February 2021 - Gay-Lussac Gestion
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MONTHLY REPORTING February 2021
Gay-Lussac Europe Flex
February 2021
GENERAL INFORMATIONS Performances and statistics on the 26 February 2021
Custodian Société Générale
Cut off Subscriptions/redemptions
ISIN Code (A share) FR0013280211
ISIN Code(I share) FR0013280237
Valuation Daily
Management fees A share 1,50% of Net assets
Management fees I share 0,80% of Net assets
Performance fees (High 12% including tax of the
Water Mark) annual perf over 5%
Entry fees 2% maximum
Exit fees (UCITS acquired) None
NAV (A share) 175,79 €
NAV (I share) 11 975,95 €
Inception date (A share) 29-sep-17
Inception date (I share) 29-sep-17
2021
Net assets 36,22 M€ 1M 2020 2019 2018 Création *
(YTD)
Risk indicator (I Share) Gay-Lussac Europe Flex Part A -0,4% 0,9% 11,0% 12,1% -6,8% 17,2%
Volatilité 3Y 7,29 % Part I -0,3% 1,0% 11,5% 12,9% -6,1% 19,8%
Max Drawdown -14,94 %
* Since the launch of the Fund on 29/09/2017
Beta 0,62 ** Benchmark index: 50% EONIA (EONCALP7 Index) + 16.66% Stoxx 600 TR + 16.66% CAC
Mid&Small TR +
Sharpe Ratio 0,90 16.66% MSCI EMU Microcaps TR
COUNTRY BREAKDOWN INDUSTRY BREAKDOWN ………. BREAKDOWN BY INVESTMENT THEME
(on the invested share) (on the invested share)
Finlande 1,58%
Immobillier
USA 2,75%
Services publics
Suede 3,98%
Danemark 4,82% Telecom
Surprise Européenne 8%
Suisse 0,31% Energie
15%
Royaume-Uni 4,55% Santé
Portugal 0,84%
Transition Numérique et
Conso de base Energétique
Espagne 2,14%
Conso discrétionnaire
Pays-Bas 3,71% Politiques Monétaires
IT accomodantes 46% 31%
Italie 9,83%
Belgique 2,65% Finance Situations Spéciales
France 57,56% Matériaux
Allemagne 5,28%
Industrie
0,00% 15,00% 30,00% 45,00% 60,00% 0% 5% 10% 15% 20% 25%
Gay-Lussac Europe Flex
February 2021
Macroeconomic review
February was marked by the rise in rates at the end of the month, limiting the rise in indexes: STOXX 600 + 2.44%, CAC 40 +
5.63%, S&P 500 + 3.16%.
In Europe, health measures and the rate of vaccination are still very heterogeneous depending on the country. The recovery
remains dependent on the timetable for reopening the economies. On the monetary front, the ECB has the tools to contain
the risk of a too rapid rise in rates. More than 50% of the PEPP envelope remains notably still available (out of € 1,850 billion
by March 2022). The rise in the inflation rate in Europe (+1.3% year-on-year in February in Germany versus +1% in January) is
driven by effects such as the rise in freight rates, the rise in raw materials or one-off shortages.
