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Meriti Ekorren Global share class B rose by +3.84 percent during July and the fund has thus risen by +1.45 percent during the year. Since the fund's launch on December 4, 2023, the increase in value amounts to +35.4 percent, a result that is +7.5 percentage points stronger than the fund's benchmark index.
During the month, the EU and the US reached an agreement in principle on trade and tariffs. The agreement falls far short of what Europe had previously demanded – close to zero tariffs on both sides. It also stipulates European purchases of US energy worth $750 billion, $600 billion in European investments in the US, and additional orders for US military equipment. The agreement is positive in that it creates greater predictability, but it is clear that companies and consumers will be hit by high tariffs.
President Trump launched new general tariff rates at the end of the month, and no country will receive tariffs lower than 10 percent. Some countries that had not already concluded agreements with the United States were punished with tariffs of 15 percent or higher. According to calculations from Bloomberg, these and previously issued customs notices mean that the average import tariff in the United States now rises to 15.2 percent, compared to 2.3 percent in effect in 2024.
The Fed, as expected, left its benchmark interest rate unchanged in the range of 4.25-4.50 percent, despite President Trump's intense pressure for a cut. The US currency has strengthened during the month. The Bloomberg Dollar Spot Index rose 2.7 percent in July, the first positive month this year. Although Federal Reserve officials say growth is slowing, statistics at the end of the month showed that the US economy grew at a rate of 3 percent in the second quarter. This is considered a strong figure given the uncertain trade policy.
Volatility declined during the month, driven by generally positive corporate reports and improved sentiment. Japan was an exception, however, where stocks showed large swings after the ruling coalition lost its majority in an upper house election, leading to increased uncertainty.
For the fund, the month's largest sector-level increase was in the Capital Goods, Semiconductors & Semiconductor Equipment and Media sectors. Correspondingly, the largest decrease was in the Food Beverage & Tobacco, Materials and Technology Hardware & Equipment sectors.