Overview

Investment Objective

Taaleri European Cash Machines is an open-end fund incorporated in Finland. The fund aims to provide a total return which exceeds that of the MSCI Europe High Dividend Yield Net Return EUR index. The Fund invests in a portfolio of equity securities listed on the European exchanges with an investment philosophy that focuses on stable companies with high and increasing dividend payments.

Trailing Returns

Year to Date
-13.78%
3 Years Annualised
-
5 Years Annualised
-
10 Years Annualised
-

Fund Benchmark

MSCI Europe High Dividend Yield Net Return EUR (100%)
ISIN FI4000354261
Inception Date 12/14/18
Net Asset Value (NAV) 108.26 EUR (9/17/20)
Total Net Assets (mil) 50.01 EUR (9/17/20)
Risk Level 4/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return
Management Fee 1.00%

Fees and Expenses

Growth of 100 (EUR)

9/17/20

Portfolio Manager Review

April witnessed a meaningful positive correction on equity markets after a dreadful previous month. The fundamentals behind this correction is widely seen as to be a result of the substantial and swift actions taken on both the monetary and fiscal policy side. These measures will most likely keep economies in standby mode and prevent substantial prolonged damages to economic activity, even though we believe it very well might take into 2022 before economic output has reached pre crisis levels again. The month was on an absolute and relative basis satisfactory for the fund.

In the crisis which we are currently witnessing especially the financial sectors companies equity values have had tough times, and as the sector is heavily weighted in the fund with a weighting of slightly above 30%, it has also obviously affected us negatively for the time being. Within the sector we are heavily weighted in high quality insurance companies and modestly represented within the international asset management space, on the other hand our exposure to banks is almost nonexistent. It is however important to remember that the lion’s share of companies within the sector in which we are exposed to have a strong balance sheet and have coped with the financial storm very well. These companies’ business models are also of such nature that they possess the strength to produce strong results also in prevailing circumstances. Our selection of companies has also to a great extent executed well in regards to dividends even though we also have had setbacks on that front. In line with the projected gradual reopening of the western economies, and improvement in economic conditions, we see a strong likelihood of our selection of stocks clearly outperforming its benchmark. At the other side of this pandemic we also not only see the sector as achieving its previous levels of operating performance, but sustaining healthy growth in an environment which we believe will even more resemble an economic setting which Japan has struggled with the last decades.

To our unit holders we wish a sunny spring and good health.

Performance

Trailing Returns

Year to Date
-13.78%
3 Years Annualised
-
5 Years Annualised
-
10 Years Annualised
-

Risk Level 4/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return

Return/Risk Analysis

Risk Measurement 1 Year 3 Years 5 Years
Standard Deviation 28.01 - -
Sharpe Ratio -0.17 - -

Portfolio

Asset Allocation %

Net
Stocks 99.13
Bonds 0.00
Money Market 0.87
Other 0.00

Country Distribution %

8/31/20

Fund
United Kingdom 17.17
Germany 15.91
Switzerland 14.76
Sweden 14.58
Norway 11.92
Finland 8.65
France 8.47
Luxembourg 3.72
Portugal 2.06
Netherlands 1.97
Austria 0.79

Top 10 Holdings

30.34% of total assets in the fund

  1. CIBUS NORDIC REAL ESTATE AB
    Sweden
    4.54%
  2. HBM HEALTHCARE IVST-A
    Switzerland
    3.62%
  3. Swiss Re Ltd
    Switzerland
    2.97%
  4. EUROPRIS ASA
    Norway
    2.97%
  5. LEGAL & GENERAL GROUP PLC
    United Kingdom
    2.93%
  6. M&G PLC
    United Kingdom
    2.92%
  7. FJORDKRAFT HOLDING ASA
    Norway
    2.70%
  8. Fortum Oyj
    Finland
    2.67%
  9. Allianz Se-Reg
    Germany
    2.55%
  10. Mowi Asa
    Norway
    2.47%

Fees and Expenses

Management Fee 1.00%
Performance Fee 20.00%

20 % of the yield exceeding the comparison index, calculated daily over 12 months.
Initial Charge 1.00%
Redemption Charge 1.00%

Purchase Details

Initial Investment 100.00
Additional Investment 100.00

Portfolio Managers

Mika Heikkilä

Mika Heikkilä

Head of Equities
Portfolio Management
Helsinki
+358 50 554 3866
Jonas Koivula

Jonas Koivula

Portfolio Manager
Portfolio Management
Helsinki
+358 50 500 4191
Olli Viitikko

Olli Viitikko

Portfolio Manager
Portfolio Management
Helsinki
+358 40 450 3741
Viktor Lindell

Viktor Lindell

Portfolio Manager
Portfolio Management
Helsinki
+358 50 514 8487

Filings

PRIIP Avaintietoesite Euroopan kassakoneet
Säännöt Euroopan Kassakoneet
Taaleri Rahastoesite