Meriti Ekorren Global Monthly Report – March 2024

Meriti Ekorren Global increased during March by +6.24 percent in value, and has thus risen by +14.57 percent since the turn of the year. Since inception, the management has returned +16.24 percent.
The positive development that characterized the beginning of the year continued in March as well. The large tech companies have been dominant, but during the month the stock market rise was broadened significantly to also include more sectors and companies. European shares also developed strongly and the S&P Europe 350 Index increased by +4.1 percent during the month. The Stockholm Stock Exchange's broad index, the OMX Stockholm Benchmark Index which includes dividends, rose by +5.0% in March.
The positive market sentiment is largely due to macro factors such as inflation, the labor market, wage growth, geopolitics and the actions of central banks. At its policy meeting in March, the Federal Reserve left the policy rate unchanged, in line with market expectations. The general view is that both the Federal Reserve and the ECB will implement their first rate cuts in June. In Europe, inflation has fallen faster than in the US, and recent data indicate an inflation rate of around 2.6 percent. There is still a bit to go to the important one
The 2 percent level, but the rate of decline is important to the ECB.
During the month, the fund increased its exposure to Banks, Capital Goods and Semiconductors & Semiconductor Equipment.
At the end of the month, the fund's largest industry exposures were Software & Services, Technology Hardware & Equipment and Media.