Análisis del enfoque de inversión del Tikehau European Sovereignty Fund de Tikehau Capital

Artículo de Raphaël Thuin, Head of Capital Markets Strategies de Tikehau Capital 

Gestores del fondo: Jean-Marc Delfieux y Clovis Couasnon

Enfoque de inversión: 

El objetivo de inversión del Tikehau European Sovereignty Fund es superar la rentabilidad del mercado bursátil europeo a largo plazo (más de cinco años), invirtiendo en valores de emisores que se beneficien de, o contribuyan a, la soberanía europea. Se entiende por soberanía europea el conjunto de sectores considerados estratégicos para reducir la dependencia de la economía europea frente al exterior, favoreciendo una mayor autonomía, resiliencia y desarrollo interno.

El fondo Tikehau European Sovereignty Fund busca capitalizar el impulso generado por el fortalecimiento de la soberanía europea, invirtiendo en sectores estratégicos como, entre otros, defensa, industria y sanidad.

Desde comienzos del año, la exposición al sector de defensa europeo ha sido uno de los principales motores del rendimiento positivo del fondo, aportando +861 puntos básicos a la rentabilidad bruta en el periodo. A finales de noviembre, este sector representaba aproximadamente el 17 % de la cartera.

En nuestra opinión, Europa cuenta con uno de los mejores ecosistemas mundiales de empresas de defensa. Nuestro enfoque consiste en seleccionar, dentro de este universo, aquellas compañías que estén mejor posicionadas para beneficiarse del aumento del gasto en defensa en Europa, y que al mismo tiempo presenten unos fundamentos sólidos.

Estas compañías se enfrentan a grandes desafíos, no tanto en términos de conocimiento, sino de capacidad de producción. Las carteras de pedidos están en máximos históricos, lo que requiere una aceleración sin precedentes en los ritmos de fabricación para dar respuesta al aumento de la demanda. Por ejemplo, Rheinmetall, empresa alemana incluida en la cartera, ha visto aumentar su cartera de pedidos en un 45 % en los últimos dos años.

En nuestra opinión, esta dinámica sectorial sostenida refuerza el atractivo de nuestra exposición a compañías de defensa europeas, y ofrece al fondo una oportunidad de inversión diferenciada, bien alineada con el entorno actual.

Descargo de responsabilidad 
MAIN RISKS 
The funds managed by Tikehau Investment Management invest in financial instruments that are subject to changes and uncertainties in the financial markets. Any financial investment in a fund involves risks, in particular those summarized below. For a full description of the risks to which the funds are exposed, please refer to the fund prospectuses. Please read the legal documentation for the funds presented in this document (prospectus and DIC) carefully before making any final 
investment decision. 
Risk of capital loss: Capital is not guaranteed. Investors may not recover the value of their initial investment. 
Risk of investing in speculative high-yield securities: The Fund should be considered as partly speculative and aimed more particularly at investors who are aware of the risks in in investing in securities with low or no ratings, and which may lead to a fall in net asset value. 
Credit Risk: Credit risk is the risk that an issuer (or similar money market instruments) held by the Company may default on its interest and principal repayment obligations and the Company may not recover its investments. 
Interest-rate risk : The Fund may, at any time, be fully exposed to interest-rate risk, as its sensitivity to interest rates may vary depending on the fixed-rate securities held, leading to a fall in its net asset value. 
Discretionary risk : The discretionary management style is based on anticipating the performance of various markets (equities, bonds). There is a risk that the Fund may not be invested in the best-performing markets at all times. 
Financial futures risk : As the Fund may invest in derivatives, its net asset value may fall by more than the markets to which it is exposed. 
Counterparty risk: The risk of deterioration in the credit quality of the issuer or the default of a market counterparty, leading to a payment default. The default of a counterparty may result in a decrease in the NAV of the Fund. For a description of all risks, please refer to the Fund's prospectus. 
Liquidity risk: The liquidity of some of the fund's assets may be low at times, particularly on over-the-counter markets. More particularly in turbulent market conditions, their prices may fluctuate significantly. It may sometimes be difficult to unwind certain positions on favorable terms for several consecutive days. 
Sustainability Risks: It is expected that the Portfolio will be exposed to a wide range of sustainability risks. However, due to the broad diversification of the Portfolio, none of these risks individually is expected to have a material adverse financial impact on itsvalue. 
Risk associated with a change in tax policy : Any change in the tax laws of the countries where the fund is domiciled, registered for marketing or listed, could affect the tax treatment of investors. In this case, the Management Company assumes no liability to investors for payments to be made to anytax authority. 
Equity risk : As the Fund may be exposed to equity markets, the net assetvalue of the Fund will therefore fall in the event of a decline in thismarket. 
Volatility risk : Volatility is the measure of an asset's price variation over a given period. In other words, it describes the magnitude and speed of change in an asset's value. In a more volatile market, risk increases, i.e. the probability of a portfolio experiencing significant fluctuations increases. 
Dividend risk : Dividend risk is the uncertainty as to the regularity or amount of dividend payments compared with market expectations. It arises from factors such as economic conditions, company performance and market volatility, all of which have an impact on the reliability of dividends for investors. 
Currency risk : The Fund may be exposed to currency risk in respect of the portion of its net assets invested outside the euro zone that is not hedged against this risk, which may result in a fall in its net asset value. 
Conflict of interest risk : The Fund may be invested in mutual funds managed by Tikehau IM or a related company, or in securities issued by such mutual funds. This situation may give rise to conflicts of interest. 
Specific risks linked to the investment in contingent convertible bonds (« CoCos»): 
• Trigger level risk: Trigger levels differ and determine exposure to conversion risk as a function of distance from the trigger level. 
• Coupon cancellation risk: Coupon payments on AT1 instruments are entirely discretionary and may be cancelled by the issuer at any point, for any reason and for 
any duration. 
• Yield/estimation risk : Cocos' often attractive yields can be seen as a complexity premium. 
• Risk of non-repayment: Cocos AT1-type instruments are perpetual, redeemable at predetermined levels only with the approval of the competent authority. 
• Liquidity risk : Like the high-yield bond market, the liquidity of CoCos can be significantly affected in turbulent market conditions.

The Synthetic Risk Indicator (SRI) of each share class is available in the dedicated KID of each share class onto the Company Management’s website. Please refer to this document to obtain the associated detail.