How Modern Value is structured: Breakdown by regions, currencies, and sectors, as well as the largest equity positions in the portfolio.
The equity portion comprises 37 individual stocks. The variations differ solely in the equity allocation: Modern Value 60 means a maximum of 60 percent equities, with the remainder invested in bond funds. The following information refers to the equity portion.
US Dollar
68.2%
Euro
19.2%
Canadian Dollar
8.2%
Swiss Francs
2.4%
British Pound
1.9%
North America
64.2%
Europe
32.1%
Latin America
3.7%
Financials
25.5%
Technology
18.8%
Consumer Discretionary
14.7%
Healthcare
13.0%
Industrials
9.8%
Communication Services
7.6%
Consumer Staples
6.0%
Materials
2.5%
Utilities
2.0%
By weighting in the equity portion. Companies whose business we understand, with robust balance sheets and a competitive edge maintained over years.
01
USA · Financial Services
Broadly diversified conglomerate with a focus on insurance, railroads, and energy. The earnings from numerous subsidiaries flow into new investments and acquisitions.
US0846707026
02
USA · Communication Services
Parent company of Google. Its business includes internet search, YouTube, and the Google Cloud platform. Alphabet generates the majority of its revenue from advertising.
US02079K3059
03
USA · Technology
Software, cloud services, and enterprise applications. Office, Windows, and the Azure cloud platform are firmly established in many companies, ensuring recurring revenue.
US5949181045
04
Luxembourg · Laboratory Services
Worldwide network of testing laboratories. Eurofins analyzes food, environmental samples, pharmaceuticals, and clinical samples, often for companies that must meet legal testing obligations.
FR0014000MR3
05
USA · Healthcare
One of the largest health insurers in the USA, including as a licensee of Blue Cross Blue Shield. The group insures individuals, employers, and participants in government programs.
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Positions are continuously reviewed and may change. This presentation is not a recommendation to buy or sell individual securities.
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