Une sélection responsable de valeurs de moyennes capitalisations
Sycomore Sélection Midcap cherche à enregistrer une performance supérieure à celle de l’indice MSCI EMU Smid Cap Net Return (dividendes réinvestis), selon un processus d’investissement socialement responsable multithématique (transition énergétique, santé, nutrition, bien-être, digital…), en lien avec les Objectifs de Développement Durable des Nations Unies (ODD). Exposé principalement aux actions de pays de l’UE, le fonds vise plus particulièrement le segment des moyennes capitalisations, sans contraintes sectorielles. Notre méthodologie d’exclusion et de sélection ESG est totalement intégrée à notre analyse fondamentale des entreprises.
Hit by the escalating conflict in the Middle East, which has caused oil prices to soar and is reigniting fears of stagflation in Europe, small and mid-cap indices posted similar losses to their larger counterparts over the period. The fund’s positioning, which includes a bias towards industrials and consumer spending, is unfavourable in this environment. This is particularly the case within industry (including defence), where the turnaround has been brutal.
We have trimmed several positions (industrials and consumer spending) and shifted to players that will be more resilient if the crisis becomes prolonged: Do&Co, Fraport, Technogym, De Longhi were reduced and we invested in Robertet (natural ingredients for the food and perfume industry), we also strengthened our exposure to Fagron, Recordati and Virbac (human and animal healthcare). Within financials, we trimmed banking stocks (Société Générale, Poste Italiane) in favour of Tryg, the Nordic insurance company.