Paris based boutique Skylar has implemented a few changes at the end of June in the investment strategy of its thematic equity fund focused on luxury goods, the Sicav L’Esprit du luxe.
The fund aims to invest at 75% in stocks of global companies selling luxury goods.
The company said the fund’s bottom-up approach now relies on a multi-criteria analysis of firms selling luxury goods sector or benefiting from a premium positioning compared to their competitors.
In June 2016, the fund gained 0.78% on a monthly basis. The performance has been driven by its strong exposure to the US market (45%) and defensive stocks, primarily from the following sectors: education, food industry, cosmetics.
The manager called “safe haven” US companies selling luxury goods. US stock Michael Kors has been the top performer of the fund in June, Skylar reported.
The company also highlighted that firms being exposed to the UK market such as JD Sports have affected the performance of L’Esprit du luxe because of the Brexit vote.
Skylar added it has reduced its exposure to the equity market (80.6% as of 30 June 2016) ahead of companies’ quarterly results.
As of 30 June 2016, the top five positions in the fund included Estee Lauder, Ulta Salon, Tal Education, New Oriental Education and Coty.
L’Esprit du luxe is managed by Cedric Chaboud and Maria Servat.