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Meriti Neutral share class B rose by +0.09 percent in value during March and the fund has thus risen by +1.65 percent during 2025. Since the strategy's start pro forma 2010-06-30, it has returned +210.2 percent, while the correlation to the Swedish stock market has been 0.11.
During the month, volatility in the financial system increased significantly. As the old adage goes: markets do not like uncertainty, and the shift in narrative from November’s optimism to a now much more uncertain future has been palpable. Increased uncertainty means higher risk premia, which is exactly what we are seeing.
A clearly confrontational stance from the new US administration has had a unifying effect on European policymakers. The President of the European Commission launched a proposal for almost €800 billion in spending to strengthen the Union's defense capabilities.
The European Central Bank was positive about further fiscal stimulus.
European equities, as measured by the S&P Europe 350 Index, fell by -3.83 percent in March. At the sector level, only Energy and Utilities showed positive returns. The weakest performance was shown by Consumer Discretionary and Information Technology.
During the month, the fund has net purchased companies within Capital Goods, Diversified Financials and Automobiles & Components at sector level. Correspondingly, the fund has net sold companies within Telecommunication Services, Retailing and Transportation.
At the end of the month, the fund's largest net positive positions were in the Banks, Telecommunication Services and Capital Goods sectors, and the largest negative sector exposures were Insurance, Diversified Financials and Automobiles & Components.
The fund's Value-at-Risk (95%, 1 day) has averaged 0.61 percent during the month and the exposure to the stock market, the fund's estimated beta to global stocks, has averaged 0.23.
At the end of February, the fund had a total gross equity exposure of 168 percent, consisting of 194 bought (long) equity positions balanced by 184 sold (short) equity positions. The size of the long positions averaged 0.47 percent and the short positions averaged -0.42 percent.