QUAERO CAPITAL

Some would say, nothing is happening except the breeze in the palm trees... But the catalyst for a revival in small caps we have been waiting for, might just have happened ! Expectations of a cut in interest rates in the US sooner rather than later had a dramatic effect in the US market last night: the MAG7 closed down 4.3%, NASDAQ down 2%... but the Russel 2000 (small caps..) was UP 3.6% ! A one day performance differential of 7.9% between the MAG7 and the Russel 2000! To put that in historical perspective there has only been ONE other trading day since 1979 when the Russel 2000 was up 3% with a S&P500 down and that was in October 2008 before the markets initiated a recovery. To Philip Best this looks like a clear indicator that the tide has turned... Have a good weekend !

Today, Marc St John Webb and Laurent Stöckli presented an update on their value creation strategy for the European Small caps in Lugano. Please contact Michel Reboh for more information. #EuropeanSmallCaps #ConstructiveEngagement #StockPicking

Dans cette chronique parue dans Le Temps du 8 juillet, Jean Keller explique que, grâce à la performance, la réforme du 2e Pilier va améliorer les rentes des bas revenus. #2ePilier #PerformanceMatters https://lnkd.in/eWurVa7n

QUAERO CAPITAL is delighted to take part in CDP’s 2024 Non-Disclosure Campaign! Through the NDC, we are joining a group of 270 global financial institutions in requesting environmental data and transparency from almost 2,000 companies. The aim is for a letter to be sent to all companies that CDP has identified as having a material impact and that have not, in the past, completed (all) the CDP questionnaires to encourage them to do so. As we are participating in the campaign, QUAERO CAPITAL's name will appear as a co-signatory on all letters sent. We have asked to be Lead (in charge of engagement on behalf of all co-signatories) for 23 companies. We will be Lead for 10 of them. Disclosing through CDP creates essential data for action, enabling organizations to disclose once and ensure their data boosts access to capital, enhances competitiveness, and meets compliance. Transparency in environmental reporting is key to making informed investments for a sustainable future. It's time for companies to be transparent about their environmental footprint and drive positive change. Thank you to our ESG team : Georgina Parker, Louise Turrettini, Milena Losey - who have been helped by Alessandro POZZO - and to all our portfolio managers engaged in active ownership and stewardship activities : Philip Best, Marc St John Webb, Martina Turner, Olivier Ken, David Giboudeau, CFA. Thank you also to Laurent Stöckli.

We'll have to wait and see to be sure, but October 2023 may well have been the point of capitulation for European small caps. The trough appears to be behind us and the wind seems to have finally shifted. #Capitulation #EuropeanSmallCaps #ChangeOfTide https://lnkd.in/eg38Yeva

Si les petites capitalisations suisses ont largement sous-performé depuis 2 ans, cette situation pourrait changer. En effet, plus cycliques et nettement moins défensives que les titres du SMI, les small caps helvétiques devraient profiter d’une conjoncture économique qui reprend des couleurs et du recul progressif de l’inflation. #SmallCaps #SwissStocks #Switzerland #Suisse #PetitesCapitalisations https://lnkd.in/eF-5qDBP

AI is extremely energy-intensive, and by its very nature has a major impact on the electricity market. If all the data centres under construction in the USA are built, they will consume around 8% of total electricity consumption across the Atlantic. #Infrastructure #Electricity #AI https://lnkd.in/e7dMAkpQ

Les énergies renouvelables pourraient bien être les prochaines à profiter de la vague "IA". En effet, à l'image de Microsoft, de nombreuses entreprises du secteur technologique se tournent vers les énergies renouvelables pour alimenter leurs data centers. #CleanEnergy #IA #DataCenter https://lnkd.in/ew2tDaxK

After 3 years of underperformance, small caps are clearly undervalued compared to both both large caps and private equity, but catalysts for change are now taking shape. In this webinar held on 25 June 2024, Philip Best and Marc St John Webb, Fund Managers of Quaero Capital Funds (Lux) – Argonaut and Quaero Capital (Lux) - Swiss Small&Mid Cap, share their views on their value creation strategy, based on stock picking and constructive engagement, with a proven 21-year track-record. #EuropeanSmallcaps #ValueInvestment #ConstructiveEngagement https://lnkd.in/e7UMJG3d

QUAERO CAPITAL, represented by Jean Keller, Claudia Eftimie, CFA - and accompanied by Jean-Pierre Petit - was delighted to attend the event. What an beautiful opportunity to meet both CFA Society Switzerland and Asset Management Association Switzerland communities ! In the beautiful town of Basel !