November update

BY WILLEM VINKE

Monthly Fund Commentary
21 Dec 2017

BY WILLEM VINKE

In November, NYMEX WTI CRUDE was up 5.55% to finish at $57.40. The US 10y treasury yield increased by 1.27% to close the month at 2.4097%, following progress regarding the US Tax plan and the chance of getting reforms approved.

The German 10y treasury yield increased by 1.19% to finish the month at 0.367%. At the same time, the Swiss 10y treasury yield decreased by 48.71%, closing the month at -0.117%. The UK 10y gilt yield decreased by 0.09% to finish the month at 1.33%, following delays and challenges surrounding the Brexit negotiations.

Throughout the month, Gold increased by 0.28% to finish at $1,275.01, whilst Silver decreased by 1.67% to close the month at $16.4385. In November, the Euro strengthened, closing at 1.19204 against the US$ (up 2.22%) and at 0.88021 against the Sterling (up 0.40%).

STRATEGIC EUROPE VALUE FUND

The Fund* lost -0.35% in November, still outperforming its benchmark by 1.73%. Real Estate, Telecoms and Energy were the best performing sectors in the benchmark, whilst the worst performing were: Consumer Discretionary, Industrials and Information Technology. I

n terms of total return, the Fund’s top performing stocks were: Intertrust, Stroeer and Livanova, while the worst were: Criteo, SBM Offshore and Sophos.

STRATEGIC GLOBAL QUALITY FUND

In November the Fund gained 2.28%, outperforming its benchmark by 0.11%. Telecoms, Consumer Staples and Consumer Discretionary Utilities were the best performing sectors in the benchmark, whilst the worst performing were: Materials, Information Technology and Energy.

In terms of total return, the Fund’s top performing stocks were: Estee Lauder, Clorox and Wirecard, whereas the worst were: Criteo, BATS and Reckitt Benckiser.

* EUR I Class

The views and statements contained herein are those of Lofoten Asset Management in their capacity as Investment Adviser to the Fund as of 15/12/17 and are based on internal research and modelling.