
| Beta | 0.930 |
| Tracking Error | 5.04% |
| Information Ratio | -0.432 |
Key risks
The following risks may be materially relevant
but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Operational risk and risks related to asset safekeeping: In specific circumstances, there may be a material risk of loss resulting from human error, inadequate or failed internal systems, processes or controls, or from external events.
Concentration risk: To the extent that the fund's investments are concentrated in a particular country, market, industry, sector or asset class, the fund may be susceptible to loss due to adverse occurrences affecting that country, market, industry, sector or asset class.
Financial, economic, regulatory and political risks: Financial instruments are impacted by various factors, including, without being exhaustive, the development of the financial market, the economic development of issuers who are themselves affected by the general world economic situation, and economic, regulatory and political conditions prevailing in the relevant country.
Highlights
PUTNAM - Europe High Conviction is an actively managed long-only European all-cap equity strategy launched in November 2010. It invests in leading European companies that can deliver profitable growth over the long term, through a diversified and benchmark aware approach. The MSCI Europe TR ND index is used for performance comparison. The investment team employs a bottom-up stock selection approach built on in-depth fundamental research and close contact with companies. Each investment must fit into one of the three investment buckets that we describe as high quality, high growth and corporate event opportunities. This allows the Fund to navigate through diverse economic and market cycles. Risk management starts with the fund managers assessing 12 risk factors at portfolio level. In parallel, our independent risk team manage investment risks and monitor operational risks.
Breakdowns
Top 10 (in %)
| SAP SE | 0.00% | 3.53% |
|
| Nestlé | 0.00% | 3.45% |
|
| ASML Holding | 0.00% | 3.40% |
|
| Roche | 0.00% | 3.25% |
|
| Novo Nordisk B | 0.00% | 2.84% |
|
| Prudential | 0.00% | 2.75% |
|
| Astrazeneca | 0.00% | 2.62% |
|
| Air Liquide | 0.00% | 2.53% |
|
| Axa | 0.00% | 2.42% |
|
| LVMH | 0.00% | 2.38% |
|
Sectors (in %)
| Financials | 0.00% | 23.62% |
|
| Health care | 0.00% | 17.11% |
|
| Industrials | 0.00% | 14.43% |
|
| Information technology | 0.00% | 12.02% |
|
| Consumer staples | 0.00% | 9.57% |
|
| Consumer discretionary | 0.00% | 6.55% |
|
| Materials | 0.00% | 6.32% |
|
| Energy | 0.00% | 4.43% |
|
| Utilities | 0.00% | 3.51% |
|
| Communications & Services | 0.00% | 2.04% |
|
| Others | 0.00% | 0.40% |
|
Countries (in %)
| France | 0.00% | 23.34% |
|
| Switzerland | 0.00% | 19.69% |
|
| United Kingdom | 0.00% | 16.80% |
|
| Germany | 0.00% | 16.62% |
|
| Netherlands | 0.00% | 6.19% |
|
| Italy | 0.00% | 5.50% |
|
| Spain | 0.00% | 4.08% |
|
| Others | 0.00% | 3.86% |
|
| Denmark | 0.00% | 3.52% |
|
| Cash | 0.00% | 0.40% |
|
Currencies (in %)
| EUR | 0.00% | 59.80% |
|
| CHF | 0.00% | 20.05% |
|
| GBP | 0.00% | 15.63% |
|
| DKK | 0.00% | 3.56% |
|
| NOK | 0.00% | 0.52% |
|
| USD | 0.00% | 0.44% |
|
Managers
Roland EggerInvestment Solutions (Portfolio and Fund Management)
Ingrid NouhaudInvestment Management (Continental Europe Small & Mid Leaders)
Read more
Ingrid Nouhaud est analyste au sein de l’équipe Global Equities de PUTNAM ADVISORY CO LLC (BWB). Elle a
rejoint l’entreprise en 2016 en tant qu’analyste pour le fonds LOF-Emerging High Conviction. Avant cela, elle a travaillé
au sein des services de valorisation de Duff and Phelps pendant 2 ans et a débuté sa carrière en 2012 chez Oddo
services, dans le cadre de leur programme d’études. Ingrid a obtenu un Master Banque et Finance à l’Université Paris-
Dauphine en 2012 et possède un diplôme d’expert-comptable
Legal information
General information
| Domicile | Luxembourg |
| Legal Form | SICAV |
| Regulatory Status | UCITS |
| Registered in | AT, BE, CH, DE, FI, FR, GB, LI, LU, NL, NO, SE |
| Class launch date | 14.07.2017 |
| Close of financial year | 30 September |
| Dividend Policy | distribution |
| - Distribution date | November |
| - Last dividend paid (27.11.2024) | CHF 0.1 |
Fiscal Information
| DE Investmentsteuergesetz (InvStG) | Equity Fund |
| AT Investmentfondsgesetz (InvFG) | Declared Fund |
| UK Reporting Status | No |
Management Company & Agents
