Towards end-2020 risk appetite still dominated financial markets.

Towards end-2020 risk appetite still dominated financial markets.

Several benchmark equity indices hit new all-time highs in the first half of January.

Towards end-2020 risk appetite still dominated financial markets.

Appetite for risky financial assets strongly dominated November.

The rise in registered coronavirus cases continued into October. This prompted lower risk appetite to return to the financial markets after MSCI ACWI touched an all-time high in mid-October.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

For the sixth year in a row, Sparinvest has received top marks from the Principles for Responsible Investment (PRI) for its approach to responsible investing.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

In accordance with company announcement dated 1 March 2019, Nykredit entered into a conditional agreement with the owners behind Sparinvest Holdings SE for Nykredit to obtain 75% of the shares in Sparinvest. All conditions have now been met, and closing of the transaction has been completed.

For the fifth year in a row, Sparinvest has received top marks from the Principles for Responsible Investment (PRI) for its approach to responsible investing.

Despite the summer holiday, there is more than enough to write about. The market has not been idle but it seems as if there’s more of the same, just in a more extreme way.

The second quarter of 2019 turned out to be a volatile one. It ended with moderate gains for developed market equities, and marginal losses in emerging markets but this was after something of a rollercoaster during the three months.

The Paris Agreement and the UN Sustainable Development Goals have had a major impact on investor approach to ESG risks in the oil and gas sector.

Most fixed income investors talk about engagement, but few actually influence their companies, the English language newswire Denmark based AMWatch wrote on Monday, in the light of a new whitepaper from Sparinvest called “Fixed Income engagement - where’s the impact?”

Early 2019 saw a strong rebound in equity markets. In the final quarter of 2018, the Fed’s rhetoric on rate hikes, concerns about global growth, and fears over the U.S.-China trade dispute sent most major asset classes down, but in the first quarter of 2019, a reversal took place as the same concerns faded.

Most fixed income investors talk about engagement, but few actually influence their companies, the English language newswire Denmark based AMWatch wrote on Monday, in the light of a new whitepaper from Sparinvest called “Fixed Income engagement - where’s the impact?”

Under this headline the news site for asset managers AMWatch writes about at new passive mandate that Sparinvest is running for the Danish pension fund AP Pension. The mandate invests in sovereign bonds issued by emerging market of over EUR 536m.

Funds currently authorized for distribution in the UK have to make use of a Temporary Permission Regime (TPR), where investment funds are authorized to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period of time (currently planned for 3 years). Under the TPR, new sub-funds of Sparinvest can also be notified after BREXIT subject to certain conditions.

Nykredit has entered into a conditional agreement with the owners of Sparinvest Holdings SE for Nykredit to obtain 75% of the shares in Sparinvest.

The Lipper Fund Awards have for more than three decades honoured fund management firms, which have provided consistently strong risk-adjusted performance relative to their peers.

Sentiment for equities reversed course in the fourth quarter of 2018. As recently as early October, MSCI World – an index of developed market equities – was at an all-time high, when measured in euros. Yet by the end of December, it had declined by over 12 percent.

Sentiment for equities reversed course in the fourth quarter of 2018. As recently as early October, MSCI World – an index of developed market equities – was at an all-time high, when measured in euros. Yet by the end of December, it had declined by over 12 percent.

In November 2018, the head of the American Central Bank, Jerome Powell, changed his tune when he indicated that we were closer to a natural interest rate than the market had first thought. In other words, the situation could be interpreted as Powell reacting to the stock market’s unease over the last months by easing up on any ambitions about overly tighten-ing monetary policy.

The Democrats now have the power to block further tax reductions and expansionary fiscal policies, both of which could cause interest rates to rise because of a greater deficit.

This is the headline given by the Danish financial news site AMWatch to news of the recent listing of Sparinvest - Value Bonds - Global Ethical High Yield on LGX - Luxembourg Green Exchange. This is the third Sparinvest fund Sparinvest to be listed on the ESG window of the green exchange.

The Democrats now have the power to block further tax reductions and expansionary fiscal policies, both of which could cause interest rates to rise because of a greater deficit.

At Sparinvest, our responsible investment approach is built on our conviction that environmental, social and governance opportunities and risks can have a major impact on long-term returns, and that it is therefore an essential part of our duty to clients to consider ESG issues in our investment processes.

Sparinvest has appointed 48-year-old Swede Thomas Gunnarsson as new Chief Investment Officer. He is to replace Jørgen Søgaard-Andersen, who took over as Chief Executive Officer after Per Noesgaard on September 1st.

After 22 years as CEO at Sparinvest Per Noesgaard resigns on September 1, 2018, where he will be succeeded by Jørgen Søgaard-Andersen, who has had title of both Deputy CEO and Investment Director since the turn of the year.