In the United States, budget support continues to drive activity. February's ISM manufacturing index climbed to a nearly
three-year high, at 60.8 from 58.7 in January. The pace of vaccination will accelerate further with the emergency
authorization of the Johnson & Johnson single-dose vaccine. The $ 1.9 trillion plan is expected to be validated quickly, notably
thanks to the temporary abandonment of the minimum wage hike. Against the backdrop of the rapid rise of the 10-year US,
Federal Reserve Chairman Jerome Powell has indicated that no tightening of monetary policy is to be expected in the short
term. The FED indeed considers itself still far from its objectives of full employment and inflation
KEY RATIOS TOP FIVE POSITIONS BREAKDOWN BY MARKET CAPS
Gross Equity Exposure 69,84% Name % net asset
Futures & Options -19,02% Name % net asset
Net Equity Exposure 50,82% More than 4 Mds € 29,85%
PHARMANUTRA SPA 3,19%
Bonds 4,61% From 500 M€ to 4
Arbitrage / Takeover bid 10,58% ROBERTET SA 2,71% 34,97%
Mds €
Liquidities, money market 14,97%
Monthly performance - A Share -0,38% AIR LIQUIDE SA 2,57% Less than 500 M€ 35,18%
Monthly performance - I Share -0,28% Average
PRECIA 2,18% 22 519
Number of lines 64 Capitalisation (M€)
Median PER 2021 26,13 STEF 2,13% Median
Median EV/Sales 2021 2,88 2 364
Capitalisation (M€)
Median EV/EBIT 2021 20,32
Management review
Regarding purchases, we are strengthened our stakes in Oeneo and DSV Panalpina and have initiated a line in ADP. French
wine corking specialist Oeneo should continue to demonstrate its resilience in the fourth quarter and benefit from order delays
to 2021. We have increased the DSV Panalpina line initiated last month. The 2020 objectives remain cautious in view of the
synergies linked to the acquisition of Panalpina and overall rising freight rates. French airport operator ADP is expected to
benefit from the gradual recovery in global traffic while showing a resilient profile thanks to its extensive commercial real
estate portfolio.
On the disposal side, we reduced our exposure to Cellnex. The sharp rise in rates initiated in the United States, linked among
other things to the effective vaccination campaign and improved economic prospects, has penalized growth stocks. We remain
convinced of the potential of Cellnex that should double its market shares in a high-growth, 5G environment. However, we
prefer to wait for a lull in the interest rate market before repositioning ourselves on the Spanish player.
Gay-Lussac Green Impact
February 2021
GENERAL INFORMATIONS Performances and statistics on the 26 February 2021
+59,0%
Custodian Société Générale 190
Cut off Subscriptions/redemptions
ISIN code (A share) FR0010178665
170
ISIN code (I share) FR0010182352
ISIN code (R share) FR0014000EI9
Valuation Daily 150
Management fees A share 2,32% of Net assets
Management fees I share 0,96% of Net assets 130
+39,0%
Management fees R share 1.40%of Net assets
Performance fees (High Water 20% including tax of the 110
Mark) annual perf over the index
Entry fees 2% maximum
Exit fees (UCITS acquired) None
90
12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 12/18 06/19 12/19 06/20 12/20
NAV (A share) 370,60 €
NAV (I share) 188 282,77 € Gay-Lussac Green Impact - Part I - Base 100 Stock 600 - Base 100
NAV (R share) 150,68 €
Inception date (A share) 3 Jun 05
Inception date (I share) 11-apr-07 YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Lancement
Inception date (R share) 18 dec.20
Net assets 30,84 M€ Part A -1,7% -1,6% 14,8% 22,0% -14,3% 9,6% -0,2% 17,7% -4,5% 19,3% 22,3% -10,0% 15,6% 32,2% -43,9% 147,07%
Risk indicator (A Share) GL Green Impact Stoxx
2,3% 1,5% -4,0% 23,2% -13,2% 7,7% -1,2% 6,8% 4,3% 17,3% 14,3% -11,3% 8,6% 28,0% -45,6% 49,86%
600
Volatilité 3Y 18,23% Stoxx
2,4% 1,7% -2,0% 26,8% -10,8% 10,6% 1,7% 9,6% 7,2% 20,7% 18,1% -8,6% 11,6% 32,4% -43,7% 131,15%
600 TR
Max Drawdown 3Y 20,98%
Part I -1,6% -1,4% 16,3% 23,7% -13,1% 11,1% 1,1% 19,4% -3,2% 20,9% 24,0% -8,7% 17,1% 32,9% -43,3% 85,28%
Beta 0,85
Stoxx
2,3% 1,5% -4,0% 23,2% -13,2% 7,7% -1,2% 6,8% 4,3% 17,3% 14,3% -11,3% 8,6% 27,9% -45,6% 5,97%
600
Sharpe Ratio 3Y 0,70 Stoxx
