In the July update for the soft-closed €6 billion (£5.4 billion) fund, Citywire AAA-rated Lingen explained he had moved cash from around 4% of exposure to just under 6% between June and July.
‘We believe that there is better value in larger companies than smaller firms at present and have been adding to the large cap names that we believe are most attractively valued.
‘Portfolio activity could also consist in initiating new positions in attractively valued and fundamentally strong companies. With increased market uncertainty and volatility, we have also positioned the fund to be able to act quickly on outsized moves through a higher cash position than normal.’
This was achieved by trimming his exposure to automation, which went from 51% in June to 48.7% one month later. ‘The automation segment performed well, led by Siemens, Rockwell and KLA Tencor.’
‘July was a reasonably active month in terms of trading. We took profits in some names that have performed well and added back to others where we have increasing conviction.
‘We bought shares in NXP Semiconductors and IPG Photonics. We reduced positions in Mettler Toledo, Roper Technologies and sold out of Yokogawa Electric Corp.’
The largest single positions in the fund at present are a 6.3% exposure to Alphabet, a 6.1% holding in Siemens and a 4.8% exposure to recent takeover candidate Qualcomm.
The Pictet-Robotics fund returned 58.6% in US dollar terms over the three years to the end of July 2018. The MSCI World TR USD, its Citywire-assigned benchmark, rose 35.7% over the same timeframe.