Sofina : How to outperform the stock market
Investors in Sofina can happily look back at the first quarter as its stock price has proven to be very resilient. By the end of March, Sofina’s market value was down only 3.3% versus -24% for the MSCI ACWI and -26% for the STOXX50, its benchmark indices. The defensive nature of its businesses and strong focus on private equity turn out to be very effective, especially during bear markets. As we take a deeper dive into its portfolio, we become ever more convinced that management has a great vision with an ability to spot the trends of tomorrow. In the short-term, Sofina will be impacted by the COVID-19 crisis but only to a limited degree. We remain our Hold rating and € 190TP.SOFINA is an investment company whose portfolio consists of shareholdings in various companies. Co. manages a portfolio of long-term and short-term investments. Its portfolio comprises investments in companies which are active in sectors such as: Energy and Services (GDF Suez, Suez Environnement, bioMerieux and Exmar); Retail (Colruyt, Delhaize); Consumer goods (Danone, Rapala, B & W Group, and Chapoutier); Satellite operators (SES); Finance Companies (Eurazeo, Caledonia, Luxempart, RAB Capital); Industry (Petit Forestier, Landis + Gyr, Carbone Lorraine and Deceuninck) and Alternative assets (Private equity, Hedge funds).
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