2022年波尔多期酒报告（英）

BORDEAUXEN

PRIMEURREPORT2022

VINTAGECULT

WINEINVESTMENT|WINEINVESTMENT.COMCONTENTSINTRODUCTION

FROM

CULT

WINEINVESTMENTSTATE

OF

THEBORDEAUX

MARKET2022VINTAGE346CULT

WINEINVESTMENT

–

MATURE

APPROACH

FOR

A

MATURE

MARKETDIVERSITY–

PRODUCER

CATEGORIES

AND

VINTAGE

VARIATIONRELATIVE

VALUE

–

OPPORTUNITY

AMONGEP

ANDBACK

VINTAGESGROWTH

WINES–

IDENTIFYINGNAMESON

THERISE791214EXAMPLESOFCURRENT

POTENTIAL

GROWTHTARGETS162INTRODUCTIONINTRODUCTIONFROM

CULT

WINEINVESTMENTBordeauxisbubblingwithoptimism.Earlyreviewspointtoa

high-quality,unique2022vintage.Butwe

seeother

reasonswhyfinewinebuyers

mightwanttostartprioritisingthishistoricfinewineregionagain.“I’m

moreexcited

aboutBordeauxEP

thanI’ve

beeninyears.

Yes,

returns

intheregionhaven’t

equalledthosefrom

BurgundyorChampagnebutBordeauxstillstandsasthefoundation

of

afinewineportfolio.

A

fantastic2022vintage

isa

goodstartingplacebuttheimprovedrelativevalue

amongmanyof

Bordeaux’sfinestwines,assumingreleasepricesdon’t

increasetoomuch,pointstoa

great

campaign.”

—

OlivierStaub,CFA,

ChiefInvestment

Officer“Bordeaux

today

isproducing

thebest

winesinitsmodernhistory.”—WILLIAM

KELLEY,WINE

ADVOCATE

MARCH

2023BordeauxEPcallsfor

a

mature,analyticalapproach.Here,inourBordeaux2022

EPInvestment

Reportwetake

a

lookattheregionalmarket’s

different

producercategories,relativevalue

opportunitiesandotherwaystounlock

thepotential

of

thisessentialfinewineregion.CULT

WINEINVESTMENT|WINEINVESTMENT.COM3STATE

OF

THEBORDEAUX

MARKETSTAT

E

OF

THEBORDEAUX

MARKETLong-term

stability

forms

a

corebenefit

of

investing

infinewine,andBordeauxconsistentlydelivers

inthisregard.BordeauxEPgoesbackcenturies,andtheregion’swinesmadeupthevanguard

of

themorerecent

riseof

finewineasanalternativeasset.Eventhoughitdoesn’t

dominanttheglobaltradeasitdid

15years

ago,Bordeauxhassolidifieditself

asthestablebedrockof

awineportfolio.“Stabilityandliquidityarehallmarks

of

theBordeauxmarket.Whateverthemacrobackdrop,Bordeauxwines’

liquidityandrelativelystablepriceappreciationhelpsmaketheregionanessential

component

of

afinewineallocation.”—

StanislavaZvolinskaya,ResearchAnalystFIGURE

1

–

Steady

foundationwithBordeauxAnnualisedstandarddeviation

of

monthlyreturns

of

CultWines

IndicesSource:CultWinesIndicesbasedonWine-Searcherpricingasof

31Mar2023.Past

performance

isnot

a

guaranteeof

future

returns.CULT

WINEINVESTMENT|WINEINVESTMENT.COM4STATE

OF

THEBORDEAUX

MARKETBuyers

shouldn’t

ignorethepotentialfortheheadlinereturns

of

66.60%

and49.77%

inBurgundyandChampagne,butBordeauxhasn’talways

laggedtherestof

thefinewinemarket(see

Figure2).achievingstrongreturnsoutof

Bordeaux,either.CultWinesBordeauxIndex’s17.45%

return

overthepastthreeyears

maylooklessexcitingthatFIGURE2

–

Unusually

largegapCultWinesBordeauxIndexvs

CultWinesGlobalIndex(31

Mar2020

–

31Mar2023)Source:CultWinesIndices;pricingdatafromWine-Searchercovering

period31Mar2020

-

31Mar2023.Past

performance

isnot

a

guaranteeof

future

returns.Inadditiontoa

strong2022vintage

(morebelow),we

areoptimistictheCultWinesBordeauxIndexcouldstarttoclosethegapfor

thefollowing

reasons:RELATIVEVALUE

–

BordeauxwinesnowappearcheapercomparedtootherFrenchregions.

