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Meriti Ekorren Global unit class B rose by +6.85 percent during the month and during the year the fund has thus fallen by -6.47 percent. Since the fund's launch on December 4, 2023, the increase in value amounts to +24.8 percent, a result that is +6.5 percentage points stronger than the fund's
comparison index.
In summary, the month was marked by global financial markets navigating a complex landscape dominated by uncertainty surrounding US trade policy and its spillover effects on inflation and growth expectations worldwide. An easing of the ongoing US-China trade conflict led to a recovery in risky assets in May. Tariffs remain high, but it will be several months before macroeconomic data shows the extent of the damage they are causing to the economy. Various forms of data continue to look strong; purchasing managers’ indices benefit from trade easing and global monetary policy is easing. The political drama in the US is likely to continue to dominate the news feed, as the Senate now begins its review of Donald Trump’s controversial tax bill, which was approved by the House of Representatives.
In Europe, there are structural growth concerns and uncertainty about the effects of increased defense spending, fiscal easing and the war in Ukraine. At the same time, room for further interest rate cuts from the European Central Bank could support a recovery in corporate profits.
For the fund, the month's largest sector-level increase was in the Materials, Pharmaceuticals, Biotechnology and Life Sciences and Semiconductors & Semiconductor Equipment sectors. Correspondingly, the largest decrease was in the Diversified Financials, Media and Energy sectors.