Identifying stocks that trade for less than their intrinsic value - therefore having upside potential - has always been at the core of Per Kronborg Jensen's portfolio management and investment style.

July has seen a number of contradictory statements from Trump about trade policy.

The recent published top marks to Sparinvest from UN PRI are noticed in the press. The English language newsletter AMWatch has interviewed Head of Responsible Investment at Sparinvest, Nichola Marshall, who explains what is behind the Sparinvest UN PRI A+ marks four years in a row.

For the fourth year in a row, Sparinvest has received top marks (A+ for Strategy and Governance) from the Principles for Responsible Investment (PRI) for its approach to responsible investing and ESG integration.

Uncertainty fueled volatility - Despite a stellar start to the year, global equity markets ended the first quarter with negative returns.

Sparinvest is proud to announce that we have won the Thompson Reuters Lipper Fund Award for Best Group in the Netherlands.

When investors structure and diversify their equity portfolios, a key reference is the value/growth style framework that has dominated the fund industry for decades. Once target allocations are set, investors then select the funds offering the most appropriate risk and reward characteristics.

"At the end of January, the markets were set for a perfect storm. A decades-long trend of falling interest rates and falling inflation – and inflation expectations – seemed to have ended, as the 10-year U.S. government bond yield broke the downward trend since 1987," says chief strategist at Sparinvest David Bakkegaard Karsbøl in his monthly comment for February.

Healthy markets and decent performance

The OECD leading indicators (CLI) for the USA, the Eurozone and Japan all point towards a synchronised global recovery.

“At the start of December, the US senate more or less passed President Trump’s tax reform, which was already approved by the House of Representatives. The two houses still need to agree on the finer details but these can be seen as minor issues. To all intents and purposes, we now know the main contents of the tax reform.”

Le fonds Sparinvest Grade Value Bonds a reçu le prix de L’AGEFI dans la catégorie obligations internationales.

L’ancien Président Torben Nielsen a donné sa démission du Conseil d’administration avec effet au 24 septembre 2016.

Un mois dominé par le Brexit s’est terminé relativement bien une fois que le choc initial du Brexit s’est atténué et les actions ont rebondi à un niveau pré-Brexit.

Le trimestre a été très solide pour les marchés du crédit en dépit d’une certaine faiblesse en juin.

Le Conseil d’Administration de Sparinvest SICAV a décidé de fermer le compartiment Sparinvest - Value Bonds 2019 - 50/50 pour de nouvelles souscriptions à partir du 1er Juillet 2016 ceci pour protéger les intérêts des actionnaires existants dans le compartiment.

En février 2016, l’année du mouton du calendrier chinois arrivera à son terme. 2015, et surtout son dernier trimestre, ont plutôt donné l’impression d’être placés sous le signe de la brebis galeuse.

Le dernier trimestre de 2015 s'est révélé être un bon trimestre. Les marchés se sont nettement relevés de leurs faibles ni-veaux de septembre. Sur l'ensemble de l'exercice, les marchés développés ont dégagé de solides rendements positifs, alors que les marchés émergents enregistraient pour leur part des rendements légèrement négatifs.

« C’est pendant les périodes difficiles que les investisseurs ascendants (bottom-up) peuvent tirer parti des opportunités disponibles, aussi le contexte actuel nous semble-t-il très favorable au déploiement de nos réserves de liquidités accumulées. »

« Correction ou crise ? », « Scénario catastrophe ou opportunité ? » : ce sont là les questions posées dans notre Lettre trimestrielle après que les marchés boursiers eurent enregistré leur performance trimestrielle la pire en quatre ans.

Le conseil d’administration de Sparinvest SICAV a décidé de fusionner certains compartiments aux fins d’optimiser et de rationaliser la gamme de fonds.

Les stratégies Value Bond de Sparinvest continuent de rechercher des performances en identifiant des émissions obligataires de petite taille et en investissant dans ces titres. Nous apportons une attention particulière à la liquidité dans le but de minimiser les risques.

Le deuxième trimestre s’est révélé relativement atone après les pics du premier trimestre. Quoi qu’il en soit, l’équipe Actions Value de Sparinvest a de nombreuses raisons de se montrer optimiste - y compris une excellente saison de publication des bénéfices pour les sociétés européennes, une évolution des taux d’intérêt qui devrait profiter à la stratégie Value et une augmentation des transactions optimisant la valeur, surtout au Japon.

A mesure que les prix du pétrole redémarraient et que la liquidité s’améliorait sur le marché secondaire… la stratégie High Yield a commencé à porter ses fruits vers la fin du trimestre. Le fonds est également bien placé pour profiter du programme d’AQ de la BCE.

