{"id":78503,"date":"2025-11-12T09:28:12","date_gmt":"2025-11-12T09:28:12","guid":{"rendered":"https:\/\/www.europesays.com\/se\/78503\/"},"modified":"2025-11-12T09:28:12","modified_gmt":"2025-11-12T09:28:12","slug":"han-fyller-fonden-med-akta-lyx-skulle-aldrig-aga-tesla-och-bmw","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/se\/78503\/","title":{"rendered":"Han fyller fonden med \u00e4kta lyx: ”Skulle aldrig \u00e4ga Tesla och BMW”"},"content":{"rendered":"

En klar novembermorgon i Milano ligger ljuset l\u00e5gt \u00f6ver Via Montenapoleone. L\u00e4ngs gatan st\u00e5r modehusen p\u00e5 rad. P\u00e5 utsidan ser allt homogent ut \u2013 marmorerat, d\u00e4mpat, polerat. Men bakom d\u00f6rrarna r\u00e5der skilda syns\u00e4tt p\u00e5 vad lyx faktiskt \u00e4r.<\/p>\n

Flavio Cereda<\/strong> f\u00f6rvaltar schweiziska GAM Luxury Brands Equity, som han menar \u00e4r den enda renodlade lyxfonden globalt.<\/p>\n

\u00c5r 2024 avkastade fonden +10,8%, att j\u00e4mf\u00f6ra med S&P Global Luxury som gick +5,7%. Men det indexet \u00e4r enligt honom ingen bra m\u00e5ttstock. <\/p>\n

\u201dOch det inneh\u00e5ller bolag jag aldrig skulle \u00e4ga \u2013 biltillverkare som Tesla, BMW<\/strong>, Mercedes <\/strong>och amerikanska casinon. Det \u00e4r en annan kund och en annan k\u00f6pkultur\u201d, s\u00e4ger han.<\/p>\n

\"Lyx2\"Flavio Cereda p\u00e5 Armani Hotel i Milano. <\/p>\n

Ceredas fond best\u00e5r till 58% av det han definierar som \u00e4kta lyxvarum\u00e4rken \u2013 LVMH <\/strong>\u00e4r det st\u00f6rsta innehavet. Det \u00e4r en h\u00f6g andel renodlade lyxbolag och det finns helt enkelt inte tillr\u00e4ckligt m\u00e5nga f\u00f6r att fylla hela fonden. Resten \u00e4r ist\u00e4llet bolag i lyxens ekosystem.<\/p>\n

Som schweiziska Galderma<\/strong>.<\/p>\n

\u201dChoklad?\u201d, fr\u00e5gar jag.<\/p>\n

\u201dNej nej, botox\u201d, svarar Cereda.<\/p>\n

\"Lv\"Louis Vuittons fartygsformade butik \u201dThe Louis\u201d i Shanghai, Kina.<\/p>\n

D\u00e4r finns \u00e4ven Viking<\/strong>, lyxkryssningsbolaget med en \u00e4ldre och v\u00e4lbest\u00e4lld kundkrets, och Technogym<\/strong>, gymutrustningen som st\u00e5r p\u00e5 femstj\u00e4rniga hotell.<\/p>\n

\u201dEfter covid blev lyxmarknaden v\u00e4ldigt polariserad. Skillnaden mellan vilka varum\u00e4rken som vinner och vilka som tappar har blivit extremt tydlig\u201d, s\u00e4ger han och betonar att det blivit allt viktigare att v\u00e4lja med omsorg. <\/p>\n

Det har varit ett tufft \u00e5r f\u00f6r lyx med en svagare kinesisk konsument och Ceredas fond \u00e4r i \u00e5r ner 6%. Han bes\u00f6kte d\u00e4remot nyligen Kina och ber\u00e4ttar att han ser en ljusning fram\u00e5t, st\u00e4mningen \u00e4r f\u00f6r\u00e4ndrad. <\/p>\n

Fakta<\/p>\n

Fondens tio st\u00f6rsta innehav<\/p>\n

    \n
  1. LVHM (8,2%)<\/li>\n
  2. Compagnie Financiere Richemont\u00a0(7,35%)<\/li>\n
  3. Ferrari (6,37%)<\/li>\n
  4. Hermes (6,19%)<\/li>\n
  5. Tapestry (4,51%)<\/li>\n
  6. Ralph Lauren (3,93%)<\/li>\n
  7. Chow Tai Fook Jewellery Group (3,90%)<\/li>\n
  8. Viking (3,78%)<\/li>\n
  9. Royal Caribbian Cruises (3,75%)<\/li>\n
  10. L\u00b4Oreal (3,65%)<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"En klar novembermorgon i Milano ligger ljuset l\u00e5gt \u00f6ver Via Montenapoleone. L\u00e4ngs gatan st\u00e5r modehusen p\u00e5 rad. P\u00e5…\n","protected":false},"author":2,"featured_media":78504,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[6898,72,70,71,6393,6901,6904,6902,6899,6392,6903,34,31,33,32,30,6905,396,6900],"class_list":{"0":"post-78503","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ekonomi","8":"tag-bmw","9":"tag-business","10":"tag-economy","11":"tag-ekonomi","12":"tag-ermenegildo-zegna-n-v","13":"tag-galderma-group-ag","14":"tag-gam-multistock-luxury-brands-eq-eur-b","15":"tag-lvmh-moet-hennessy-louis-vuitton","16":"tag-mercedes-benz","17":"tag-moncler-spa","18":"tag-prada-group","19":"tag-se","20":"tag-svenska","21":"tag-sverige","22":"tag-sweden","23":"tag-swedish","24":"tag-technogym","25":"tag-tesla","26":"tag-viking-holdings"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@se\/115536023023311190","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/78503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/comments?post=78503"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/78503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media\/78504"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media?parent=78503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/categories?post=78503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/tags?post=78503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}