International equity markets lost only 0.8% in June (in EUR) in a high volatility climate linked to escalating trade tensions. The euro remained stable against the US dollar this month. While June began well, with a controlled message from central bankers, which brought visibility to investors, it was — unsurprisingly — Donald Trump who threw oil on the fire with the establishment of new customs barriers, and the threat of raising the stakes if China considered retaliation. Despite the anxiety-inducing climate, the published macroeconomic data does not suggest a general slowdown in the economy. Turning to the central banks, a difference in its cyclical positioning has prompted the US Federal Reserve to continue hiking its short-term rates, while the ECB will not launch this trend before autumn 2019. Long-term rates remained unchanged month-on-month in the United States, resulting in a flattening yield curve. The fund posted a performance of -1.2% in June, underperforming the equity markets. In this, it was penalised by its under-exposure to US equities, and its over-exposure to European and emerging equities. The best contributors to performance were Aéroports de Paris and Mexican airport operator GAP, while the worst were Rubis and Airports of Thailand. Aéroports de Paris has obtained the French Government's green light for its privatisation (Pacte Bill). GAP has benefited from the new tone presented by López Obrador, Mexico's newly elected president, who wants to grow infrastructure spending while reducing the public deficit. GAP published traffic figures up +13% y-o-y in May. Rubis lost 10% in June after being downgraded by a broker. Meanwhile, we strengthened our position on Ø rsted, which has launched the divestment process for its electricity distribution business in Denmark, valued at $3.5 billion