2,4% 1,7% -2,0% 26,8% -10,8% 10,6% 1,7% 9,6% 7,2% 20,7% 18,1% -8,6% 11,6% 32,3% -43,7% 57,12%
600 TR
Tracking Error 11,12
SECTORS BREAKDOWN COUNTRY BREAKDOWN
Food & Beverage 2,9%
Automobiles & Parts 1,6%
Telecommunications 1,5% 50% Gay-Lussac Green Impact
Technology 12,4% 41%
Retail 1,5% Stoxx 600 38%
40%
Financial Services 3,6%
Construction & Materials 4,8% 30%
Health Care 5,3%
18% 17%
Oil & Gas 2,1% 20% 15% 15%
Utilities 10,4% 11%
10% 6% 4% 6% 7%
Chemicals 10,7% 3% 4%
1%
Real Estate 2,6%
Industrial Goods & Services 19,1% 0%
Autres Espagne Suisse Danemark Allemagne France Italie
Personal & Household Goods 8,7%
0,0% 4,0% 8,0% 12,0% 16,0% 20,0%
Gay-Lussac Green Impact
February 2021
Macroeconomic review
February was marked by the rise in rates at the end of the month, limiting the rise in indexes: STOXX 600 + 2.44%, CAC 40 +
5.63%, S&P 500 + 3.16%.
In Europe, health measures and the rate of vaccination are still very heterogeneous depending on the country. The recovery
remains dependent on the timetable for reopening the economies. On the monetary front, the ECB has the tools to contain the
risk of a too rapid rise in rates. More than 50% of the PEPP envelope remains notably still available (out of € 1,850 billion by
March 2022). The rise in the inflation rate in Europe (+1.3% year-on-year in February in Germany versus +1% in January) is driven
by effects such as the rise in freight rates, the rise in raw materials or one-off shortages.
In the United States, budget support continues to drive activity. February's ISM manufacturing index climbed to a nearly three-
year high, at 60.8 from 58.7 in January. The pace of vaccination will accelerate further with the emergency authorization of
the Johnson & Johnson single-dose vaccine. The $ 1.9 trillion plan is expected to be validated quickly, notably thanks to the
temporary abandonment of the minimum wage hike. Against the backdrop of the rapid rise of the 10-year US, Federal Reserve
Chairman Jerome Powell has indicated that no tightening of monetary policy is to be expected in the short term. The FED
indeed considers itself still far from its objectives of full employment and inflation.
KEY RATIOS TOP FIVE POSITIONS BREAKDOWN BY MARKET CAPS
Investment rate (direct lines) 87,11% Name % net asset
Name % net asset
Number of lines 54 More than 5 Mds € 56,87%
Monthly Performances A Share -1,66% AIR LIQUIDE SA 3,96%
Monthly Performances I Share -1,58% From 1 to 5 Mds € 29,21%
KNORR-BREMSE AG 3,76%
Monthly Performances R Share -1,90% Less than 1 Mds € 13,92%
Median PER 2021 27,60 NOVO NORDISK A/S-B 3,44% Average Capitalisation
32 503,55 €
ROBERTET SA 3,34% (Mds €)
Median Capitalisation
11 288,71 €
SOMFY SA 3,13% (Mds €)
Management review
Regarding portfolio management, we have strengthened our position in L'Oreal and initiated a line in Teamviewer and Akwel. In
the fourth quarter, the world's leading cosmetics company, L'Oreal, reported results that were at the top end of the consensus
expectation range. Organic growth reached an impressive 4.8%, driven by the turnaround in the Luxury Goods sector and the
considerably high traction effect of Active Cosmetics (2nd consecutive quarter at +30%). Teamviewer offers a complete remote
assistance, remote control and remote access solution compatible with all mobile and desktop platforms. The Group is present
in a market that is growing by an average of 27% per year, driven by digital transformation, teleworking and strong growth in
the augmented reality segment. The Q4 publication confirms this trend with a 32% growth in customer billings and an EBITA
margin that now reaches 56.6%. Akwel is an independent automotive supplier, mainly active in two main product families: fluid
management and mechanisms. The group reports impressive organic growth of 14% and operating profit is expected to exceed
€100 million, well above expectations. Management is confident about the group's prospects, with a sales dynamic that remains
well oriented and a favorable comparable basis for the first half of 2021. Finally, we have reduced the IT sector with Esker and
SAP and the renewable energy sector with Orsted and EDPR due to valuation issues.
