12.10.2017

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Outlook & Strategy: Over the last few months, a weaker USD, the prospect of a further tightening in monetary policy and fresh political risks represented a headwind for European stocks. But even though these factors may persist, the economic expansion will remain intact in our view. Against this backdrop, we expect a further rise in corporate profits which bodes well for higher share prices over the medium term. With regard to sectors and styles, our selection remains broadly diversified, but we stay somewhat cautious regarding exposure towards interest-rate sensitive stocks and hence maintain a slight tilt towards cyclical/value themes. Mid & Small Caps still form the majority of our top recommendations from the DACH region as we continue to expect an outperformance of stocks with attractive investment stories from this segment as long as the overall market outlook remains constructive.

    Ins & Outs: We had included Evonik on 17 May and POLYTEC on 2 August and removed Aurubis on 27 June and Allianz on 10 October. With this publication we also include All for One Steeb, CORESTATE Capital, RHI , Swiss Life plus Vifor Pharma and remove CA Immo, Julius Baer, POLYTEC and Zalando . Following these adjustments our Top Picks list now comprises 16 stocks.

    Performance: Since the last update on 10 February 2017 our Top Picks list delivered a performance of 13.4%. Because our benchmark index STOXX Europe 600 was down 0.2% this results in an outperformance of 13.6%. Since inception on 7 January 2013 our portfolio returned 157.9% in absolute terms and 101.3% in relative terms.

    Tops & Flops: Since the last update, the strongest Alpha has been delivered by VTG (+63.8%), Heidelberger Druck (+41.0%), POLYTEC (+35.7%), Lonza (+26.8%) and CA Immo (+17.4%). Contrary to that, only Rieter (-9.8%) posted a tangible underperformance. Since their respective inclusion, Heidelberger Druck (+68.3%), VTG (+63.8%), POLYTEC (+35.7%), Allianz (+33.4%), Lonza (+26.8%)and Aurubis (+24.3%) delivered the highest Alpha, while no component at all underperformed to a meaningful degree.

Companies im Artikel

Allianz

Aurubis

CA Immo

Evonik

Polytec

RHI

Zalando

Buy, Sell, Aktien, Handeln, Trade, Kurs http://www.shutterstock.com/de/pic-132837878/stock-photo-dices-cubes-to-trader-cubes-with-the-words-sell-buy-on-financial-chart-as-background-selective.html © www.shutterstock.com

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