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Meriti Neutral share class B fell marginally by -0.13 percent in value during the month and the fund has thus risen by +5.00 percent in 2024. Since the start of the strategy pro forma 2010-06-30, the fund has returned +205.1 percent, while the correlation to the Swedish stock market has been 0.11. During 2024, it became clear that the development of the American economy differed significantly from other regions. Despite concerns during the summer, the American economic special position remained largely intact.
Europe’s economic momentum weakened significantly in 2024. The manufacturing sector in particular was hit hard by high energy costs, regulations and a lack of export demand, coupled with state-subsidized competition from China. The situation is being exacerbated by political unrest in both France and Germany, where fiscal pressures and the rise of populist parties have fractured political unity. Weak economic growth and limited exposure to AI have weighed on European equities, and in a year of strong stock market returns, the region underperformed, returning 6.0 percent.
According to data from LSEG I/B/E/S, the 2024 earnings growth for the companies included in the STOXX 600 Index will amount to +2.6 percent. The strongest earnings growth is shown by companies in Financials (+11.7 percent) while companies in Consumer Cyclicals show the weakest (-18.0 percent). The fund's Value-at-Risk (95%, 1 day) has averaged 0.52 percent during the month and the exposure to the stock market, the fund's estimated beta to the world index, has averaged 0.17.