Meriti Ekorren Global Monthly Report – January 2025

Meriti Ekorren Global share class B rose by +3.21% during January and the fund's increase in value since the fund's launch on December 4, 2023 thus amounts to +37.7 percent, a result that is +3.4 percentage points stronger than the fund's benchmark index.
Financial markets have started 2025 on a positive note, but volatility has been high at times. The AI threat from China's DeepSeek and President Trump's promise to impose heavy tariffs on the US's largest trading partners affected markets at the end of the month. According to data from Goldman Sachs, hedge funds have acted by selling over the past five weeks
American stocks.
US companies continue to show strength and report better than expected results. S&P 500 earnings are expected to increase by around +11 percent in Q4 2024, according to data from LSEG Datastream, and for the full year 2025, the market expects earnings to increase by +14 percent. All sectors are expected to show positive growth.
In Europe, profits are also rising and spreading to more and more companies, but at a slower pace.
The profit level is expected to rise by +2 percent in Q4 2024 and the market expects profit growth of +8 percent in 2025.
Many central banks have acted in January. In the euro area, the ECB cut its key interest rate by 25 basis points to 2.75%, in line with expectations. The market expects the ECB to implement another rate cut at its meeting in March. In Sweden, the Riksbank decided to lower its key interest rate from 2.5 to 2.25 percent, and in the US, the Fed left the rate unchanged as expected.
unchanged at 4.25-4.50 percent.
For the fund, the month's largest increase at sector level has occurred in the Media & Entertainment, Banks and Health Care Equipment & Services sectors. Correspondingly, the largest decrease has occurred in industries.