LHV World Equities Fund
- Net Asset Value
- 12.3385 EUR
- Issue Price
- 12.3385 EUR
- Redemption Price
- 12.2151 EUR
- Fund volume**
- 4,391,357 EUR
-
Today
- -0.91%
- YTD
- 2.71%
- 1 y
- 15.63%
- 3 y*
- 5.04%
- 5 y*
- 7.45%
* 3 and 5 years annualised
Geographic division**
- Europe (ex Baltics)
- 53.66%
- Cash
- 26.24%
- USA
- 12.70%
- Baltics
- 2.92%
- Africa
- 2.35%
- Latin America
- 2.13%
Sectoral division**
- Cash
- 26.24%
- Materials
- 23.59%
- Industrials
- 21.89%
- Financials
- 11.45%
- Health Care
- 10.68%
- Consumer Discretionary
- 3.82%
- Consumer Staples
- 2.33%
10 largest investments**
- Agnico Eagle Mines
- 5.32%
- Swedbank
- 4.67%
- Barrick Gold Corp
- 4.59%
- TCM Group
- 3.85%
- Siemens Healthineers
- 3.82%
- Sweco
- 3.77%
- UPM-Kymmene
- 3.46%
- Getinge
- 3.43%
- Sampo
- 3.23%
- Tallinna Sadam
- 2.97%
News
Fund Strategy
The LHV World Equities Fund invests in equity markets around the world. The fund’s portfolio is spread across developed markets (e.g. Western Europe, the US, Japan) as well as emerging markets (e.g. Asia, Latin America, Eastern Europe).
The fund is suitable for investors interested in long-term equity investment opportunities.
Fund Manager’s Comments
Equity
markets had a positive start to January, but sentiment turned negative on the
US and European stock markets at the end of the month, when speculative buying
interest in individual equities led investors to ask whether the market
expectations have moved ahead of reality.
LHV World
Equities Fund unit value ended the month with 1.3% gain that came from Nordic
and single commodity sector related equity positions. Largest gainers were
Valmet, Ponsse, Swedbank, Getinge, Elekta and Siemens Healthineers shares.
Decliners were Coor, Sweco and Carlsberg.
Looking
ahead, we expect the reasonably priced industries like commodity and material
sector, plus value companies from other industries to deliver significantly
better gains for investors compared to popular growth shares, which are very
expensive. In many cases, popular shares have not been moved for some time by
fundamental factors such as corporate profits, but by speculative buying that
pays no attention to valuation levels.
Globally
the vaccination against the corona virus has been slower than expected, but the
initial results are still positive and suggest that we will surpass the worst
part of corona virus soon. If the world economic growth recovers with increased
vaccination, the most important change in the investment landscape for us is
the change in inflation. As the consumption grows more widespread, we expect
the inflation rate to go higher.
In a higher
inflation environment, interesting investment opportunities lie in the
commodity and material sector, from where we added many positions to the fund.
We have diversified commodity sector investments between different topics, of
which our core positions include copper / silver as the biggest winners in the
electrification trend, forest as a renewable raw material, Nordic mining
automation technology companies and gold related positions. In addition to
commodity sector, we continue to hold Nordic equities of companies that have
strong market position, pricing power and high management quality.
In January,
we added one of the world leading silver miner Pan American Silver shares to
the fund. Silver gains both from electrification trend in the industry and
offers precious metals protective qualities against the potential inflation
rise. Pan American Silver shares trade 13x 2021 expected earnings per share.
Monthly returns of the fund
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |
---|---|---|---|---|---|---|
01 | -7.68% | +0.05% | +3.37% | +7.74% | +0.30% | +1.27% |
02 | -2.29% | +2.14% | -1.84% | +2.16% | -5.59% | +1.12% |
03 | +4.33% | +4.23% | -0.60% | -0.43% | -14.62% | |
04 | -1.34% | +2.60% | +1.62% | +4.64% | +12.75% | |
05 | +2.06% | +0.58% | -0.87% | -7.51% | +3.68% | |
06 | -6.27% | -1.18% | -1.78% | +4.09% | +4.05% | |
07 | +5.84% | -0.07% | +0.91% | -0.85% | +3.80% | |
08 | +1.95% | +0.24% | -0.46% | -1.39% | +1.44% | |
09 | -0.29% | +3.14% | -0.21% | +2.10% | -2.42% | |
10 | +1.24% | +2.04% | -6.19% | +2.29% | -2.97% | |
11 | +2.09% | -1.76% | -0.85% | +2.99% | +7.59% | |
12 | +4.03% | +1.04% | -7.38% | +3.11% | +2.77% | |
Year | +2.73% | +13.66% | -13.82% | +19.42% | +8.41% |
Fund Manager
Mikk Taras
Fund Manager since 2014
mikk.taras@lhv.ee
Mikk Taras has worked in LHV since 2008 as financial markets analyst and portfolio manager in private banking unit. He has received bachelor degree in economics from University of Tartu and master degree in applied economics from Fudan University.
Fund Manager since 2014
mikk.taras@lhv.ee
Mikk Taras has worked in LHV since 2008 as financial markets analyst and portfolio manager in private banking unit. He has received bachelor degree in economics from University of Tartu and master degree in applied economics from Fudan University.
Documents
Fund Rules
Prospectus
Prospectus (01.04.2018)
Key Investor Information
Key Investor Information (Lithuanian)
NAV calculation
Best execution policy
List of Brokerage Companies
Information on Complaint Handling
Voting Policy
Reports
** Details are given on 3/7/2021