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Meriti Ekorren Global increased during April by +0.13 percent in value, and has thus risen by +14.72 percent since the turn of the year. Since the start, the management has returned +16.39 percent.
April 2024 was a month lined with both challenges and opportunities on the international financial markets. Global shares, the fund's benchmark index, the MSCI World Index in SEK, fell in value by -0.34 percent during the month. The breadth of the world's stock markets increased during the month, to the extent that more companies participated in the price movements than the otherwise tech-dominated rally that characterized the first quarter of the year.
However, the US showed continued signs of an accelerating economy, which is why previous expectations of at least six policy rate cuts in 2024 are now a thing of the past.
Internationally, expectations are set for declining inflation. However, inflation figures published in April pointed to mixed developments, with consumer price indices (CPI) rising in some countries. Setting the tone in the statistical flow was the unexpected strength in the United States. The Federal Reserve still signaled a reluctance to cut interest rates too early.
The European Central Bank (ECB) is considered closer to a rate cut as European economies lag behind the US. Geopolitical tensions continued to play a role in the market, which at the beginning of the month affected investors' risk appetite. US policy and trade relations were particularly important factors. By sector, technology, green energy and healthcare sectors continued to attract buyers. The central banks' decisions and signals about future interest rate policy will likely play a prominent role in future developments, as will geopolitics and the companies' profitability. At the end of the month, the fund's largest industry exposures were Software & Services, Technology Hardware Equipment and Media & Entertainment.