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COMMENT
The S&P and Nasdaq have been real leaders in the last decade. There is a bit of catchup being made in Europe. It has been underperforming since the financial crisis. Things are starting to turn around. Export is the driver behind Europe. Valuation in NA has gotten so far from Europe so there is a natural catchup happening.
COMMENT
Although the EU moves directionally together, there is some divergence, especially looking at Nordic vs Mediterranean markets. Investors must understand the macro country level market, but also the EU market as a whole. Developed EU is one block and the UK is a close trading partner. Holds most European stocks in Nordic countries.
COMMENT
Has always stayed away from direct Chinese listings. Can't get comfortable with the rule of law in place in China. Asian investments have been made in Singapore and India. Chinese exposure is based in companies with activities in China, such as Unilever, that operates in China. Risk for owning direct Chinese listings is too high.
COMMENT
India has been affected by covid. In India, prefers HDFC Bank over IBN, which is the second largest bank. Loan losses have been less at HDFC and they have maintained higher capital ratios. As India rounds the last corner of covid, the name should do well. Longer term demographic and macro trends are positive.
banks
COMMENT
India has been affected by covid. In India, prefers HDFC Bank over IBN, which is the second largest bank. Loan losses have been less at HDFC and they have maintained higher capital ratios. As India rounds the last corner of covid, the name should do well. Longer term demographic and macro trends are positive.
banks
DON'T BUY
TOP PICK
A small cap market cap industrial. Specializes in irrigation and water management. Has held it since 2015. A strong name that can take advantage of the commodity prices and the push to increase domestic food security. They have pivot irrigation systems and associated software that helps farmers manage water usage. Continues to build cash and dividends have risen 14%. (Analysts’ price target is $185.50)
machinery
TOP PICK
Bought in in 2015. A mid-cap that provides fuses, switches and sensors to automotives and industrial groups. There is an increasing computerization of vehicles. Fuses are integral to cars now. Internal combustion and battery systems both need fuses. As there is increasing connectivity and IoT will proliferate more, which requires switches, fuses or sensors. Good for the long term. (Analysts’ price target is $294.67)
INDUSTRIAL PRODUCTS
TOP PICK
Target price in euros. A large cap software provider. Their tech allows companies to model and simulate products without physically building them. This was a spinout from the aviation business that used this modelling tech. The sofware is sticky due to the complexity and there are high switching costs. (Analysts’ price target is $44.22)
consulting
