Die besten europ. Small&MidCap Aktienfonds

e-fundresearch: "Welche Kennzahlen zur Bewertung europäischer Small/MidCap Aktien sind im aktuellen Marktumfeld aussagekräftig?

Caspar Benz und Daniel Lenz, Fondsmanager, "Schroder European Small & Mid Cap Value Fund" (19.04.2011): "One of the most important factors for us is the company’s ability to create shareholder value. We look at valuation metrics such as price-to-earnings and price-to-book multiples, along with dividend yield. We believe high, sustainable dividends can offer good downside protection in falling markets, while also providing a nice add-on to total returns. Crucially, though, the quality of the business, the balance sheet and management will all have an influence on a company’s ability to generate and conserve shareholder value.
Essentially, we look for stable, diversified businesses, with low net debt-to-equity and little or no goodwill. Of equal importance, is the competitive structure of the business."

Ivan Larsen, Fondsmanager, "Danske Invest Europe Small Cap A" (15.04.2011): "Value small cap is not that different from valuing other stocks. We do not see the current market as especially difficult in relation to small cap."

Philip Dicken, Head of European Smaller Companies, "Threadneedle Pan European Smaller Companies C1" & "Threadneedle European Smaller Companies C1" (20.04.2011): "The global economy is in recovery mode, allowing European companies in a range of industries to benefit from improving demand. Having cut costs aggressively during the downturn, many companies are now feeling the benefit of operational gearing going into the recovery. The market is trading at an attractive valuation relative to history and to other assets such as bonds. Corporate results have generally been better than expected. Cash flows are healthy and balance sheets are strong, yet cash balances are earning little. This suggests that earnings enhancing M&A activity is likely to be a feature. Within Europe, the divergence between strong and weak countries will increase but some of the prosperity from stronger economies such as Germany, with an increasingly robust GDP from well balanced expansion, will impact other economies. Despite tougher macroeconomic conditions, we are still finding companies even in the peripheral Eurozone which we believe are well positioned for growth given their exposure to overseas markets. These companies can benefit from Euro weakness through greater competitive strength, export-led growth and the higher value of repatriated profits. Price-to-earnings of small caps trade below long-term average. Price-to-book remain still at material discount despite strong anticipated margin recovery."