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Meriti Neutral unit class A fell during July by -0.20 percent and the fund has thus risen by +5.79 percent since the turn of the year. Since the start of the strategy pro forma on 30/06/2010, the fund has returned +191.9 percent while the correlation to the Swedish stock market has been 0.10.
The month offered major geopolitical events. President Biden stepped aside, the UK got a new prime minister and tensions were getting worse in the Middle East.
The broad European stock index S&P Europe 350 Index rose by 1.3 percent in July. 11 out of 16 countries contributed positively, with the UK being the month's biggest positive contributor. At the sector level, Utilities performed the best, rising by +6.5 percent, while companies in Information Technology, last month's winner, performed the worst, falling by -6.5 percent.
The companies' reporting of the second quarter's results is currently underway. Data from LSEG I/B/E/S shows that European companies' profits are expected to be 1.9 percent higher than the corresponding quarter last year. Six out of ten industries show growth compared to the same quarter last year. Utilities show the strongest profit growth, while Information Technology shows the weakest.
Volatility in the fund was low during the month and it generated positive returns on 12 out of 23 trading days. The fund's Value-at-Risk (95%, 1 day) averaged 0.31 percent during the month and the exposure to the stock market, the fund's estimated beta to the world index, averaged 0.19.