At

theendof

March2020,CultWinesBordeauxIndextradedata

discount

of

14.82%

toitsGlobalcounterpart,butthishadgrownto27.39%

inMarch2023.1

Improvedvalue

couldsupportdemand,whichinturncouldnarrowthespreadbetween

Bordeauxpricesandthoseof

Burgundyandelsewhere.Buyers

appeartobemoresensitivetorelativevalue

inearly2023,whichmayleadtomoreequalperformance

acrossregionscomparedtothepastthreeyears.RETURNOFCHINA

–Theendof

zero-COVID

policiesinChinafuelled

a

reboundof

finewinetradinginearly2023.ChinesedemanddrovetheBordeauxboomin2008–2009

soanysustainedimprovement

shouldhelpperformance.1

BasedonvalueofCultWinesIndices,rebasedat100

on31Dec2013.CultWinesIndicesaredynamicallyreweightedmonthlybasedonobjectiveliquiditycriteria.CULT

WINEINVESTMENT|WINEINVESTMENT.COM52022VINTAGE2022

VINTAGEQUALITY

–Thegrowing

consensusthat

2022willtake

itsplaceamongthebettervintagesof

thepastdecade(or

longer)

shouldliftBordeaux’s

outlook.

Althoughsome2016

or2018comparisonshave

emerged,

theviewfrom

Bordeauxisthat

2022

offers

a

completelyuniqueset

of

wines.

Thebestexamples

displaypowerfulfruit

concentration

primedfor

longlifespanswhilealsoshowing

surprisingbalancedespitethehot,drygrowing

season.Some

maywonder

aboutsimilaritiestothenotoriouslyhot

2003vintage,butimprovementsintechnologyandwinemakingtechniquesbetter

preserved

balanceandprecisioninmost2022s.Much-neededJunerainfall

helpedsavethevintage,andtherecent

spate

of

warmervintages

meansthevinesarealsoadapting.

Thedroughtforcedtherootstodigdeep,addingarefreshing

minerality

tomanywines.“Their2022winescanbeflamboyant,fruity“Believethehype

–the2022s

aresomeof

thefinestexamples

of

EnPrimeur

I’ve

personally

tasted.”andtannic,yettheyhave

afreshness

andformthat

givethemenergyandvitality.”—Tom

Gearing,CultWinesCo-founder

&

CEO—

JamesSucklingVOLUMES

–

Ongoinglowsupplyshouldaddupward

pricingpressureonboththenewwinesandexisting

back

vintages.

Total

productionin2022

isreportedly

15%belowthe10-year

average,markingthethirdconsecutiveyear

of

below-average

outputfromBordeaux.2

The2022

drought

shrunkthesize

of

theberries,resultinginlowerfinalvolumes.

