EN 
SE 
Meriti Neutral unit class A fell during the month by -0.84 percent in value and the fund has thus risen by +4.80 percent since the turn of the year. Since the start of the strategy pro forma on 30-06-2010, the fund has returned +189.2 percent while the correlation to the Swedish stock market has been 0.11.
The US stock market developed clearly better than all other regions. Expected deregulation boosted the US financial and energy sectors, while the industrial sector was seen as one of the main winners from tax cuts and trade policies.
The European stock markets were still hampered by declining activity in the euro area, rising bond yields, geopolitical tensions and concern over economic developments in China. Profits for around half of European sectors are still in decline, according to data from LSEG Datastream. Central banks continued to lower their respective policy rates during the month. The Federal Reserve cut interest rates by 25 basis points to a target range of 4.50-4.75 %. Lower inflationary pressures and recently published employment data supported the decision to move towards a more neutral monetary policy stance. The Riksbank chose to lower the policy rate by 0.5 percentage points to 2.75 percent. The Riksbank has thus lowered the policy rate four times in six months, by a total of 1.25 percentage points. Lower interest rates strengthen households' purchasing power and should thus contribute to economic recovery.
During November, the companies' reporting of the third quarter's results was largely completed. According to data from LSEG I/B/E/S, companies' profits in Europe are expected to show growth of +8.2 percent compared to the third quarter of 2023. Utilities has the quarter's strongest profit growth, while Energy has the weakest.
The fund's Value-at-Risk (95%, 1 day) averaged 0.37 percent during the month and the exposure to the stock market, the fund's estimated beta to the world index, averaged 0.17.