Fund information as of the end of November 2017

In November 2017, stock markets developed differently. While the S&P 500 in the U.S. and the SMI in Switzerland were up slightly, DAX and Stoxx Euro 600 lost a little. The Mellinckrodt fund, too, showed a slight decline in prices of 2.5%.

Mellinckrodt’s performance of approximately 15% in the year 2017 is still significantly above that of the DAX and Stoxx Europe 600.

In the top 10 positions, the most significant change was the reduction of the share of Glencore. The intense price increase in the areas copper, zinc, and cobalt as a result of the continuous electric car frenzy worldwide prompted us to pick up gains and reinvest them in the energy sector. Glencore continues to be part of the portfolio, albeit with a reduced weight. Packing machine manufacturer Bobst from Switzerland contributed very positively to our performance in October.

The share of small- and micro-cap stocks was further reduced in November, and we bought Swiss stocks. These make up 35% of the portfolio now, followed by 27% Germany and 21% in the rest of Europe.

The most important investment topics are still consumption, technology as well as materials & energy. We expanded positions with companies that profit from a rising price of oil.

As of the end of November, the net stock share was 79% of the fund volume.

For more information, visit the Factsheets in the download section of our website.