Theregion’s

producers,

viatheBordeaux

WineCouncil(CIVB),

have

alsoreachedanagreementwiththegovernmenttoprovide

aidtopullof

nearly23,500

acresof

vinestoreducesurplusesof

low-costvines.“2022

isexceptional.Ratherthancomparingthemtopastvintages,somanyof

thesegreatwinesshouldbeappreciatedfor

theiruniquequalities-

concentratedfruit,richtextures,longmineralfinishesandsurprisingfreshness.”—

HermioneEgerton-Smith,CultWinesSenior

BordeauxBuyer“Progressive

agronomycombinedwith“Alongside

manyexcellentwinesfromtopnames,interesting

seriouswinesareemergingfrom

acrosstheproducerspectrum.ManySecondWinesalsodeserveextra

attentionthisyear.”preciselychosenharvest

dates

andjudiciousextraction

delivered

someof

themostexciting

redBordeauxproducedinthelasttwo

decades.”—Aarash

Ghatineh,CultWinesChief

Revenue

Officer—WilliamKelley,TheWine

Advocate2

/2023/03/31/bordeaux-2022-weather-and-harvest-report-and-photo-journalCULT

WINEINVESTMENT|WINEINVESTMENT.COM6CULT

WINEINVESTMENT

–

MATURE

APPROACH

FOR

A

MATURE

MARKETCULT

WINEINVESTMENT

–MATURE

APPROACHFOR

A

MATURE

MARKETEven

duringa

greatvintage,itremainsessentialtoevaluate

eachnewreleaseindividually.For

aregional-wide

post-EPrally,Bordeauxwinesneeda

combination

of

high-qualityandgoodEPpricing,suchaswe

sawfromthe2015

and2019

campaigns(see

Figure3

below).FIGURE3

–

Varied

performance

of

EP

vintagesEP40

Index*

2015–2021

performance

history(see

appendixfor

constituentwines)*Cult

WineInvestment’s

EP40

indexisafixed

basket

of

topBordeauxwinesusedtotracktheperformance

of

EP

vintagesfrom

2015-2021.Listof

constituentwinesinappendix.Source:Pricing

data

asof

Liv-exasof

31Mar2022.Past

performanceisnot

a

guaranteeof

future

results.Thecombination

of

lowervolumes,greatwines,andglobalinflation

suggestsmost2022releasepriceswillriseversus

lastyear.Itremainsearly

toguesswheremostpriceswillland,buta15–25%

jumpvs

2021

EPispossiblefor

manywines.Increasesaroundtheselevels

canstillequatetofavourable

relativevalue

andonwardperformance

potential.Insomecases,however,thenew2022

releasewillopenupbettervalue

andperformance

potentialamonga

producer’s

back

vintages.CULT

WINEINVESTMENT|WINEINVESTMENT.COM7CULT

WINEINVESTMENT

–

MATURE

APPROACH

FOR

A

MATURE

MARKETThisunderscoreswhyananalytical,selective

approachisvitalfor

improving

onward

performancepotential.CultWineInvestment’s

specificpurchasesduringrecent

EPcampaignsoutpacethereturnsof

thefixed

EP40

basket

(Figure4).FIGURE4

–

Cult

Wine

Investment

selectionsvsfixed

basket

of

40EP

winesSource:Pricing

datafrom

Liv-exasof

31Mar2023.EP40

indexisafixed

basket

of

topBordeauxwinesusedtotracktheperformance

of

EP

vintagesfrom

2015-2021.CultWineInvestment

EPpurchasesreflectpurchasesmadebetween01Apriland30June(COVID-delayed

EP2019

includespurchasesmadebetween

01Mayand31July).*CWI

EP2021

purchasesincludeSmartAllocationonly.

Past

performance

isnot

a

guaranteeof

future

results.Ourstrategy

toimprovetheperformance

of

a

Bordeauxallocation

restsonthreeprinciples–DIVERSITY,RELATIVEVALUE,andBRANDGROWTH.Here,we

gointo

moredepth

aboutthesethreeprinciples.CULT

WINEINVESTMENT|WINEINVESTMENT.COM8DIVERSITY

–

PRODUCER

CATEGORIES

AND

VINTAGE

VARIATIONDIVERSITY

–

PRODUCERCATEGORIES

AND

VINTAGEVARIATIONArangeof

factors

includingmacroeconomicconditions,supply-demand

andrelativevaluecanleadtothepricesof

certainwinesrisingfasterthanothers.Figure5

belowshows

howourperformance

hascomefrom

different

producercategories

duringdifferent

EPs.“Diversitycanimprove

performance

potential

of

aninvestment

byreducingcorrelation

andincreasingthesourcesof

potential

return.Prices

of

differentwinesandvintages

donot

always

move

intandem,whichiswhywe

lookatdifferent

producercategories

aswell

assomeback

vintages

duringEP.”—

Neil

Thorne,CFA,

Portfolio

ManagerFIGURE5

–

Different

sourcesof

top

gainsCultWineInvestment

EPCAGR

bycategory–

2015–2021

EPcampaignsCAGR

=

compoundannualgrowthrate

of

purchasesmadebetween

01Apriland30June(except

for

EP2019,whichincludespurchasesmadebetween

01Mayand31JulyduetoCOVID

delay).

