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Patrick Delestra : "Investing in thematic equities makes sense only if we use a specialist fund manager"

According to Patrick Delestra, Head of Equity at Apicil group, a balanced portfolio must used several kinds of strategies namely Small caps which outperform over the long term, Value equities that are undervalued and Growth stocks which are expensive but offer visibility.

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Next-Finance : What is your equity allocation ?

Patrick Delestra : At the present time, we have allocated between 5 and 10% of our portfolios to equity markets depending on the type of portfolios managed.

What proportion is dedicated to thematic equity approach ? Does this approach is more important than in the past? Why do you invest in thematic equities ?

The proportion dedicated to direct thematic equity investments is quite low, only a healthcare fund is concerned (less than 5 % of our equity allocation). We also have a SRI mandate that uses thematic selection to boost performance. The weight of these funds is not increasing. For us, investing in thematic equities makes sense only if we use a specialist fund manager who helps us to increase our understanding for specific sectors such as health and technology.

For us, investing in thematic equities makes sense only if we use a specialist fund manager who helps us to increase our understanding for specific sectors such as health and technology.
Patrick Delestra, Head of Equity at Apicil group

Which strategies are the most attractive (Small Caps, Value, Growth, High Dividend, etc ...) in the current context?

From my point of view, currently a balanced portfolio must used several kinds of strategies, namely:

  • Small caps which outperform over the long term,
  • Value equities that are undervalued,
  • Growth stocks which are expensive but offer visibility.

What are the key elements to take into account for selecting equity managers ?

The most attractive selection criteria for selecting equity managers are as follows:

  • The management style,
  • Its ability to deviate from benchmarks,
  • Its performances over the medium term,
  • The level of management fees.

Paul Monthe , RF , November 2016

Article also available in : English EN | français FR

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