Alkeon UCITS

Investment Objective

The Fund’s investment objective is to achieve maximum capital appreciation by investing primarily in long and short positions of publicly-traded companies globally. Alkeon’s investment philosophy is centered on performing deep fundamental analysis of individual companies and identifying growth cycles that are largely independent of economic cycles. The portfolio’s long investments emphasize positions in growth companies with improving fundamentals, strong balance sheets and free cash flows, and superior competitive positions. On the short side, Alkeon maintains an active alpha-seeking portfolio by establishing short positions in low quality businesses facing long term challenges such as unstable and weak business models, deteriorating fundamentals, and declining profitability metrics.

Latest Meeting Note

Meeting note 23 Sep 2019

The research team met with Alkeon at a cap-intro conference. Alkeon is led by Takis Sparaggis and currently has $11bn in AUM. The firm employ a private equity approach to investing in public equities with a quality growth focus implement... Read more

The research team met with Alkeon at a cap-intro conference. Alkeon is led by Takis Sparaggis and currently has $11bn in AUM. The firm employ a private equity approach to investing in public equities with a quality growth focus implemented globally. Key areas of focus for the long side are TMT, Consumer, Healthcare, Consumer Services, short book is wider in scope. Short selling is important and the short book has been additive to performance over time. Typical net is 30% to 80% (65% on average) with the gross ranging 80% to 200%. Long investments are focussed on growth companies with improving fundamentals, strong balance sheets and free cash flows, and superior competitive positions. On the short side Alkeon focus on low quality businesses facing long term challenges such as unstable and weak business models, deteriorating fundamentals, and declining profitability. The current view can be best described as cautious optimism; we are entering a period of slow but positive economic growth, credit growth is accelerating, balance sheets are in good shape, capex hasn’t been overbuilt. Investors overall are cautious which leaves the firm seeing attractive risk/reward in the current environment. Have around a 50% allocation to Technology due to the ‘coming wave of innovation’ driven by AI, machine learning – big structural theme.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2018 0.9 0.7 0.7 0.1 0.3 0.6 0.7 0.7 0.2 0.9 0.5 0.1 0.3
2017 0.5 0.2 0.6 0.0 0.7 0.6 0.7 0.9 0.0 0.3 0.5 0.2 0.1

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