Category: Fund Information

What is important for fund investors 1. No imminent crash The strong recovery of stock prices in the first quarter has returned U.S. markets to all-time highs. This, however, does not apply to all sectors of the stock market, especially not in Europe. 2. Focus on LONG stocks Consequently, individual securities with a focus on Europe are offering significant potential for recovery....

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1. What is important for fund investors – The for months defensive positioning of our fund had a significantly positive effect in December. While nearly all stock funds showed high negative returns for the past one to two months, capital preservation was the focus for Mellinckrodt. The hedging strategy worked as desired. As a result of Mellinckrodt’s good performance in December it achieved...

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1. What is important for fund investors After hedging the portfolio to a stock quota of 0% in October, the downward trend in the markets continued. This offered an opportunity to build up short positions. As of November 30, 70.06% of the fund was invested in stocks. In addition, we performed hedging transactions with stock and index futures equivalent to 96.10% of the fund assets. The sum of stocks...

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1. What is important for fund investors The portfolio continues to be hedged. The net stock quota was at 0% in late October. Capital preservation trumps and is more important than “buy the dip.” The stocks are hedged. But the capital is invested over various currencies. As of late October, 61% of the fund were invested in the Euro region. Currently, the quota of euro investments is only at...

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What is important for fund investors The portfolio is mostly hedged. However, because we have hedged much through Eurex single stock futures, the hedging is much “closer” to the stocks we hold than it was in the past. This significantly reduced the risk of suffering loss on the hedging that is not compensated by price gains in stocks when the market recovers. Our primary goal as stock fund is currently...

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I. What is important for fund investors The development of the fund price in 2018 continues to disappoint, especially when compared to previous years. Since the last week of July, in which we intensely adjusted the portfolio, the fund has been developing better than the DAX. But still, the DAX and the fund price continue to fall. Based on our previous assessment—which we still stand by at this...

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I. What is important for fund investors The reporting season—especially in the U.S.—took a promising course. As a result, numerous stocks in the fund (e.g., Adidas, Lam Research, Teck) from all topic areas have experienced steep upward spurts. The temporary slump of the FANG stocks was absorbed quite well by the markets so far thanks to an intense sector rotation. The one-sided, rather emotional...

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I. What is important for fund investors The first half year of 2018 was characterized by a back-and-forth. Bull market in January, the blues in the spring, no decision on the further direction so far. The fund is placed in a waiting position. Around two thirds are invested in stock, the rest comprises cash or hedged stocks. Mellinckrodt suffered losses in the first half year of 2018. Nonetheless,...

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I. What is important for fund investors  The net stock ratio is at around 80%. The investment target of a performance on or above the level of the indexes Stoxx Europe 600 and DAX with a much lower volatility has been fully achieved last month. The focuses of the investment topics have not been changed significantly in May compared to April. The existing selection proved very positive for the price...

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I. What is important for fund investors • In late April, the net stock ratio was at 71%. At the end of March, it had still been at 0 %. • As of today (May 9, 2018), the stock ratio is at around 95 %, with no relevant hedging. • The weighting of the investment topics was shifted significantly toward late-cycle areas. • The risk management system is currently no longer YELLOW as it still was in late...

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