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1、BURGUNDY EN PRIMEUR REPORT CONTENTS2020 EP INTRODUCTION 32020 VINTAGE SUMMARY 4INVESTMENT MARKET OUTLOOK 6CULT WINE INVESTMENT PERFORMANCE 8CULT WINE INVESTMENTS APPROACH TO 2020 EP 9TARGETED PRODUCERS AND TOP 2020 EP PICKS 12CULT WINES|WINEINVESTMENT.COM32020 EN PRIMEUR INTRODUCTIONA GREAT CHANCE T
2、O JOIN THE PARTY!Burgundy is back in vogue.Amid insatiable demand,prices in this prestigious fine wine region are soaring to new heights.The Liv-ex Burgundy 150 index jumped 31.01%in 2021,significantly outpacing the wider rally in the fine wine market(Liv-ex 1000+19.08%).And it doesnt look like the
3、rally in Burgundy is about to stop,making the 2020 vintage En Primeur(EP)releases an important opportunity to get your hands on this regions red-hot wines.FIGURE 1 Leading the pack Burgundy 150 index vs Liv-ex regional indices five-year returns2020 EP INTRODUCTION 90.00100.00110.00120.00130.00140.00
4、150.00160.00170.00180.00190.00Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Dec-21Jun-21Index levels rebased at 100 on 31 Dec 2016Bordeaux 500Burgundy 150Champagne 50Rhone 100Italy 100ROW 60Liv-ex 1000Liv-ex 100CAGR(2016-2021):13.1%Source:Liv-ex as of 31 December 2021 CAGR=Compound annual gr
5、owth rateWe recommend investors and Burgundy lovers register their interest early with Cult Wine Investment and broaden their horizons to include up-and-coming producers as well as back vintages.With lower supply levels expected for future vintages,we expect fierce competition for the high-quality 2
6、020 wines.This environment could see the 2020 release prices rise 10-30%(depending on the producer and wine)versus last years releases.High-quality Burgundy wine is a great investment but,in this environment,a select approach is essential for maximising onward growth.CULT WINES|WINEINVESTMENT.COM420
7、20 VINTAGE SUMMARYENJOYING THE WARM WEATHER VINTAGE Andrea Marino,Cult Wines Senior Fine Wine Buyer,visited Burgundy in late 2021 to taste many of the wines.He came away impressed:“Burgundy in 2020 is what winemakers and wine lovers will remember as one of the best vintages ever.I tasted my way thro
8、ugh 35 domaines,and almost everyone could produce high quality,terroir-driven wine with admirable density and finesse.2020 will be a vintage to remember and enjoy many village wines are ready now while the stunning top wines of this marvellous vintage can be discovered through the ages.”2020 VINTAGE
9、 SUMMARYCULT WINES|WINEINVESTMENT.COM52020 VINTAGE SUMMARYBurgundy appears to have triumphed once again in 2020 despite challenges from the first waves of the COVID-19 pandemic and unusually warm temperatures in 2020.Weve identified three key takeaways of the 2020 growing season:1.High-quality despi
10、te high temperatures Thanks to the skill of the best growers and winemakers,many of the 2020 wines strike a delicate balance and exhibit the age-worthy complexity Burgundy lovers seek.“Global warming is changing the wines of the Cte dOr,and yet the vines are resisting the effects witnessed in 2003,s
11、o that even in a precocious season like 2020,they retain desirable freshness,tension and alcohol levels that have not spun out of control,”explains Vinous Neal Martin.2.Harvest timing key;expect some quality variation The hot growing season led to the earliest ever harvest for the region with some p
12、roducers beginning as early as 12 August and finishing before the month ended.The best producers timed the harvest to allow for full phenolic ripening while avoiding overripe flavours.“Tannin management was key as well as allowing for the proper sugar build-up during the growing season,”explains And
13、rea.While quality appears high across the region,expect some variability at the individual wine level depending on when vineyard parcels were harvested.3.Heat could see lower production forsome producers After a mild winter,the 2020 growing season began with balmy spring temperatures.Fortunately,mos
14、t regions did not experience any severe frosts post-budburst,avoiding significant losses like those expected in 2021.Although grape volumes were healthy overall,some producers reported crop losses due to sunburn while several others emerged with less juice due to evaporation during the growing seaso