Gay-Lussac Microcaps
February 2021
GENERAL INFORMATIONS
Performances and statistics on the 26 of February 2021
Custodian Société Générale
Cut off Subscriptions/redemptions
ISIN code (A share) FR0010544791 Gay-Lussac Smallcaps MSCI Europe Micro TR - Base 100
ISIN code (I share) FR0011672757 1
ISIN code (H share) FR0013392115 0,9
ISIN code (R share) FR0013430550 0,8
Valuation Daily 0,7
Management fees A share 2,34% of Net assets
0,6
Management fees I and H 1,20% of Net assets
shares 0,5
Management fees R share 1.60%of Net assets 0,4
Performance fees (High 12% including tax of the 0,3
Water Mark) annual perf over 7% 0,2
Entry fees 2% maximum
0,1 0,0
0,0
Exit fees (UCITS acquired) None
NAV (A share) 548,31 € 0
janv.-00
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janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
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janv.-00
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janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
janv.-00
NAV (I share) 249 734,64 €
NAV (H share) $152 976,42 €
NAV (R share) 135, 64 €
Inception date (A share) 31-mar-14 2021
YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Lancement
Inception date (I share) 30-dec-16 (YTD)
Inception date (H share) 4-Feb-19 Part A 2,0% 5,0% 20,6% 21,7% -12,1% 21,2% 16,8% 14,7% 6,0% 26,2% 12,4% -6,8% 17,5% 49,1%
-
32,3%
265,5%
Inception date (R share) 1-Jul-19 MSCI Europe
5,3% 7,9% 19,4% 18,2% -14,3% 17,5% 10,7% 14,5% 0,9% 29,9% 10,0% -18,8% 10,9% 58,7%
-
76,6%
Micro 54,2%
Net assets 103,60 M€ MSCI Europe
5,3% 8,0% 20,6% 20,4% -12,9% 19,4% 12,7% 16,4% 2,5% 32,1% 11,9% -17,4% 13,0% 62,8%
-
122,2%
Micro TR 53,2%
GL Microcaps MSCI MICRO
Part I 2,0% 5,1% 21,5% 23,1% -11,1% 22,4% 17,9% 16,1% 6,6% 149,7%
Volatilité 3Y 12,10 19,10 MSCI Europe
Micro
5,3% 7,9% 19,4% 18,2% -14,3% 17,5% 10,7% 14,5% 0,9% 95,9%
MSCI Europe
5,3% 8,0% 20,6% 20,4% -12,9% 19,4% 12,7% 16,4% 2,5% 119,2%
Max Drawdown 3Y -23,00% -30,90% Micro TR
* Indicateur de référence : MSCI Europe Microcap après le 27/01/2011, CAC SMALL avant
Beta 0,7 ---
Sharpe Ratio 3Y 0,7 ---
Tracking Error 13,2 ---
Grade average E* 6,61/10
Grade average S* 6,37/10
Grade average G* 6,17/10
Portfolio grade overall ESG** 6,39/10
b
…
COUNTRY BREAKDOWN INDUSTRY BREAKDOWN (on total invested)
Services publics
Norvege MSCI Micro
THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘*
1% *since inception
Telecom
Cash lancement
Energie
GL Microcaps
2%
10%
Italie 1,02% 1,19% Santé
24% 1%
Conso de base
0% Conso discrétionnaire
Allemagne IT
-1%
6% France
-1,15% Immobilier
59% -2% -1,63%
Finance
Gay-Lussac MicroCaps MSCI Microcaps
Matériaux
Industrie
0% 10% 20% 30%
Gay-Lussac Microcaps
February 2021
2021
Macroeconomic review
February was marked by the rise in rates at the end of the month, limiting the rise in indexes: STOXX 600 + 2.44%, CAC 40 +
5.63%, S&P 500 + 3.16%.