Source:Pricing

datafromWineSearcherasof

31Mar2022.Past

performance

isnot

a

guaranteeof

future

returns.CULT

WINEINVESTMENT|WINEINVESTMENT.COM9DIVERSITY

–

PRODUCER

CATEGORIES

AND

VINTAGE

VARIATIONCULT

WINE

INVESTMENT

PRODUCER

CATEGORIES:FIRSTGROWTHS

–

Fortheleftbank,we

usethe

1855UPSIDE:

Steadylong-terminvestments

–iconicnamesmake

greatwineinnearlyeveryvintagethat

pullsinstrongglobaldemand.Classification,replacingChâteau

Latour,whichnolongerparticipates

inEP,

withChâteau

La

MissionHaut-Brion.

Theright

bankincludestopnamesfromSt-Émilion

andPomerol.RISKS:

Potentialfor

rapidpost-EPoutperformance

sometimes

limitedduetohigherpricepoints.FirstGrowths

canbedifficulttosourceinlargequantities.We

moved

Chateau

FigeacintotheFirstGrowth

categorytoreflect

itsupgradebytheSt-Émilion

appellationtothetoptierPremier

GrandCruClasséArankinlate

2022.Thereclassification,whichoccursevery

10years,featuredsomecontroversywhenChâteauAngelus,

Ausone

andCheval

Blancwithdrewfromthesystem.

Althoughnolongerofficiallyranked,theseestates

remaininourtoptier.Theirreputations

arewell-established

andmarketpricinghasremainedlargelyconsistentwiththisstatus.

CULT

WINEINVESTMENT’S

TOP

3

EP

FIRST

GROWTHS(CAGR

of

allEPpurchases2015–2021)3LEFT

BANKRIGHT

BANK–

Château

Lafite-Rothschild–

Château

Margaux9.9%9.2%8.9%–

Château

Petrus–

Château

Lafleur14.3%14.3%–

Château

Mouton-Rothschild–

Château

Cheval-Blanc12.7%3

Pricing

datafrom

Liv-exasof31Mar2023.BasedonCWI’s

purchasesduring2015-2021

EPcampaigns(purchasesmadebetween

01Apriland30Juneexceptfor

COVID-delayedEP2019

–

purchasesmadebetween

01Mayand31July).Past

performance

isnot

a

guaranteeof

future

results.CULT

WINEINVESTMENT|WINEINVESTMENT.COM10DIVERSITY

–

PRODUCER

CATEGORIES

AND

VINTAGE

VARIATIONSECONDWINES

–Thesecondwinesfrom

FirstGrowth

producersandothertopBordeauxclassifiedestates.“Thebestsecondwinesin2022

oftenexhibit

similarstructureandtexturetotheirgrandvincounterparts,somethingthat

isn’t

alwaysthecase,andtheymeritmoreseriousconsiderationthanusualthisyear.”—WilliamKelley,TheWine

AdvocateUPSIDE:Attractive

entrypoints

into

prestigiousbrands.Prices

canclimbastheglobalmarket

recognisestheincrediblyhighqualityof

someSecondWines.RISKS:

Some

SecondWinesnolongerofferthesamedegreeof

relativevalue

astheydid

10years

ago.CULT

WINEINVESTMENT’S

TOP

3

EP

SECOND

WINES(CAGR

of

allEPpurchases2015–2021)3–

CarruadesdeLafite17.8%10.8%10.7%–

Le

Petit

MoutondeMoutonRothschild–

AlterEgodePalmerSUPERSECONDS

–Thetopnamesoutsideof

theFirstGrowths.Thecategoryisbasedongeneralmarket

consensusanddoesnot

correspondtoanofficial

Bordeauxclassification.UPSIDE:

Oftenproducingwinesof

similar(or

better)

quality

thanFirstGrowthsand,

therefore,canoffer

excellentvalue

andperformance

potential.RISKS:Asthedesignation

isnot

official,a

downvintage

mayimpactSuperSeconds

morethanFirstGrowths.CULT

WINEINVESTMENT’S

TOP

3

EP

SUPERSECONDS(CAGR

of

allEPpurchases2015–2021)3–

Château

Ducru-Beaucaillou–

Château

Canon9.9%9.2%8.9%–

Château

l’Eglise-ClinetQUALITY

PRICERATIO

(QPR)

–

Producers

makingexcellentwinebutwhoseglobalprofiles,andoftenprices,arelowerthantheuppercategories.UPSIDE:We

viewmanyQPRwinesasundervalued,whichcreates

upsideasthemarket

gainsa

greater

appreciation.Lower

pricesalsolimitdownside.RISKS:Thelessefficient

market

couldmeansomewineswon’t

deliver

significantperformance.CULT

WINEINVESTMENT’S

TOP

3

EP

QPR

WINES(CAGR

of

allEPpurchases2015–2021)3–

Château

Les

CarmesHautBrion–

Château

Beychevelle21.2%10.9%9.7%–

Château

Calon-SegurCULT

WINEINVESTMENT|WINEINVESTMENT.COM11RELATIVE

VALUE

–

EP

ANDBACK

VINTAGESRELATIVE

VALUE

–EP

ANDBACK

VINTAGESUndervaluedwinesandproducersstillexist

eventhoughBordeaux’s

market

displaysgreater

efficiency

thanother

regions.

We

don’t

yet

knowthe2022

EPreleasepricesbutareconfident

ananalyticalapproachwilluncoverthemostattractivelypricedwinesprimedfor

onward

performance.Relativevalue

stemsfromthefollowingfactors:–

Market

pricing:Boththereleaseprice(RRP)for

EP

winesandthecurrent

secondarymarketpricingfor

back

vintages.–

Qualitycomparison:Criticscores(WineAdvocate,

Vinous)

of

thenewvintage

comparedtoscoresfor

comparableback

vintages.–

Price-over-Point

ratio:Therelationshipbetween

awine’s

market

priceandwinecriticscoresFor

example,Right

BankSuper

Second

ChateauCanon’s

2020vintage

received

itshighestever

EP

tastingscorefromWineAdvocate(98-100

points).Ourmodelrecognisedthisasexcellentvalue

asthereleasepricedidnotyetreflectthisjumpinquality.

This2020

Canonhassubsequentlyposteda

37.2%

return,4

easilyoutpacingtheaverage

return

of

the2020vintage

asawhole(3.64%

basedontheEP40Index).Even

moremaybeinstorethiswineaftertheWineAdvocate

upgradedittoa

perfect100

points

inAprilof

thisyear.FIGURE6

–

Chateau

Canon’s

score/price

comparisonattime

of

2020

EP

releaseSource:Pricing

datafrom

Liv-exandscoresfromWineA

asof

18Jun2021.4

Source:PricingfromWine-Searcherasof31March2023.Past

performance

isnot

a

guaranteeof

future

returns.CULT

WINEINVESTMENT|WINEINVESTMENT.COM12RELATIVE

VALUE

–

EP

ANDBACK

VINTAGESOtherexamples

of

relativevalue

successfromthis2020vintage

includesQPRproducerChateau

Beychevellewhichhasenjoyed

a

32.4%

return.Even

FirstGrowths

suchasChateau

Lafite

canoffer

relativevalue

atthetopof

themarket.The2020

Lafite

hasclimbed

12.2%inthetwoyears

sinceitsEPrelease.5BACK

VINTAGES

–

Supplementing

purchasesof

thenewEPreleaseswithundervaluedback

vintages

canfortifyanEPallocation,andthesecondarymarket

contains

manytargets.Inthebelowexamples,Chateau

Leoville

Las

Cases’