15、n.CRITICS OPINION“From barrel this is looking like a remarkably successful vintage across the board With both ripeness and freshness in both colours,its a buy!And,as in 2019,you dont have to venture up to grand cru level to find satisfaction.”J“There is much to admire about the 2020s.The whites and
16、reds are imbued with remarkable freshness given the precocity of the season,thereby making comparisons with 2003 null and void.Neal Martin,VinousCULT WINES|WINEINVESTMENT.COM6INVESTMENT MARKET OUTLOOKBURGUNDYS RALLY HAS MORE IN THE TANKBurgundy has left a temporary period of price consolidation in 2
17、019-2020 in the rear-view mirror and regained its status as a leading source of growth in the fine wine investment space(see Figure 1 above).Burgundys dominance over the past year resulted in the Liv-ex Power 100 list,an annual ranking of the most powerful wines in the secondary market,featuring mor
18、e of the regions wines than those from Bordeaux(33 vs 30).Burgundy is no stranger to sustained periods of strong price growth,so we are confident the regions wines,both new 2020s and back vintages,can continue to perform due to the following reasons:1.Growing demand The supply-demand imbalance drivi
19、ng the fine wine market is particularly strong in Burgundy.An improving economic backdrop has seen demand spike for the most cherished names in fine wine,such as Leroy and Romane Conti.Burgundys average monthly trade share(by value)climbed from 17.7%in 2020 to 21.4%in 2021,according to Liv-ex,led by
20、 the jump in interest from Asian markets(see Figure 2).INVESTMENT MARKET OUTLOOKFIGURE 2 Finding favour in Asia Demand from Asia by fine wine region0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%200001920202021BurgundyChampagneItalyRhoneUSEMBordeauxSource:Liv
21、-ex as of 30 November 2021CULT WINES|WINEINVESTMENT.COM7INVESTMENT MARKET OUTLOOK2.Supply pressures Volumes from some producers will be slightly down for the 2020 vintage in Burgundy versus longer-term averages.However,the 2021 vintage is expected to see an even greater hit to supply levels when its
22、 released next year.The devastating frosts across France in early 2021 caused significant crop losses.Some estimates for the Burgundy 2021 harvest are for a 50%drop versus the five-year average between 2016 and 20201.Some producers may hold back 2020 stock this year to compensate for future declines
23、,which would add more pressure on prices for existing Burgundy wines.3.Long-term investment We recognise the pace of the price rises at the top end of the market cannot sustain forever.However,Burgundys potential is more than just the current rally,illustrated by its impressive long-term returns(Com
24、pound Annual Growth Rate of 10.5%over the past 10 years according to Liv-ex Burgundy 150).Burgundy wines invoke the passions of wine lovers around the world and,therefore,make great long-term investments without the need to time the market precisely.All thats needed is high quality and fortunately,t
25、he 2020s look like they deliver!1Source:Agreste as reported by https:/www.devizu.news/vin-production-2021/CULT WINES|WINEINVESTMENT.COM8CULT WINE INVESTMENT PERFORMANCECULT WINE INVESTMENT PERFORMANCEDIVERSE PRODUCER SELECTIONS YIELD LONG-TERM RESULTSCult Wine Investments selections within the Burgu
26、ndy market have delivered impressive gains over the past year(24.6%)and over the long term.Since 2016,Cult Wine Investment Burgundy had returned 107.6%through the end of 2021(CAGR 14.5%),above the Burgundy 150 indexs 90.5%mark.Our ability to outperform the index long-term stems from our select appro
27、ach that looks at a larger base of Burgundy wines,creating additional growth opportunities among Tier 2 and Up-and-Coming producers.90.00100.00110.00120.00130.00140.00150.00160.00170.00180.00190.00200.00210.002002020212022Indicies rebased 31 Dec 2016CW Burgundy rebasedBurgundy 150Source:L
28、iv-ex,analysis by Cult Wine Investment as of 31 December 2021FIGURE 3 Diverse set of wines nets long-term gains Cult Wine Investment Burgundy vs Liv-ex Burgundy 150 index performanceCULT WINES|WINEINVESTMENT.COM9CULT WINE INVESTMENTS APPROACH TO 2020 EPIn 2021,producers from our Iconic and Tier 1 pr
29、oducer categories(full producer category list at end)drove performance.However,select wines from all categories also posted some big returns.We are confident this TOP NAMES STILL IN VOGUE High prices and competitive demand mean that looking at all producer categories with a select,relative-value app
