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author Olivier Dambrine - October 10, 2017

After the decline in August, the European indices recovered during the month of September. The STOXX600 added 330 basis points and finished at +6.9%. Our European portfolio almost tripled this increase by adding 910 basis points, finishing the month at a YTD return (TWR) of +22.9%.

This month’s top performers were :

  • Sogefi Spa (+17,8%) jumped up but didn’t make any major announcements.
  • SAS AB (+16%) moved upwards after posting good Q3 results. On the 6th of October the share price took a hit as management communicated plans to issue 66m common shares.
  • Subsea 7 SA (+14,3%) ordered the construction of a new vessel with Royal IHC in Netherlands. This will enable subsea 7 to participate in new prospects. In the beginning of October the company announced that it has been awarded a substantial contract (NOK150m - 300m) by Ophir Energy.

Our North American portfolio put down an even stronger performance and added 1,230 basis points to finish at 19.5%. (compared to S&P500 which is at +11.6%) Top performances were reported by our largest positions:

  • ZAGG (+25%) continued its rise after reporting great Q2 results. The company announced a new range of iPhone 8 accessories such as the mope wireless charging base and the glass+ screen protector for the 3 new iPhone models.
  • Yangarra Resources (+22.7%) did not issue any press releases after reporting good operating results for the second quarter.
  • Meritor (+31%) announced that it signed a definitive agreement to sell its interest in the Meritor WABCO joint venture. The total sale price is $250m.
  • Skywest (+26.5%) announced that it ordered 45 new aircraft but the company did not issue any other press releases.

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