Malaga, September 10th 2024 - Considering the current market fluctuations and inline with our long-term investment strategy leveraging our cost averaging strategy, we have reinforced our position in luxury group Kering (Gucci, Balenciaga, Alexander McQueen, Saint Laurent, Pomelatto, ...).
We believe that the current valuation metrics (relative P/E, P/CF, P/B) and absolute valuation metrics on intrinsic value provide an interesting opportunity for us to further increase our investment into luxury group Kering despite deflationary market sentiments related to the Luxury sector impacting also companies like LVMH, Hermes & Richemont.
Kering represents now the second largest position after Spanish utilities company REDEIA and slightly before Australian basic materials company Rio Tinto. The latest holdings are presented in the attached graph.
The current dividend yield of our portfolio is 5.16% after tax.
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