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Meriti Ekorren Global share class B fell by -2.98 percent during April and the fund has thus fallen by -12.46 percent during the year. Since the fund's launch on December 4, 2023, the increase in value amounts to +16.8 percent, a result that is +4 percentage points stronger than the fund's benchmark index.
Markets were highly volatile in April, as the fallout from US trade policy weighed on stocks, bonds and currencies. The month began with President Trump announcing a series of tariffs that were significantly broader and higher than expected.
Stock markets initially fell sharply but recovered much of their decline after President Trump softened his stance, imposing a 90-day moratorium and removing some tariffs on electronic products.
Equity strategists’ view of the market changed significantly in April. Several banks and research houses revised down their estimates for the S&P 500 this year due to headwinds from tariff policy, and the probability of a US recession was raised. Morgan Stanley predicted the S&P 500 would move in a narrow range with limited upside until a deal with China is reached. Goldman Sachs raised its estimate of the probability of a US recession to 45 percent, up from 35 percent, but later emphasized that it no longer expects a recession this year after Trump’s announcement of a 90-day tariff pause. At the same time, concerns about possible disruptions to global supply chains grew as the more far-reaching effects of the trade war began to show.
May marks the end of the corporate reporting season, with a slew of new economic data points expected, including employment, inflation and GDP. The most important thing to watch out for this month is likely to be developments around the various announced tariffs. The market has largely priced in relatively quick solutions. If negotiations drag on, this could further undermine both business and consumer confidence, which could in turn put pressure on corporate profits and share prices.
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.