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Saemor Europe Alpha Fund up 1.1 per cent in May

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Saemor Capital’s Saemor Europe Alpha Fund gained another 1.1 per cent in May, bringing year-to-date gains to 3.7 per cent.

From a style perspective the month was dominated by a substantial under-performance from value factors.
 
Saemor Capital writes: “Our model is well diversified and the good performance from momentum and quality compensated for value. In addition our tactical positioning – overweight earnings momentum and quality – helped further. Since markets rose steadily till 22 May and then saw a rather sharp correction towards the end of the month, factor performances and top and bottom stock contributions were mixed.
 
“The largest contributions came from our long book, in higher quality names with strong earnings momentum. These companies posted the strongest revisions to 2018 estimates after the Q1 results announcements. More generally speaking, defensives outperformed cyclicals on sales and earnings surprises. In contrast to previous earnings seasons, beating consensus estimates did not result in a positive share price reaction.”

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