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Meriti Ekorren Global share class A fell during August by -3.09 percent in value, the first negative month since the fund's inception nine months ago. The fund's comparison index, MSCI World All Countries Net in SEK, also fell during the month, but by -2.53 percent. The fund's increase in value since the turn of the year amounts to 15.81 percent.
August was characterized by great volatility in the financial markets, and the world's stock markets initially fell sharply in value. One trigger was that the popular yen carry trade trading strategy – borrowing cheap Japanese yen to invest in higher-yielding asset classes – broke down as the Japanese currency strengthened sharply at the start of the month. In addition, US labor market data showed an unexpectedly large increase in unemployment, raising concerns about an imminent recession. However, after a very weak start, the stock markets recovered quickly and by the end of the month most were again in the positive. Slowing inflation rates are expected to fuel the increasingly dovish taming that was evident at the Federal Reserve's annual central bank conference in Jackson Hole on August 23. Chairman Jerome Powell and various officials from the ECB and the Bank of England signaled that key interest rates are likely to be cut in the near term.
At the end of the month, the fund's largest industry exposures were Capital Goods, Technology Hardware & Equipment and Semiconductors & Semiconductor Equipment