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Meriti Neutral share class A rose during June by +0.86 percent and the fund has thus risen by +6.00 percent since the turn of the year. Since the start of the strategy pro forma on 30/06/2010, the fund has returned +193.8 percent while the correlation to the Swedish stock market has been 0.10.
During the month, the European Central Bank (ECB), as expected, cut the key interest rate to 3.75 percent, the lowest level since 2019. After French President Emmanuel Macron called new elections for the French Parliament, volatility increased in the stock market and French bond yields rose sharply as sequence. The risk premium on French bonds rose to the highest level since the 2009 euro crisis.
Global stock markets showed positive returns during June, but the broad European stock index S&P Europe 350 Index developed weakly and fell by -0.98 percent. The difference between different industries was great. The companies within Information Technology performed best and rose by +8.42 percent, while real estate stocks performed the worst and fell by -5.09 percent.
The fund as a whole has shown a stable development and generated positive returns on 13 out of 19 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 0.16.