In March, European markets were hit by shockwaves from Silicon Valley Bank and Crédit Suisse. This situation raised fears for the financial health of the banking sector, and sparked extreme volatility in markets. By the end of the month, central banks appeared to have quelled worries of contagion, while continuing moderate rate hikes. Given the context, high-quality equities came to the fore.
In March, Amplegest MidCaps outperformed its benchmark index by 309 bps (–0.25% vs. –3.34%) and by +149 bps annually (+7.61% vs. +6.12%).
ASMi (+15.1%) announced 2023 revenue up 10%, better than the consensus which was just under 8%. In terms of fundamentals, the group is well positioned to outperform the market. This is thanks to its ALD technologies and epitaxy, which are vital for production of the most advanced wafers.
INWIT (+16.3%): speculation continued to lift share prices in March. Ardian could make a takeover bid on the telecom group, of which it already holds 30%.
NEMETSCHEK (+17.9%) soothed investors with the publication of its 2022 results. Revenue growth is expected to exceed 10% in 2024 and 2025, with EBITDA margins again surpassing 30%. The initial phase of the transition to a subscription model is coming to an end. By 2025, 85% of revenue should be recurrent.
ID LOGISTICS (–9.9%): 2022 results were in line with forecasts, with double-digit growth and an operating margin up 40 bps. The company’s resilience is attributable to wide diversification and an ability to set prices. Although shares were hurt by the announcement of a suspension of activities in Russia, the impact will not be significant.
We opened new positions in PIRELLI and SANLORENZO. We think PIRELLI is perfectly positioned to benefit from the “premiumisation” trend on the tyre market. SANLORENZO has excellent visibility on the luxury yacht market, a niche that is still relatively unexplored .