30、roach will be approach will continue to serve our clients portfolios well during the 2020 EP campaign and help maintain consistent performance into the future.essential to securing a healthy allocation with long-term growth potential.This approach has served us well during past EPs:Iconic producers
31、36.8%1.Domaine Leroy,Nuits-Saint-Georges Premier Cru Aux Vignerondes 2014 266.5%2.Domaine Leroy,Pommard Les Vignots 2011 104.8%3.Domaine Leroy,Nuits-Saint-Georges Premier Cru Aux Vignerondes 2007 100.2%Tier 1 producers 19.9%1.Domaine Bizot,Vosne-Romanee 2014 309.4%2.Domaine Jean Grivot La Combe dOrv
32、eau 2018 62.9%3.Claude Dugat,Charmes-Chambertin Grand Cru 2012 45.6%Tier 2 producers 10.2%1.Domaine Drouhin Laroze,Chambertin-Clos de Beze Grand Cru 2010 73.4%2.Thibault Liger-Belair,Richebourg Grand Cru 2015 22.0%3.Domaine Gros Frere et Soeur,Vosne-Romanee Premier Cru 2018 21.6%Up-and-Coming 14.9%1
33、.Domaine Arnoux-Lachaux,Vosne-Romanee Premier Cru Les Chaumes 2017 247.4%2.Domaine Duroche,Latricieres-Chambertin Grand Cru 2013 83.3%3.Georges Noellat,Grands Echezeaux Grand Cru 2009 75.2%Source:Liv-ex,analysis by Cult Wine Investment as of 31 December 2021Source:Liv-ex,analysis by Cult Wine Invest
34、ment as of 31 December 2021Top CW Investment Burgundy Returns in 2021CW Investments Burgundy EP selections200182019Total Return since release60.1%29.8%18.6%25.6%23.6%CULT WINE INVESTMENTS APPROACH TO 2020 EPCULT WINES|WINEINVESTMENT.COM10FIGURE 4 Producer category performance varies by vi
35、ntage Cult Wine Investment EP selections CAGR by producer category RELATIVE VALUE OPPORTUNITIES Several of the regions most talented and exciting winemakers come from Tier 2 and Up-and-Coming producers.We believe many of these wines will see demand jump in the coming years,which would drive secondar
36、y market prices higher.These categories now offer even better relative value than they have in the past.Figure 5 below illustrates a selection of wines from the same vineyards with vastly different prices across different producers.We believe select wines in the Tier 2 and Up-and-Coming categories c
37、an form the next wave of Burgundys rally as demand diversifies in the hunt for value.Casting a wide net during this years EP is the best way to access these opportunities.19.74%10.17%7.07%8.61%12.04%6.93%3.08%5.55%15.58%4.80%6.11%6.16%14.14%21.12%11.82%15.16%68.10%31.21%31.50%13.06%0.00%10.00%20.00%
38、30.00%40.00%50.00%60.00%70.00%80.00%IconicTier 1Tier 2Up-and-comingIconicTier 1Tier 2Up-and-comingIconicTier 1Tier 2Up-and-comingIconicTier 1Tier 2Up-and-comingIconicTier 1Tier 2Up-and-coming200182019Source:Liv-ex,analysis by Cult Wine Investment as of 31 December 2021Wines from leading n
39、ames will always form a core element of a Burgundy allocation.The new 2020 releases from Iconic and Tier 1 categories,therefore,will remain a focus.Our Iconic selections at last years 2019 vintage EP have posted towering gains amid the recent rally(see Figure 4).Even if the returns over the next 12
40、months dont match the pace of 2021,these wines make excellent long-term investments.CULT WINE INVESTMENTS APPROACH TO 2020 EPCULT WINES|WINEINVESTMENT.COM11Henry Boillot 2014Coche Dury 20140.005,000.0010,000.0015,000.0020,000.0025,000.0030,000.0035,000.0040,000.0045,000.0050,000.00Armand Rousseau 20
41、14Bouchard Pere et Fils 2014Armand RousseauChambertin ClosDe Bze vsBouchard Pere etFils ChambertinClos De BzeArmand Rousseau 2014Bruno Clair 2014Armand RousseauGevreyChambertin Clos StJacques vs BrunoClair GevreyChambertin Clos StJacquesSylvain Cathiard 2014Confuron Cotetidot 2014Sylvain CathiardRom
42、anee SaintVivant vs ConfuronCotetidotRomanee SaintVivantComte Liger Belair 2014Arlaud 2014Comte Liger BelairEchezeaux vsArlaud EchezeauxCoche Dury CortonCharlemagne vsHenri BoillotCortonCharlemagneBlancIconicTier 2/Up-and-comingCULT WINE INVESTMENTS APPROACH TO 2020 EPFIGURE 5 Wider spread between p
43、roducer categories Price per case(12x75cl)of select producers Source:Pricing data from Liv-ex as of 31 December 2021CULT WINES|WINEINVESTMENT.COM12TARGETED PRODUCERS AND TOP 2020 EP PICKSTARGETED PRODUCERS AND TOP 2020 EP PICKSA healthy Burgundy portfolio will have a range of wines from different ca