In Europe, health measures and the rate of vaccination are still very heterogeneous depending on the country. The recovery
remains dependent on the timetable for reopening the economies. On the monetary front, the ECB has the tools to contain the
risk of a too rapid rise in rates. More than 50% of the PEPP envelope remains notably still available (out of € 1,850 billion by
March 2022). The rise in the inflation rate in Europe (+1.3% year-on-year in February in Germany versus +1% in January) is driven
by effects such as the rise in freight rates, the rise in raw materials or one-off shortages.
In the United States, budget support continues to drive activity. February's ISM manufacturing index climbed to a nearly three-
year high, at 60.8 from 58.7 in January. The pace of vaccination will accelerate further with the emergency authorization of
the Johnson & Johnson single-dose vaccine. The $ 1.9 trillion plan is expected to be validated quickly, notably thanks to the
temporary abandonment of the minimum wage hike. Against the backdrop of the rapid rise of the 10-year US, Federal Reserve
Chairman Jerome Powell has indicated that no tightening of monetary policy is to be expected in the short term. The FED
indeed considers itself still far from its objectives of full employment and inflation.
KEY RATIOS…………………………………………. TOP FIVE POSITIONS …………… BREAKDOWN BY MARKET CAPS ………….
Investment rate (direct lines) 89,8%
Number of lines 58 Name % net asset Nom % Actif net
Monthly performance A Share 2,0% More than 300M€ 45%
Monthly performance I Share 2,0% IGE + XAO 5,95%
From 100 to 300M€ 47%
Monthly performance H Share 2,1%
PHARMANUTRA SPA 4,82% Less than 100M€ 8%
Monthly performance R Share 2,0%
PER median 2020 18,9 PRECIA 4,66% Average Capitalisation
353
VE/CA median 2020 1,2 GERARD PERRIER (M€)
VE/EBIT median 2020 14,8 ELECTRIC 4,09% Median Capitalisation
221,5
(M€)
DIGITAL VALUE SPA 4,06%
Management review
We initiated a position in Cogelec, and we strengthened participation in Precia, ABC Arbitrage and Pharmagest. Cogelec specializes in the
design, manufacture and distribution of innovative telephone intercom and access control solutions marketed primarily under its flagship
brand Intratone. The Group, through its innovations, introduces technological breakthroughs and permanent commercial offers in its market.
Cogelec, for example, is the only one to offer a wireless intercom solution ("Intratone") operating with a SIM card similar to a smartphone.
Weighing tool specialist Precia is benefiting from excellent sales momentum. The group’s strategy to offer more software looks very promising,
so we took advantage of a market opportunity to strengthen our position. ABC Arbitrage, a company specializing in liquidity arbitrage and
statistical arbitrage strategies. The group has collected a lot of assets under management over the past few months and should benefit from
volatility that remains significant due to sector rotation linked to the rise in interest rates. We took advantage of a reclassification to
strengthen our stake in Pharmagest, which is benefiting from very favorable trends and which should see its profitability further improve. In
connection with our management process, we were forced to reduce our positions in Esker and Piscines Desjoyaux. The strong stock market
performances of the two groups led to an increase in their volatility. However, the fundamentals of these two groups remain very strong.