2017–2020

vintages

alllookappealingfrom

avalue

angle,particularly

the2019.The2015–2018vintages

ofChateau

Smith

HautLafitte

alsorepresentfavourablevalue

relativetotheirscores.“Theincreasedattention

onBordeauxaroundthetimeof

EPoftentriggersa

repricingof

back

vintages.Overall,many2017s

offer

excellentvalue

butthestronger2018

and2019vintages

maystillofferthemostperformance

potential.”—

YijunLu,CFA,

Portfolio

ManagerFIGURE

7

&

8

–

Spotting

back

vintagevalueCurrent

market

pricesandTheWineAdvocate

scoresof

Leoville

Las

Cases(left)

andSmith

HautLafitte

(right).Source:Pricing

datafrom

Liv-exasof

01Apr2023.ScoresfromTheWineAdvocate.5

Source:PricingfromWine-Searcherasof31March2023.Past

performance

isnot

a

guaranteeof

future

returns.CULT

WINEINVESTMENT|WINEINVESTMENT.COM13GROWTH

WINES–

IDENTIFYINGNAMESON

THERISEGROWTH

WINES–IDENTIFYINGNAMESON

THERISE“Despitethestatic

positionsof

theofficial

1855Classificationrankings,Bordeauxisfull

of

dynamicproducers,andpricescanriseascertainproducersdeliver

highercriticscores,buildlargerdemandbasesandoverall

prestige.”—

Kenneth

Yeong,

JuniorPortfolio

ManagerRecognising

potential

‘growth’

producersearlycancreate

investmentopportunitiesastheChateau

Figeacexample

demonstrates.

Alreadya

classifiedSt-Émilion

estate,Super

Second

Figeacmadea

concertedefforttotake

qualitytoa

newlevel

inthe21stcentury,includingopeninga

newwinery

facilityin2021.Theseefforts

borefruit

intheform

of

a

promotiontoSt-Émilion’s

topechelon,Premier

GrandCruClasséA,in2022.CULT

WINEINVESTMENT|WINEINVESTMENT.COM14GROWTH

WINES–

IDENTIFYINGNAMESON

THERISEFIGURE9

–

Figeacand

Les

Carmes

Haut-Brion

displaygrowth

credentialsLong-term

performance

of

CultWinesBordeauxIndexvs

FigeacandLes

CarmesHaut-BrionSource:Pricing

datafromWine-Searcherasof

01Apr2023.Past

performance

isnot

aguaranteeof

future

returns.Producer

indicesbasedonpricingavailability;Figeacvintage2002through2011.Les

CarmesHaut-Brionvintages2002through2012.Chateau

Les

CarmesHaut-Brion

hasa

similarstory

totellat

a

lower

pricepoint.Evenwithoutanofficial

classificationchange,pricesfor

thisPessac-Leognan

QPRproducerhavesoaredinrecentyearsfollowing

investments

innewvineyard

areasanda

state-of-the-artwinery

that

elevated

both

criticscoresaswell

asitsstatus

intheglobalmarket.CULT

WINEINVESTMENT|WINEINVESTMENT.COM15EXAMPLESOFCURRENT

POTENTIAL

GROWTHTARGETSEXAMPLESOFCURRENTPOTENTIAL

GROWTH

TARGETSCHATEAU

CANON

(SUPER

SECOND)18.6%

3-year

all-vintage

average

return

(Wine

Searcher

pricing)2022

EP

score:

99–100pts

(The

Wine

Advocate)Evenwithawell-established

reputation,wethink

thisSt-Émilion

Premier

GrandCruClasséB

producerisstillinitsupswing.

Therecent

100-point

scorefor

its2020(see

above)

vintage

and99-100

point

rangefor

thenew2022wineplaceCanonatthetopof

TheWineAdvocate’s

rankingstwo

outof

thelastthreeyears.After

a

handful

of

namespulledoutof

theSt-Émilion

classification,theofficialrankingsmayhave

lessof

a

directlink

topricing.If

Canoncanmaintain

scoresintheupper90s

inthecomingvintages,wethinkitcanclosethepricegapwithproducersinthetoptierasitstillcomeswitha

