Danes may hold up glasses to recession fears - Carlsberg shares up
Increasing signals of a pending recession and febrile analysis on the risk that this could come to pass globally has put a spotlight on the sorts of companies that tend to outperform in periods of economic uncertainty, which in Denmark's case has seen a continued rise in the share price of brewer Carlsberg through the year so far.
As of 15 August, the investor relations section of the company's website reported that Carlsberg B shares were up some 37% YTD, with the A shares up 35% on the Copenhagen exchange.
This reflects a generally positive performance with its peers. InBev is up some 42% over the same period, Diageo is up around 21% and Heineken is up about 20%, the site noted by way of comparison.
The OMXC20, a measure of Danish blue chips, is up about 12% over the period.
This suggests that investors seeking to maintain equity exposure may wish to look to funds that offer access to this type of company in the current environment.
According to FE data, there are a dozen or so funds available in markets such as the UK, Germany and Italy that include exposure to Carlsberg. Below they are ranked according to their performances over one month and three years. Of note is that the rankings are topped by ETFs, which have ouerperformed over both the shorter and longer term periods. However, what is unknown is how the underlying indices may perform during a period of recession across Europe and/or beyond.
For eurozone based investors, the fact that it is a Danish company may hold additional attraction because of the ongoing peg of DKK to the euro - thus potentially removing some currency risk.
| Fund - ranked by 1m performance in euros | 1m | 3m | 6m | 1yr | 3yr | 5yr | 10yr |
|---|---|---|---|---|---|---|---|
| Lyxor STOXX Europe 600 Food & Beverage UCITS ETF EUR in EU | 2.72 | 7.76 | 18.42 | 18.93 | 26.37 | 66.21 | 250.61 |
| ComStage STOXX ® Europe 600 Food & Beverage NR UCITS ETF TR in EU | 2.67 | 7.04 | 18.20 | 18.68 | 25.92 | 66.05 | 278.36 |
| Janus Henderson Continental European B Acc EUR TR in EU | -0.54 | 3.30 | 7.39 | 1.21 | 15.79 | 31.77 | 131.37 |
| Amundi European Equity Conservative F2 Cap EUR in EU | -1.37 | 1.77 | 5.00 | 0.09 | 8.87 | 28.37 | |
| Janus Henderson Pan European R Acc EUR in EU | -1.57 | 1.61 | 6.40 | -0.24 | 14.57 | 28.18 | 132.35 |
| Janus Henderson Horizon Pan European Alpha S2 Acc EUR in EU | -1.77 | -1.48 | -2.05 | -5.39 | -0.30 | -0.15 | |
| Danske Danmark Indeks TR in EU | -1.87 | -0.39 | 4.39 | -1.48 | 21.74 | 25.63 | 147.54 |
| Oddo BHF BHF Algo Min Var CR EUR in EU | -1.96 | 1.08 | 4.42 | -0.10 | 14.59 | 36.05 | |
| Janus Henderson European Selected Opportunities I Acc in EU** | -2.02 | 2.90 | 6.33 | 0.41 | 16.90 | 35.66 | 145.91 |
| Quilter Investors Europe (ex UK) Equity U2 Acc GBP in EU | -2.02 | 2.87 | 6.88 | 1.15 | 18.31 | 37.60 | |
| Danske Denmark Focus in EU | -2.13 | 0.22 | 4.16 | -4.03 | 8.91 | 55.37 | 229.97 |
| Metropole Frontiere Europe EUR in EU | -2.62 | 4.69 | 5.28 | 1.73 | 19.41 | 19.21 | 21.29 |
| LYXOR FTSE Europe Minimum Variance UCITS ETF C EUR in EU | -2.80 | 0.40 | 3.00 | -0.65 | 16.19 | ||
| Janus Henderson European Absolute Return I Acc in EU | -4.28 | -6.54 | -4.95 | -6.25 | -1.75 | -6.51 | 43.65 |
| Janus Henderson Horizon European Growth R1 Dis EUR TR in EU | -4.51 | -1.30 | 0.69 | -5.62 | 8.62 | 38.13 | 145.90 |
| Janus Henderson European Growth I Acc in EU | -4.68 | -0.91 | 1.66 | -4.53 | 12.21 | 44.34 | 170.73 |
| SKAGEN Vekst A GBP in EU | -7.02 | -2.27 | 1.62 | -3.48 | 12.29 | 14.79 | 88.75 |
| Fund - ranked by 3yr performance in euros | 1m | 3m | 6m | 1yr | 3yr | 5yr | 10yr |
|---|---|---|---|---|---|---|---|
| Lyxor STOXX Europe 600 Food & Beverage UCITS ETF EUR in EU | 2.72 | 7.76 | 18.42 | 18.93 | 26.37 | 66.21 | 250.61 |
| ComStage STOXX ® Europe 600 Food & Beverage NR UCITS ETF TR in EU | 2.67 | 7.04 | 18.20 | 18.68 | 25.92 | 66.05 | 278.36 |
| Danske Danmark Indeks TR in EU | -1.87 | -0.39 | 4.39 | -1.48 | 21.74 | 25.63 | 147.54 |
| Metropole Frontiere Europe EUR in EU | -2.62 | 4.69 | 5.28 | 1.73 | 19.41 | 19.21 | 21.29 |
| Quilter Investors Europe (ex UK) Equity U2 Acc GBP in EU | -2.02 | 2.87 | 6.88 | 1.15 | 18.31 | 37.60 | |
| Janus Henderson European Selected Opportunities I Acc in EU** | -2.02 | 2.90 | 6.33 | 0.41 | 16.90 | 35.66 | 145.91 |
| LYXOR FTSE Europe Minimum Variance UCITS ETF C EUR in EU | -2.80 | 0.40 | 3.00 | -0.65 | 16.19 | ||
| Janus Henderson Continental European B Acc EUR TR in EU | -0.54 | 3.30 | 7.39 | 1.21 | 15.79 | 31.77 | 131.37 |
| Oddo BHF BHF Algo Min Var CR EUR in EU | -1.96 | 1.08 | 4.42 | -0.10 | 14.59 | 36.05 | |
| Janus Henderson Pan European R Acc EUR in EU | -1.57 | 1.61 | 6.40 | -0.24 | 14.57 | 28.18 | 132.35 |
| SKAGEN Vekst A GBP in EU | -7.02 | -2.27 | 1.62 | -3.48 | 12.29 | 14.79 | 88.75 |
| Janus Henderson European Growth I Acc in EU | -4.68 | -0.91 | 1.66 | -4.53 | 12.21 | 44.34 | 170.73 |
| Danske Denmark Focus in EU | -2.13 | 0.22 | 4.16 | -4.03 | 8.91 | 55.37 | 229.97 |
| Amundi European Equity Conservative F2 Cap EUR in EU | -1.37 | 1.77 | 5.00 | 0.09 | 8.87 | 28.37 | |
| Janus Henderson Horizon European Growth R1 Dis EUR TR in EU | -4.51 | -1.30 | 0.69 | -5.62 | 8.62 | 38.13 | 145.90 |
| Janus Henderson Horizon Pan European Alpha S2 Acc EUR in EU | -1.77 | -1.48 | -2.05 | -5.39 | -0.30 | -0.15 | |
| Janus Henderson European Absolute Return I Acc in EU | -4.28 | -6.54 | -4.95 | -6.25 | -1.75 | -6.51 | 43.65 |
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