LFDE adds Samsung Electronics and increases Visa and Mastercard exposure in Echiquier World Equity Growth
11 SEPT, 2026
By Joanna Piwko from RankiaPro Europe
La Financière de l'Échiquier (LFDE) has added Samsung Electronics and reinforced its Visa and Mastercard positions within Echiquier World Equity Growth, fund managers David Ross, Louis Bersin and Emilie Deslogis said this week.
The fund, which manages over €1.2 billion in assets as of 31 August 2026, also exited AstraZeneca and Mexican conglomerate FEMSA, concentrating its Latin American exposure in Brazil at more than 9% of the portfolio.
Rotating into cyclicals: Samsung in, AstraZeneca and FEMSA out
The managers pointed to improving manufacturing PMIs and upward revisions to earnings estimates for the MSCI All Country World Index, driven mainly by technology and industrials, as the basis for increasing cyclical exposure. Samsung Electronics entered the portfolio as part of that shift.
AstraZeneca, added last year at attractive levels, was sold amid tariff threats and pricing pressure on pharmaceuticals in the US. The fund also exited FEMSA following weaker Mexican consumption, leaving Brazil as its main Latin American exposure at more than 9% of assets.
Visa and Mastercard: betting the regulatory noise is temporary
The fund increased its Visa and Mastercard stakes after their share prices fell on regulatory concerns dating back to summer 2025. Both payment groups have weathered previous regulatory cycles, including the 2010 Durbin amendment in the US and the EU's 2015 interchange fee regulation, while continuing to adapt their business models and grow earnings.
In the managers' view, the current regulatory noise does not threaten that long-term trajectory. Payment volumes tied to inflation, resilient consumer spending and the growth of value-added services such as fraud prevention and tokenization continue to support recurring revenue for both companies.
A high-conviction, cycle-aware portfolio
Echiquier World Equity Growth concentrates its high-conviction portfolio in around twenty large-cap international stocks, adjusting exposure between growth, cyclical and defensive names through the cycle. The fund is managed by LFDE, which agreed to merge with parent group LBP AM earlier this year to create LFDE IM, a new pan-European asset management platform.