44、tegories.Here,we list our targeted producers in each category alongside Cult Wines Senior Burgundy Buyer Andrea Marinos favourites from the 2020 vintage.Tier 1 producers Highly-established reputation falling just short of iconic status.Many wines from this group posted big returns in 2021 but their
45、reputations mean Andreas top picks from 2020:Domaine Leflaive Batard-Montrachet Grand Cru Always a standout,this 2020 entry from Leflaive is an early contender for one of the top white wines of the vintage.Sylvain Cathiard,Vosne Romanee Les Suchots Premier Cru Sylvain Cathiards 2020 wine forms a per
46、fect example of why Les Suchots Pinot Noirs are viewed as Grand Cru quality by many.Domaine du Comte Liger Belair,Vosne Romanee Aux Reignots Premier Cru A regular high scorer,the 2020 red delivers opulence alongside balance and poise.Andreas top picks from 2020:Domaine Perrot-Minot Chambertin Grand
47、Cru From the most prestigious vineyard in Gevrey-Chambertin,this 2020 is going to be a classic!Domaine Perrot-Minot Nuit Saint Gorges La Richemone Premier Cru Another entry from one of the hottest producers in the Cte dOr.This La Richemone is lifted and elegant a real treat!Iconic producers-Rarity a
48、nd unrivalled quality make these producers a priceless commodity.Often produced in such tiny quantities that both new releases and back vintages hold excellent long-term investment potential.they can continue to deliver long-term growth with sometimes slightly more approachable price points than Ico
49、nic names.Armand Rousseau Auvenay Coche Dury Comte Liger Belair Domaine Leflaive DRC Dujac Emmanuel Rouget Georges Roumier Jacques Frederic Mugnier Jayer Leroy Ponsot Prieure Roch Ramonet Sylvain Cathiard Alain Hudelot Noellat Anne Gros Bernard Dugat Py Bernstein Bizot Bonneau Martray Cecile Trembla
50、y Claude Dugat Clos De Tart Fourrier Roulot Denis Mortet Etienne Sauzet Eugenie Francois Lamarche Georges Mugneret Gibourg Ghislaine Barthod Groffier Henri Gouges Hubert Lignier Domaine des Lambrays Jean Grivot Jean Jacques Confuron Joseph Drouhin Joseph Faiveley Lucien Le Moine Marquis dAngerville
51、Meo Camuzet Perrot Minot Pierre Yves Colin Morey Sylvie Esmonin Trapet(Louis)Domaine de La VougeraieCULT WINES|WINEINVESTMENT.COM13TARGETED PRODUCERS AND TOP 2020 EP PICKSTier 2 producers High-quality producers but may not have the widespread name recognition of the Tier 1 and Iconic categories.Up-a
52、nd-coming producers-The wine world notices talent very quickly and Burgundy is now defined by dynamism,energy and a group of producers who are rewriting history.Andreas top picks:Domaine Michel Lafarge,Volnay Les Caillerets Premier Cru A stunning,complex Volnay wine that is set up to just get better
53、 with age.Domaine Drouhin-Laroze,Chapelle-Chambertin Grand Cru A magnificent effort that balances minerality and deep fruit flavours perfectly!Andreas top picks:Domaine Duroch Latricires-Chambertin Grand Cru A fantastic wine from Pierre Duroch,one of Burgundys most exciting winemakers!Charles Van Ca
54、nneyt Corton-Charlemagne Grand Cru Charles is one of the leaders of the micro ngociant trend in Burgundy,and his efforts are on display with this gorgeous 2020 white wine that balances full flavour with refreshing acidity,setting it up for a long lifespan.Antoine Jobard Arnoux Lachaux Benjamin Lerou
55、x Charles Van Canneyt Coquart Loison Fleurot Berthaut-Gerbet Duroche Francois Bertheau Francois Carillon Georges Noellat Heitz Lochardet Henri Boillot Jean Marc Millot Jean Paul&Stephane Magnien Jean Tardy Launay Horiot Marc Colin Mark Haisma Pierre Morey Tawse Tortochot Vincent Dancer Hubert Lamy Y
56、von Clerget Confuron Contetidot Bernard Moreau Alain Chavy Arlaud Arlot Bouchard Pere et Fils Bruno Clair Domaine de Montille Drouhin Laroze Gros frere et Soeur Joseph Roty Michel Lafarge Mongeard Mugneret Paul Pernot Philippe Colin Pierre Damoy Pousse dOr Rossignol Trapet Simon Bize Taupenot Merme
57、Thibault Liger Belair Comte Armand Denis Bachelet Henri Gouges Jacques Prieur Vincent(PVG)Girardin Marc Soyard Ballot Millot Philippe Pacalet Louis Jadot Comtes LafonUK OFFICEThe Clockwork Building,45 Beavor Lane,London W6 9ART:+44(0)207 1000 950 E:SINGAPORE OFFICE9 Battery Road,#09-01 MYP Centre,Si
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