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Meriti Neutral share class B fell by -1.82 percent in value during October and has thus risen by +6.54 percent during the year. Since the strategy's start pro forma 2010-06-30, it has returned +225.2 percent, while the correlation to the Swedish stock market has
been 0.10.
The broad European stock index S&P Europe 350 Index rose by +2.7 percent during the month. The strongest development was in companies in the Utilities and Information Technology sectors, while companies in Financials and Communication Services developed the worst. The company reporting season is in full swing and according to data from LSEG I/B/E/S, companies' profits in Europe are expected to show growth of +0.4 percent in Q3 2025. However, for the full year 2025, profits are expected to decline by -2.4 percent overall, which can be compared with the market's assessment of +8 percent profit growth at the beginning of the year. During the month, the fund has net purchased companies in Health Care Equipment & Services, Diversified Financials and Consumer Services at sector level. Correspondingly, the fund has net sold companies in Automobiles & Components, Pharmaceuticals, Biotechnology & Life Sciences and Banks.
At the end of the month, the fund's largest net positive positions were in the Banks, Retailing and Telecommunication Services sectors, and the largest negative sector exposures were Diversified Financials, Consumer Durables & Apparel and Automobiles & Components. The fund's Value-at-Risk (95% confidence, 1 day) has averaged 0.57 percent during the month and the equity market exposure, the fund's estimated beta to global equities, has averaged 0.04. At the end of October, the fund had a total gross equity exposure of 189 percent, consisting of 205 purchased (long) equity positions balanced by 200 sold (short) equity positions. The long positions averaged 0.49 percent and the short positions averaged -0.44 percent.