28 April 2023
Commentaire de gestion Amplegest PME - AC - April 2023
In April, Amplegest PME achieved a performance comparable to that of its benchmark index (–0.48% vs. –0.93%), in a market where once again smaller stocks were punished.
The overall results of our companies were much better than expected.
In the PEA–PME category:
- FOUNTAINE PAJOT and ESKER raised their annual targets. - BILENDI’s EBITDA shot up +36%, with organic growth +18% for 2022. - VOYAGEURS DU MONDE enjoyed a record operational margin of 9%. Though activity is still far from record highs, it is expected to exceed last year’s performance. - FOCUS HOME published record turnover up +35% and announced a very positive outlook for 2023. - WAVESTONE ended 2022 on a strong note, with organic growth up +14% in Q4 (vs. +7% for the full year). - At its annual earnings presentation, FREELANCE management spoke with much greater optimism than two months ago. - X-FAB announced results at the high end of its forecast range. - SES IMAGOTAG published a solid Q1 and announced its first contract with WALMART. - LISI, EKINOPS, La Française De l’Energie (LFDE), SWORD, SECHE ENVIRONNEMENT and MERSEN had double-digit growth in Q1 23. - The above-mentioned shares represent 37.5% of the portfolio.
Outside the PEA–PME category:
- SOPRA published organic growth (+9%) far better than its 2023 strategic plan. This means that management can now focus on reaching the high end of its annual targets. - WORLDLINE published growth better then expected (+9.2% vs. 8% forecast). - SPIE enjoyed organic growth up +10% in Q1 (i.e. 2x the expected level). - The above-mentioned shares represent 7% of the portfolio.
LECTRA (3.5% of AUM) was the only disappointment. Results were revised down by –15% because customers of all sectors are in a holding pattern and recovery in China is less than expected.
Continuing our practices since the beginning of the year, we reduced weightings of the TOP 10 (37% of AUM at the end of April) to protect the portfolio against highly volatile share prices. We have raised the number of positions to 48, adding to positions in WALLIX, LUMIBIRD and DONTNOD, and reducing positions in BILENDI, WAVESTONE and REWORD MEDIA.