Après l’un des meilleurs trimestres de l’histoire des stratégies Actions Value de Sparinvest, l’équipe se penche sur les raisons des reprises des marchés européen et japonais et souligne certains des avantages de l’investissement actif - y compris la concentration sur les risques ESG – que l’investissement passif ne peut offrir.

2014, une année mitigée pour les obliga-tions Value : le haut rendement (High Yield) a souffert alors que les titres In-vestment Grade ont excellé

Le terme « pays de Dieu » est souvent utilisé pour désigner les Etats-Unis, surtout par les Américains. Alors qu’une nouvelle année commence, nombre d’investisseurs en actions considèrent probablement le marché américain en 2014 comme le « marché de Dieu ». Nous avons vu le S&P 500 atteindre de nouveaux sommets, son segment « Valeurs vedette » semblant résister à tout, et notamment aux turbulences mondiales de la fin 2014.

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« Il est certes rentable de coller à l’indice… mais à condition que tout le monde continue de faire de même. L’histoire a montré que de telles périodes avaient toujours une fin. Lorsque cela arrive, la récompense peut être très rapide et très élevée pour les investisseurs « Value » .

« L’essence même de la stratégie Obligations « Value » de Sparinvest réside dans le fait qu’un processus exclusif d’investissement bottom-up, avec une analyse approfondie du crédit, permet d’obtenir un credit carry premium supérieur par rapport à l’indice ou aux indices de référence. »

« L’une des principales raisons expliquant l’absence de bulle sur le marché des obligations d’entreprises est que les perspectives de défaillance mondiale sont toujours positives : c’est-à-dire que le taux de défaillance demeurera probablement à environ 2 à 3 % par an pour les deux prochaines années. »

« Plus de 90 % de nos positions affichent des bénéfices inférieurs à leurs niveaux record, ce qui met au jour des actifs sous-exploités et un potentiel de nouvelle amélioration ou reprise des bénéfices. »

« Il existe une relation certaine entre les taux d’intérêt à long terme et la performance de style au fil du temps. Le retour à des taux d’intérêt plus normaux devrait profiter aux actions « Value. »

« Nous identifions deux opportunités de battre le marché : les financières européennes et les petites capitalisations absentes des indices. Ensemble, elles peuvent générer des rendements attrayants. »

« Même après la forte performance de 2013 nous pensons toujours que les actions représentent la classe d'actifs la plus intéressante »

« Nous anticipons une année propice pour 2014 sur les marchés obligataires...

Le fonds Sparinvest Emerging Markets Corporate Value Bonds s’est vu attribuer...

Au cours des cinq dernières années, le fonds Sparinvest High Yield Value Bonds a fait bénéficier les investisseurs d’une performance annuelle de ...

Pourquoi une reprise lente et nerveuse nous est favorable

Le deuxième trimestre a été marqué par une volatilité prononcée parmi les actions mondiales et parmi nos fonds.

Il est toujours vrai qu’il est impossible de lutter contre la FED. La méthode de l’assouplissement quantitatif a fonctionné et nous entrevoyons de plus en plus de signes indiquant que la reprise timide qui a été amorcée semble se consolider.

Dans notre dernière lettre, nous avons exposé nos attentes pour 2013 : le retour progressif de l’appétit pour le risque des investisseurs, avec davantage de discernement, et pour conséquence, une hausse générale des marchés boursiers.

En septembre dernier, un accord de coopération a été signé à Hong Kong et Shanghai entre le groupe Sparinvest Luxembourg et l'une des plus importantes sociétés chinoises de valeurs mobilières, Haitong.

Après avoir recherché de la valeur pendant quatre ans dans le sillage de la crise mondiale du crédit, le portefeuille de notre Global Value Fund est – sans surprise – surexposé aux domaines les plus négligés et les moins populaires du marché, dans lesquels nous identifions les meilleures affaires.

Au chapitre macroéconomique, nous optons pour un
optimisme réservé. Aucun pays n’enregistrera selon nous de forte reprise, mais les Etats-Unis et la Chine pourraient connaître des redressements modérés qui entraîneraient une lente amélioration à l’échelle de la planète.

Par Toke Hjortshøj, co-gérant du fonds Sparinvest Emerging Markets Corporate Value Bond

Sparinvest Holdings SE, société de gestion basée au Luxembourg et spécialiste de la value, a signé un protocole d’accord avec Hai Tong Asset Management (HK) Limited (“HTAM (HK)”) aux termes duquel les deux entreprises oeuvreront de concert à l’élaboration d’une offre conjointe de produits en Europe, à Hong-Kong, Maucau et en Chine continentale.

Les actionnaires des fonds Ikano Funds au Luxembourg ont décidé lors d'une assemblée générale extraordinaire de fusionner l’entièreté des sous-fonds existants avec la SICAV Sparinvest.