MAIN MOVEMENTS OF THE MONTH STOCK OF THE MONTH
Founded in 1997, Ringmetall is a specialist supplier to the packaging industry. Positioned in a
Buy Sell niche market, the group focuses in its industrial packaging division on special packaging
Cogelec Esker solutions for the chemical, petrochemical, pharmaceutical and food industries, as well as in the
Industrial handling division on the logistics sector. The group's product range mainly focuses
Precia Piscines Desjoyaux on closing systems, the clamping ring also includes sealing rings and closures. Ringmetall is
ABC Arbitrage the world market leader in the field of clamping rings. With over 2000 different types of highly
specialized clamping rings, Ringmetall has a 70% market share globally. The demand for
Pharmagest Ringmetall products is extremely robust, with market growth of around 3%. Due to the high
degree of specialization of its products, the German group benefits from a strong barrier to
entry. In 2020, the group achieved a turnover of 118 million euros, or 2% below 2019, attesting
to the resilience of the group’s business. Despite the upturn in volumes in the fourth quarter,
management announced fairly conservative guidance due to the health uncertainties which
continue to weigh on the economy. In 2021, the group is expected to resume M&A that had been
interrupted by COVID-19. These acquisitions should focus on the clamping rings. We are
confident in the recovery of the economy driven by vaccinations, being a quality cyclical player,
Ringmetall is an interesting vector to take advantage of the recovery of the economical cycle.
Gay-Lussac Smallcaps
February 2021
GENERAL INFORMATIONS Performances and statistics on the 26 February 2021
Custodian Société Générale GL Smallcaps - Part A - Base 100 CAC Small TR - Base 100
Cut off Subscriptions/redemptions 220
Code ISIN (A Share) FR0011759299
200 196,9
Code ISIN (I Share) FR0013228327
Valuation Daily
Management fees A Share 2,20% of Net assets 180
167,5
Management fees I Share 1,10% of Net assets
160
Performance fees None
Entry fees 2% maximum 140
Exit fees (UCITS acquired) None
NAV (A Share) 288,79€ 120
NAV (I Share) 147 164,67€
Inception date (A Share) 31-mar-14 100
Inception date (I Share) 30-dec-16
Net assets 27,53 M€ 80
mars-14 août-14 janv.-15 juin-15 nov.-15 avr.-16 sept.-16 févr.-17 juil.-17 déc.-17 mai-18 oct.-18 mars-19 août-19 janv.-20 juin-20 nov.-20
GL Smallcaps MSCI MICRO 2021
1M 2020 2019 2018 2017 2016 2015 2014 Lancement
(YTD)
Volatilité 3Y 15,41% 0,2301364 Part A 1,2% 3,2% 8,8% 21,7% -15,5% 21,8% 12,1% 23,6% -1,2% 92,5%
5,0% 7,5% 7,2% 15,2% -26,8% 21,1% 9,9% 27,2% -8,8% 50,1%
Max Drawdown 3Y -27,71% -31,90% CAC SMALL
CAC SMALL NR 5,0% 7,5% 8,5% 17,2% -26,0% 22,1% 11,3% 28,7% -7,8% 63,4%
Beta 75,96%
Sharpe Ratio 3Y 35,00% Part I 1,3% 3,3% 10,0% 23,1% -14,5% 23,1% 47,2%
CAC SMALL 5,0% 7,5% 7,2% 15,2% -26,8% 21,1% 17,7%
Tracking Error 14,0882
CAC SMALL NR 5,0% 7,5% 8,5% 17,2% -26,0% 22,1% 23,6%
Grade average E* 6,98/10
Grade average S* 6,94/10
Grade average G* 6,60/10
Portfolio grade overall ESG** 6,84/10
b
…
COUNTRY BREAKDOWN INDUSTRY BREAKDOWN (on total invested)
Finlande Cash Immobilier
Irlande CAC Small TR
5%
1% Pays-Bas 2% THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘* Services publics
6% Espagne *since inception
Telecom Gay-Lussac
Autriche 2% 1,58% Energie
Smallcaps
0.2%
2% Allemagne 1,20% Santé
Italie 9% 0.1%
Belgique Conso de base
2% 7% 0.0% Conso discrétionnaire
IT
-0.1%
Finance
-0.2% -1,17%
France -1,92%
Matériaux
64% -0.3% Industrie
Gay-Lussac Smallcaps CAC Small NR 0% 5% 10% 15% 20%
Gay-Lussac Smallcaps
February 2021
Macroeconomic review
February was marked by the rise in rates at the end of the month, limiting the rise in indexes: STOXX 600 + 2.44%, CAC 40 +
5.63%, S&P 500 + 3.16%.