muchlower

pricetagdespitesimilarscores.Canoncouldalsoemergeasa

candidatefor

a

promotion

in

10years’time,rewarding

buyerswithlong-termhorizons.Vintages

2017–2021Average

Score

(WA)Average

price

12×75clChateau

Canon97.9

ptsSt-Émilion

First

Growths£1,119.8098.1pts£

3,758.00St-Émilion

FirstGrowths:Chateaux

Angelus,

Ausone,Cheval

Blanc,Pavie.Pricing

datafrom

Liv-exasof25Apr2023.ScoresfromTheWineAdvocate.CULT

WINEINVESTMENT|WINEINVESTMENT.COM16EXAMPLESOFCURRENT

POTENTIAL

GROWTHTARGETSCHATEAU

LYNCH-BAGES

(SUPER

SECOND)14.5%

3-year

all-vintage

average

return

(Wine

Searcher

pricing)2022

EP

score:

93–96pts

(The

Wine

Advocate)Like

FigeacandLes

CarmesHaut-Brion,Chateau

Lynch

Bages

boastsa

newwinery(opened

in2020)that

shouldaddshinetoitsbrandimageandhelpmaintain

a

newlevel

of

consistency

for

thisestatewhosereputation,andmarketpricing,isquicklyoutgrowing

itsofficial

5thGrowth

status.CHATEAU

BEYCHEVELLE

(QPR)19.1%3-year

all-vintage

average

return

(Wine

Searcher

pricing)2022

EP

score:

92–94pts

(The

Wine

Advocate)Beychevelle’s

back

vintagewinesshowa

stronglinkbetween

ageandprice,makingthisa

safe

option.However,

qualitysteppedupa

level

inthemid-2010s,andwe

believe

pricinghasyettofullycatch

up.

Thereopeningof

theChinesemarket

might

make

prove

a

particularboontoBeychevelle;the4th

Growth

StJulienestate

enjoys

dedicatedfollowings

inAsia

duetobeingjointlyowned

bySuntoryandCastel,whichhasa

strongpresenceintheChinesemarket.CULT

WINEINVESTMENT|WINEINVESTMENT.COM17EXAMPLESOFCURRENT

POTENTIAL

GROWTHTARGETSCHATEAU

BERLIQUET

(QPR)28.1%

3-year

all-vintage

average

return

(Wine

Searcher

pricing)2022

EP

score:

94–95pts

(The

Wine

Advocate)ThisSt-Émilion

producershouldalsobenefitfrom

newinvestments

andbrandgrowth

afterluxury

fashion

houseChanelpurchaseditin2017.

Qualityisalsotickinghigher,withcriticscorescomfortable

nowinthemid-90s

ratherthanhigh80s.Berliquet

sitsonsimilarterroirtoChateau

Canon(also

Chanelowned),whichsuggeststhat

qualitycouldrisefurther.CHATEAU

LAROQUE

(QPR)10.0%

3-year

all-vintage

average

return

(Wine

Searcher

pricing)2022

EP

score:

93–95pts

(The

Wine

Advocate)ThisSt-Émilion

namegets

overshadowed

bythetopestates,butithasquietlybeenchurningoutsomeexcellentvintages

overthepastfewyears.ItcanclaimanaverageWineAdvocate

scoreof

94pointsfrom

2015-2021

eventhoughpricesremaininthelow£100s

percaseof

six.Butif

itcankeep

postingtheimpressivescores,demandfrom

globalbuyers

seekingrelativevalue

shouldstartclimbingandpriceappreciationcouldfollow.At

thispricepoint,thedownside

isalsolimited.CULT

WINEINVESTMENT|WINEINVESTMENT.COM18APPENDIXCONSTITUENT

WINESOFCULT

WINEINVESTMENT’S

FIXEDEP40

INDEX–

Chateau

Haut-Brion–

Chateau

Lafite-Rothschild–

Chateau

Margaux–

Chateau

Mouton-Rothschild–

Chateau

Beychevelle–

Chateau

Pichon-Longueville,Baron–

Chateau

Pontet-Canet–

Chateau

Smith-Haut-Lafitte

Pessac-Léognan–

ChateauAngelus–

Chateau

Cli