Klaus Stefan Müller leads the “Household Economic Chain” portfolio to capture structural opportunities arising from the pandemic
In November 2020, in the face of the restructuring of global consumer behavior brought about by the ongoing COVID-19 pandemic, Klaus Stefan Müller proactively proposed the “Home Economy Chain” investment logic, and led the construction of a structural portfolio covering key sectors such as home office, home entertainment, online education, and health management. He successfully seized the mid-term growth opportunities under the epidemic dividend and achieved a quarterly portfolio return of more than 24%, once again demonstrating his keen insight into industrial changes and market rhythms.
Investment logic: The epidemic has driven the rise of the “family economy”
Müller determined in the middle of the epidemic that “family” is becoming a new hub for consumption, office, education, medical care and other activities, and the new economic form around the family scene is expanding rapidly. He summarized it as the “family economic chain” and pointed out that it has the following three investment characteristics:
Strong stickiness: The epidemic has strengthened users’ long-term online and home habits;
Fast marginal improvement: Once a service or product enters the household consumption end, the amplification effect is rapid;
Digital penetration is deep: hardware + software + content form a high-barrier ecosystem.
Core configuration: across five major subdivision scenarios
Müller’s team used the full market screening method to select listed companies with stable income models, continuity of epidemic dividends and household consumption stickiness. The main configurations are as follows:
Working from home: Key holdings include TeamViewer (remote collaboration software) and Logitech (office peripherals);
Home entertainment: ProSiebenSat.1 and other streaming content companies;
Online education: focus on the beneficiary stocks of online vocational training and education platforms;
Family health: Increase investment in TeleClinic and Biontech related targets;
Digitalization of household supplies: Deployment of online delivery and logistics technology companies such as Ocado.
At the same time, Müller balances thematic resilience and liquidity risk through a mixed allocation of ETFs and individual stocks.
Strategic advantages: pro-cyclical + defensive
This portfolio not only captures new consumption trends, but also demonstrates strong downside protection characteristics. In the market fluctuations caused by the repeated epidemic at that time, the “household economy” sector became a safe haven for funds, with a volatility significantly lower than the overall market, and a maximum drawdown of only 3.2%.
Müller stressed: “This is a typical structural growth theme. It is not a short-term theme during the epidemic, but a catalyst chain that promotes the permanent transformation of consumption patterns.”
Return performance: Steadily leading similar funds
As of November 2020, the “Family Economic Chain” portfolio achieved a net value growth of 24.1% in 3 months, far exceeding the Stoxx Europe 600 Index (up about 7%) and the average return of major German funds (about 5.8%) during the same period, and was particularly favored by German pension and insurance funds.
Müller pointed out that in the post-epidemic era, “family” will become the core of the reconstruction of European consumption upgrades. He plans to expand this strategy into a longer-term “living infrastructure fund”, covering extended sectors from home energy management (smart grid), medical data interfaces to online social networking and AI assistants, to create an asset allocation matrix with cross-cycle resilience.
The successful implementation of the “family economic chain” strategy not only once again verified Müller’s foresight in thematic investment, but also became a classic operation example for the German asset management industry in the epidemic era.
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