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Meriti Neutral share class A rose during the month by +0.44 percent in value and the fund has thus risen by +5.70 percent since the turn of the year. Since the start of the strategy pro forma on 30/06/2010, the fund has returned +191.7 percent while the correlation to the Swedish stock market has been 0.11.
October was a volatile month in the financial markets. Share prices generally fell after having a strong development during the first nine months of the year. Growth risks remained the main concern for investors, despite signs of resilience, most notably in the US economy. Uncertainty also increased due to the upcoming US election and the possible implications for inflation rates and interest rates.
In Europe, there are many signs of weakened economic activity, with Germany at the center. New data from the car industry showed a continued decline in industrial and car production. The weakness in economic activity was reflected in the European stock market, which recorded a decline of -2.1 percent during the month. The Swedish stock market measured as the OMX Stockholm Benchmark Index lost -3.5 percent.
During October, the companies' reporting of the third quarter's results began. According to data from LSEG I/B/E/S, six of the ten sectors in Europe are expected to show an improvement in earnings compared to the third quarter of 2023. Basic Materials has the quarter's strongest profit growth, while Energy has the weakest.
The fund's Value-at-Risk (95%, 1 day) averaged 0.34 percent during the month and the exposure to the stock market, the fund's estimated beta to the world index, averaged 0.14.