Stand: 30.06.2024
European equites fell in Auaust afer a strona rebound in July followina aood quarterly results, penalised by the very sharp rise in electricity prices which amplifed fears about economic arowth. he Fed s speech confrmed the priority aiven to the faht aaainst infaton, as lona as its level does not return to 2%. he ECB should follow suit. he war between Russia and Ukraine has been aoina on for more than six months, and a peace aareement does not seem to be on the cards. In this context, ocqueville Small Cap Euro ISR is losina sliahtly more than its benchmark. Our eneray and utlites stocks (Schoeller-Bleckmann, echnip Eneraies, ERG, Verbio) and banks (BPER Banca, Bawaa) contributed positvely to performance. On the other hand, our more cyclical stocks, Sixt, Sopra, Elis and Imerys, performed poorly, with no partcular news. We made very few movements over the period, takina profts on ERG, Prysmian and Huhtamaki, which posted very aood relatve performances, and reducina our positon on Kinepolis (risk of a drop in cinema atendance). We also increased our positon on Ubisof, a hiahly discounted stock in a sector that is consolidatna.