The market rallied in November, driven by slower inflation and, accordingly, a slight pullback of bond yields.
Reporting season ended with the numbers of Bilendi (+2% Q3 organic revenue growth and favourable guidance for yearend), Precia (+7% nine-month organic revenue growth) and Wavestone (operating profit up by 24% in H123).
The environment is still hard to grasp, although inflation concerns appear to be receding. We therefore continue to overweight companies offering good visibility and a solid balance sheet. With this in mind, we raised our exposure to:
• Antin Infrastructure, a private equity firm investing in energy and environmental infrastructure (LNG terminals, water management, etc.), digital technology (datacentres, networks, etc.), transport (tolls, harbours, etc.) and social infrastructure (rest homes, student housing, etc.).
• Wallix: a publisher of cybersecurity solutions, whose transition to SaaS is almost complete and whose valuation is very far from sector standards (1x revenues, vs. 3/4x historically).
The fund enjoyed heavy inflows, a portion of which have been reinvested. As a result, cash accounts for 2% of the fund’s net asset value.