{"id":13354,"date":"2024-02-12T23:33:16","date_gmt":"2024-02-12T23:33:16","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=13354"},"modified":"2024-06-04T19:34:44","modified_gmt":"2024-06-04T19:34:44","slug":"creating-portfolio-conviction","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/creating-portfolio-conviction\/","title":{"rendered":"Creating a portfolio of Conviction"},"content":{"rendered":"\n

Creating a portfolio of Conviction<\/h1>\n\n\"Chlo\u00e9<\/a>\n\n

In this article, Chlo\u00e9 ANIFRANI<\/a> (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2019-2024) explains what it means to create a portfolio of conviction<\/b>.<\/p>\n\n\n

Conviction as a filter for your investment universe<\/h2>\n\n

In their article on Asset Allocation<\/a>, Akshit GUPTA, an ESSEC student, defines the basics criteria considered by investors when building a portfolio. He defines them as the profile of the investor (risk profile, objective, time horizon), characteristics of the chosen assets (expected returns, risk, correlation), and chosen strategy of investing (strategic or tactical allocation).<\/p>\n\n

Although those characteristics are what any good investor should consider in the first place, some other criteria might come into account. This is the case for portfolio used in thematic and conviction funds, which use particular quality filters to reduce their investment universe before taking a closer look at other characteristics in the highlighted assets.<\/p>\n\n

In this article, we will only talk about equity assets (no bonds, structured products\u2026).<\/p>\n\n

For example, these filters might be geographic (global, European, American\u2026), by capitalization (small, mid and large caps) or sector (technology, luxury, energy\u2026).<\/p>\n\n

Another type of filter seen in stock picking might be a conviction: after analyzing a company, the investor strongly believes that it shows a particular quality that makes it eligible for their portfolio.<\/p>\n\n

The filter we will talk about today is one of those: Pricing Power<\/b>.<\/p>\n\n

Pricing Power is defined as the ability of a company to raise their prices without affecting the demand for their products, mostly thanks to specific technological invocation or patent, brand image and\/or high barriers to entry for competitors.<\/p>\n\n

This quality is often observed in sectors like luxury (LVMH, Herm\u00e8s, Ferrari, Mercedes-Benz\u2026), health (Cooper, Zoetis, medication for rare disease\u2026) or aeronautics (Airbus Dassault\u2026), for example. On the contrary, it is harder to find in sectors like energy, insurance or telecom, where many actors offer the same type of products and services.<\/p>\n\n\n

Pricing Power in asset allocation: how can an analyst recognize Pricing Power in companies<\/h2>\n\n

Although Pricing Power is greatly influenced by sectors, as explained above, it also is company specific. Firms might possess technologies and innovations that allow them to showcase Pricing Power in a sector that isn\u2019t known for it, while others may not be able to utilize their sector\u2019s strength in a way that would lead to gaining Pricing Power.<\/p>\n\n

Therefore, here are some characteristics that help recognize Pricing Power in companies (Louis Vuitton, Ferrari, Herm\u00e8s, Atoss Software, Capgemini, Airbus, ASML, Safran, EssilorLuxottica, Disney, Netflix, L\u2019or\u00e9al):<\/p>\n\n

Brand strength<\/h3>\n\n

Companies with strong and well-established brands often have better Pricing Power. Consumers may be willing to pay a premium for products associated with a trusted and recognized brand.<\/p>\n\n

Examples: Louis Vuitton, Ferrari, Herm\u00e8s<\/p>\n\n

Unique products or services, technological innovation<\/h3>\n\n

If a company offers unique or differentiated products or services that are not easily replicated by competitors, it may have greater control over pricing. This uniqueness can create a competitive advantage.<\/p>\n\n

Examples: Atoss Software, Capgemini<\/p>\n\n\n

High barriers to entry<\/h3>\n\n

If a company is established in a sector with high barriers to entry, like high cost of development or strict regulatory environment, it may showcase Pricing Power, as switching from this company to competitors might be difficult for customers in case of price increase.<\/p>\n\n

Examples: Airbus, ASML, Safran<\/p>\n\n\n

Market position<\/h3>\n\n

A leading market position or a dominant market share can provide Pricing Power. Market leaders often have more control over pricing, since customers may view their products as industry standards.<\/p>\n\n

Examples: LVMH, EssilorLuxottica<\/p>\n\n\n

Customer loyalty<\/h3>\n\n

High customer loyalty can enable a company to maintain Pricing Power. However, since customer loyalty derives from a feeling of trust between the client and brand, it shouldn\u2019t be considered as a primary element to examine for investors, as too many raises in prices might negatively impact the relationship.<\/p>\n\n

Examples: Disney, Netflix<\/p>\n\n\n

Track record of price increases<\/h3>\n\n

Examining a company\u2019s historical ability to implement price increases successfully can provide insights into its Pricing Power. Consistent or periodic price increases without significant negative effects on sales would be a positive indicator. <\/p>\n\n

Examples: L\u2019or\u00e9al, Louis Vuitton, Herm\u00e8s<\/p>\n\n

It is important to note that elements like cost advantages (economies of scale, economies of scope, relationship with manufacturers\u2026) do not lead to pricing power, but to margin control, which would be another type of filter.<\/p>\n\n\n

The case of luxury: intangibles in Pricing Power<\/h2>\n\n

To better understand how Pricing Power evolves for brands, let\u2019s talk about the case of luxury today.<\/p>\n\n

In 2022 and 2023, the market has been shaken by the new hawkish monetary policy declared by central banks, with interest rates raising at a rapid pace and to a level that had not been seen for many years.<\/p>\n\n

