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Meriti Ekorren Global share class B rose by +2.90 percent during October and has thus risen by +7.75 percent during the year, a development that is +5.1 percentage points better than the fund's benchmark index. Since the fund's launch on December 4, 2023, the increase in value amounts to
+43.8 percent, a result that is +12.3 percentage points stronger than the fund's benchmark index.
October ended on a strong note, with major stock indexes rising during the month despite an escalation in the US-China trade conflict. The S&P 500 has now risen for six consecutive months, and the MSCI All Country World Index has increased for seven consecutive months – the longest winning streak for both indices since 2021. The US Federal Reserve, as expected, cut its key interest rate by 25 basis points during the month, while the European Central Bank, the ECB, chose to leave its key interest rate unchanged, as expected. The meeting between Presidents Trump and Xi at the end of the month certainly did not result in a signed agreement, but the mutual pause in tariff increases was extended, which was seen as a de-escalation.
US companies have delivered strong quarterly reports. Earnings growth for the third quarter of this year is expected to be +13.8 percent compared to the same quarter last year. Data from LSEG shows that of the 315 companies in the S&P 500 that have reported so far, 83 percent exceeded analysts' estimates. This can be compared with earnings growth for European companies, which is expected to be +0.4 percent.
For the fund, the month's largest sector-level increase has been in the Health Care Equipment & Services, Consumer Services and Capital Goods sectors. Correspondingly, the largest decrease has been in Food & Staples Retailing, Utilities
as well as Pharmaceuticals, Biotechnology & Life Sciences.