Saemor’s Europe Alpha Fund returns 2.8 per cent in January
Saemor Capital has reported a strong start to 2014 for its Europe Alpha Fund with a return of 2.8 per cent in January, despite the volatility caused by a sell-off in emerging markets.
The fund was up 5.9 per cent in 2013 and is up 8.5 per cent on an annualised basis over the last three years.
According to Saemor, markets are currently in a consolidation phase, while European equities have re-rated 50 per cent in absolute P/E terms since mid 2012.
While investors may be awaiting an earnings recovery, dividend momentum is turning for the better which is a good leading indicator for the turn in earnings momentum.
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