Information on M3

January 3, 2020
Georg Oehm
Information on M3

Positive fund performance since May / outperformance through long strategy

The fund performance since the repositioning of the fund in the spring was very positive, especially in comparison to DAX, EURO STOXX 600 as well as the Peer Frankfurter Aktienfonds für Stiftungen and MainFirst Top European Ideas. High gains in 2019 can be partially ascribed to the stark decreases in the previous fourth quarter of 2018. Indexes have clearly developed better over a...

November 15, 2019
Georg Oehm
Information on M3

Relocation from Luxembourg to Switzerland—Mellinckrodt 2 SICAV to be liquidated. M3 to follow in the new year.

Upon recommendation of the initiator Mellinckrodt & Cie. AG, the administrative board of Mellinckrodt 2 SICAV has decided to initiate the liquidation process for the company and the fund. 1. What does this mean for the investors? As of today, the fund is closed for the issuance and redemption of stock certificates. This is necessary to ensure the equal treatment of investors. Thus, the liquidation...

Stock picking market

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....

January 29, 2019
Georg Oehm
Information on M3

Positive performance at the year-end—outperformance through long-short strategy

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...

December 17, 2018
Georg Oehm
Information on M3

Short positions built in November come to fruition in December

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...

November 19, 2018
Georg Oehm
Information on M3

Due to possible turbulences keep your seat belt fastened!

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...

October 24, 2018
Georg Oehm
Information on M3

All is secured

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...

September 13, 2018
Georg Oehm
Information on M3

Direction still not determined in August

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...

August 15, 2018
Georg Oehm
Information on M3

BACK TO REALITY—stock prices can rise

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...

Stock markets in the decision-making phase

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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