This new reality led to difficulties for firms which relied heavily on debt to finance their activities.<\/p>\n\n

In the case of the luxury sector, our new situation of \u201cHigher for longer\u201d rates lead to a strengthening of the already existing barriers to entries. Firms that have been major actors in this field for decades (LVMH, Kering, Hemes, Richemont\u2026) should see fewer young brands emerging to their levels for the years to come.<\/p>\n\n

It is interesting to note that those actors\u2019 Pricing Power comes primarily from their brand image. This component helps them to sustain an \u201casset light\u201d growth, which doesn\u2019t require much investment in new technologies or patents on their parts.<\/p>\n\n

However, an investor might worry that the current inflation and reduction of houses\u2019 purchasing power might affect demand on luxury products, that are often not primary necessities.<\/p>\n\n

Indeed, if 2022 was a particularly good year for the sector (9-11% annual growth), its trajectory has slowed down in 2023, coming back to average historical levels (7-8%). The major actors, who raised their prices significantly in 2022 and 2023, already plan more moderate raises for the years to come.<\/p>\n\n

Those elements should be considered by an investor interested in Pricing Power. However, they do not invalidate it for the sector. We notice two elements that are in its favor for the upcoming years: the consumption of luxury goods is becoming more and more concentrated on the most \u201ciconic\u201d brands (Herm\u00e8s, Chanel, Louis Vuitton\u2026) and the number of clients is increasing steadily every year. In 2023, there were 400 million of luxury consumers. 50 million of them where millionaires, which is interesting to note, knowing how polarized this sector consumption is: 1% of the customers equals 20% of the total sales. This means that the main luxury consumers are the least affected by the current drop in purchasing power.<\/p>\n\n

With this information and the previously stated higher barriers to entry, we can consider that the current state of the market might actually be beneficial to the luxury sector\u2019s main actors\u2019 Pricing Power.<\/p>\n\n\n

Funds and ETFs with Pricing Power at their core<\/h2>\n\n

To conclude this article, we will cite some funds that have been basing their investment strategies around Pricing Power.<\/p>\n\n

We selected three of these funds, all primarily invested in Eurozone. The funds are Delubac Pricing Power I (FR0011304229), Pictet Premium brands I (LU0217138485, also invested in the US) and Amplegest Pricing Power (FR0010889857).<\/p>\n\n

Top 10 Delubac Pricing Power.
\n\"Delubac
\nSource: Morningstar.<\/p>\n\n

Top 10 Pictet Premium Brands.
\n\"Pictet
\nSource: Morningstar.<\/p>\n\n

Top 10 Amplegest Pricing Power.
\n\"Amplegest
\nSource: Morningstar.<\/p>\n\n

While examining their top 10 stocks, it is interesting to note that some brands, well-established as having Pricing Power, can be found in all three allocations (LVMH, L\u2019Or\u00e9al, Linde).<\/p>\n\n

For your information, here are the funds\u2019 performances over the last five years, compared to their zone of investment\u2019s.<\/p>\n\n

Performances over 5 years
\n\"PP
\nSource: Quantalys.<\/p>\n\n

Performances in 2023
\n\"PP
\nSource: Quantalys.<\/p>\n\n

Annual Performances from 2017
\n\"PP<\/a>
\nSource: Quantalys.<\/p>\n\n

And yes, investing with conviction can be rewarding and a great way to differentiate your product, but it doesn\u2019t always beat the market!<\/p>\n\n\n

Why should I be interested in this post?<\/h2>\n\n

If you wish to work in Asset Management, as an analyst or funds manager, or as a customer, this post will help you understand what kind of criteria might be used to do so. Asset Managers sell a product, not just a track record, and it is important to know how to build a portfolio around a concept in order to differentiate yourself on a very saturated market!<\/p>\n\n\n

Related posts on the SimTrade blog<\/h2> \n\n

   ▶ Youssef LOURAOUI Asset Allocation Techniques<\/a><\/p>\n\n

   ▶ Louis DETALLE A quick interview with an Asset Manager at Vontobel<\/a><\/p>\n\n

   ▶ Akshit GUPTA Asset Allocation<\/a><\/p>\n\n\n

Useful resources<\/h2> \n\n

Pricing Power is the magic ingredient for equity investors<\/a><\/p>\n\n

JP Moorgan Combating inflation with pricing power<\/a><\/p>\n\n

Morgan Stanley Combating inflation with pricing power<\/a><\/p>\n\n\n

About the author<\/h2>\n\n

The article was written in February 2024 by Chlo\u00e9 ANIFRANI<\/a> (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2019-2024).<\/p>\n","protected":false},"excerpt":{"rendered":"

Creating a portfolio of Conviction In this article, Chlo\u00e9 ANIFRANI (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2019-2024) explains what it means to create a portfolio of conviction. Conviction as a filter for your investment universe In their article on Asset Allocation, Akshit GUPTA, an ESSEC student, defines the basics criteria considered by … Read more<\/a><\/p>\n","protected":false},"author":112,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,10],"tags":[],"class_list":["post-13354","post","type-post","status-publish","format-standard","hentry","category-contributors","category-financial-techniques"],"yoast_head":"\nCreating a portfolio of Conviction - SimTrade blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/creating-portfolio-conviction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Creating a portfolio of Conviction\" \/>\n<meta property=\"og:description\" content=\"Creating a portfolio of Conviction In this article, Chlo\u00e9 ANIFRANI (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2019-2024) explains what it means to create a portfolio of conviction. 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