Meriti Ekorren Global Monthly Report – July 2024

Meriti Ekorren Global share class A rose by +0.99 percent in value during June, and the increase in value since the turn of the year thus amounts to 19.51 percent.
Since the fund's inception, the strategy has returned +21.25 percent, which is in line with the fund's comparison index, which has risen by +21.54 percent.
With hindsight, we note that the past month was dominated by three main themes; 1) Rotation from technology companies to dividend & value companies, 2) Lightening of the inflation trend, and 3) Trend break in the interest rate market. In addition, there are major geopolitical events. President Biden stepped aside, the UK got a new prime minister and tensions were getting worse in the Middle East. The Federal Open Market Committee decided on the last day of the month to keep monetary policy unchanged. As expected, Chairman Jay Powell signaled that the first rate change of this cycle is likely to occur at the FOMC's next meeting on September 17-18, provided inflation continues to ease as expected. The market liked what it heard and US Treasury yields fell to a six-month low of 4.0 percent.
At the end of the month, the fund's largest industry exposures were Media, Technology Hardware & Equipment and Semiconductors & Semiconductor Equipment.