The Saemor Europe Alpha Fund posted a modest decline of 0.4 per cent in June, bringing the year-to-date return to a positive 2.1 per cent.
Most factors in the firm’s multi factor model did reasonably well in June, but the outperformance of lower quality Banks and a drop in Energy and Materials stocks held the Fund back during the latter part of the month.
“With the market taking a step back since reaching highs in May, our defensive stance was on the mark, but style performances were less clear cut than the direction of the overall market. High beta and value stocks outperformed which coincided with an increase in 10 year rates,” writes Saemor.