In Europe, health measures and the rate of vaccination are still very heterogeneous depending on the country. The recovery
remains dependent on the timetable for reopening the economies. On the monetary front, the ECB has the tools to contain the
risk of a too rapid rise in rates. More than 50% of the PEPP envelope remains notably still available (out of € 1,850 billion by
March 2022). The rise in the inflation rate in Europe (+1.3% year-on-year in February in Germany versus +1% in January) is driven
by effects such as the rise in freight rates, the rise in raw materials or one-off shortages.
In the United States, budget support continues to drive activity. February's ISM manufacturing index climbed to a nearly three-
year high, at 60.8 from 58.7 in January. The pace of vaccination will accelerate further with the emergency authorization of
the Johnson & Johnson single-dose vaccine. The $ 1.9 trillion plan is expected to be validated quickly, notably thanks to the
temporary abandonment of the minimum wage hike. Against the backdrop of the rapid rise of the 10-year US, Federal Reserve
Chairman Jerome Powell has indicated that no tightening of monetary policy is to be expected in the short term. The FED
indeed considers itself still far from its objectives of full employment and inflation.
KEY RATIOS TOP FIVE POSITIONS BREAKDOWN BY MARKET CAPS
Investment rate (direct lines) 94,8% Nom % actif net Name % net asset
Number of lines 46
AXWAY SOFTWARE SA 5,5% More than 800M€ 43%
Monthly performance A Share 1,2%
Monthly performance I Share 1,3% SAMSE SA 4,8% From 400 to 800M€ 42%
PER médian 2020 19,9 ROBERTET SA 4,3% Less than 400M€ 15%
VE/CA médian 2020 1,9
CORBION NV 4,3% Average Capitalisation (M€) 1 144,6
VE/EBIT médian 2020 16,1
STEF 4,2% Median Capitalisation (M€) 831
Management review
Regarding portfolio management in February, we initiated a line in SanLorenzo, the specialist in building high-end yachts, which will benefit from
strong momentum in the luxury sector. We have strengthened our line in Salcef, an Italian rail maintenance operator, which will pursue its
acquisition strategy and will benefit from the positive dynamic of the rail industry. We also strengthened our position in Nacon, which should
experience another year of strong growth thanks to the excellent momentum in video games. Finally, we have strengthened our line in Verallia,
which will continue to improve its margins thanks to the recovery in sales volumes that will occur with the lifting of lockdown measures. On the
sales side, we sold our line in Esker. The company seemed well valued to us after a strong run in 2020. In addition, we partially sold our line in
Mersen in order to respect our budget risk. Finally, we sold our LNA Santé’s stocks mainly to protect ourselves from the recent hike in key interest
rates..
MAIN MOVEMENTS OF THE MONTH STOCK OF THE MONTH
Founded in 1972, Verallia specializes in the design, production and recycling of glass packaging.
The company was initially a Saint-Gobain Group’s branch before becoming an independent group
Buy Sell
in 2015. Verallia is the European leader and the world's third largest producer of glass packaging
SanLorenzo Esker for food and beverages products.
In February, Verallia published their results for the year 2020, exceeding expectations, and is
Salcef Mersen optimistic about the outlook for 2021. Indeed, for the year 2020, the group achieved a turnover of
Nacon LNA Santé 2,536 million euros, a decline limited to -1.9% compared to 2019, despite an unprecedented
global health and economic crisis. In addition, profits and margins should continue to grow thanks
Verallia to volume’s recovery, product mix’s evolution towards high-end products, and its operational
performance plan aimed at reducing production costs by 2% per year in its 32 production sites.
Finally, we are convinced that Verallia is well positioned to comeback to growth levels similar to
those of 2019 in 2021 and will further continue its development thanks to lockdown measures’
lifting.
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