| Management Company | PUTNAM Funds (Europe) S.A. |
| Custodian | CACEIS Bank, Luxembourg Branch |
| Auditor | PricewaterhouseCoopers |
| Portfolio valuation | CACEIS Bank, Luxembourg Branch |
Dealing
Dealing
| Subscriptions and redemptions frequency | daily |
| Subscriptions and redemptions cut-off day | T |
| Subscriptions and redemptions cut-off time | 12:00 CET |
| Subscriptions and redemptions settlement date | T+2 |
| NAV valuation point | T |
| NAV calculation day | T+1 |
| NAV calculation frequency | daily |
| Minimum Investment | EUR 3'000 or equivalent |
| Management Fee | 0.825% |
| Distribution Fee | 0% |
Security Numbers
| BLOOMBERG | LOEHCMD LX |
| ISIN | LU1183696290 |
| SEDOL | BVFM3R5 |
| TELEKURS | 26896777 |
Prices
Prices over selected period
| Last | CHF | 0.00 | 12.80 | 24.04.2025 |
| First | CHF | 0.00 | 9.60 | 10.02.2015 |
| Highest | CHF | 0.00 | 16.33 | 13.08.2021 |
| Lowest | CHF | 0.00 | 8.87 | 11.02.2016 |
* Earliest Date: 10.02.2015, Latest date: 24.04.2025
Documents
Legal Documents
Newsletter
EUROPEAN MARKET REVIEW AND FUND PERFORMANCE
The European equity market returned -4.0% in March (MSCI Europe TR) and Small and Mid-Cap stocks measured by the MSCI Europe SMID returned -2.9%.
After two months of positive returns, European equity markets corrected in March due to investors’ cautiousness ahead of US tariffs announcement, the direct and indirect impacts of those tariffs on companies and on the economy.
In Germany, a new fiscal package was announced and voted, consisting of a EUR500bn Infrastructure fund, defence spending and a relaxation of the debt brake. That spending spurge is a turning point for Germany after decades of fiscal conservatism in hopes of reviving economic growth. The European Commission also announced a new plan, named Rearm Europe, enabling spending of over EUR800bn for European defence. This plan aimed at bolstering European military capabilities : the plan is a response to the rapidly changing geopolitical landscape with a range of escalating threats and challenges.
In that context, the top performers in the MSCI Europe were Thales, Dassault Aviation and Leonardo, while Kering, Melrose Industries and Amplifon were the worst performers.
By sectors, Utilities and Energy performed the best, up +5,1% and +4,2% respectively while Consumer Discretionary and Information Technology were the worst performers, down 12.4% and 9.5% respectively.
The Fund returned -5,5% in March (NA share class) versus -4.0% for its benchmark.
In March, our top three positions minus our bottom three positions had a net +8 bps impact.
STOCK PERFORMANCE: TOP CONTRIBUTORS AND DETRACTORS
CONTRIBUTORS
The top three contributors to the Fund’s performance in March were Prudential, SPIE and Banca Mediolanum.
Prudential: Prudential is a leading life insurance and asset management company with a peerless franchise in Asia (ex-Japan). The stock was up 13.8% (EUR) in March. The company reported strong FY 2024 results with an operating profit, a dividend per share and total capital higher than expected.
SPIE: SPIE is the independent European leader in multi-technical services in the areas of energy and communications. The company reported strong FY results and unveiled a strong mid-term financial guidance. The stock was up 14.8% in March.
Banca Mediolanum: Banca Mediolanum is a bank and an asset gatherer in Italy and in Spain. The stock was up 9.4% in March after positive reports published by sell-side analysts.
DETRACTORS
The three positions that detracted most from the Fund’s performance in March were Novo Nordisk, Galderma and Inficon.
Novo Nordisk: Novo Nordisk is a leading global healthcare company with a focus on diabetes and obesity. The stock was down 25.9% in March. The company Novo Nordisk published new clinical data (REDEFINE 2) on its investigational drug cagrisema and if those new clinical data were positive they were below expectations.
Galderma: Galderma is a dermatology company. The stock was down 16.4% in March after the company reported FY 2024 results and a softer than expected Q4 in Aesthetics division due to US market weakness. However, 2025 guidance is strong and the company mentioned market share gains globally and new potential markets.
Inficon: Inficon provides world-class instruments for gas analysis, measurement and control to the semi- conductor industry . Inficon declined by 17.5% as the all semi-conductor space suffered from uncertainty around tariffs on semiconductor equipment tariffs.
