The UCITS' investment objective is to seek performance through exposure to equity markets, primarily in the Eurozone, by selecting, on a discretionary basis, securities from an investment scope comparable to the MSCI EMU index.
April saw equity markets closing on an uptrend. After a euphoric start to the year, witnessing strong and synchronised global growth, plus the risk of returning inflation, markets were initially hit by resurgent volatility after several months with almost none, and the return of risk to the US technology sector. Rising pressure, both in trade (China/Russia) and geopolitics (Iran/oil), has added uncertainty to the current climate of financial transition (from normalising current or future monetary policies, to increasing volatility). Whether a consequence or a cause, the surprise effects on the economy, while evident for several quarters, have now run out of steam though without further worsening conditions in the global economy. In fact, though business indicators have not continued to improve they have nevertheless remained at high levels. Another noticeable effect is that stock market valuations are becoming more reasonable. Early Q1 reports have confirmed the momentum driving cyclical growth, and helping the equity market to recover. This is, in particular, due to sectors such as industrials, luxury goods and technology, where growth has offset negative currency or commodity effects.
Share class (N-EUR)
(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.