Stand: 31.07.2025
Echiquier Positive Impact Europe A turned in a negative monthly performance of -0.59% and of -0.21% year-to-date. Markets rose in July, driven notably by tariff agreements between the United States and the European Union. Value sectors such as banks and oil, which are by nature absent from your impact fund, outperformed, while information technology, healthcare, and consumer sectors lagged. In this context, your fund underperformed. The main contributors were LEGRAND, NEXANS, and ESSILOR LUXOTTICA, which all reported strong results. Conversely, NOVO NORDISK declined after lowering its annual guidance. Illegal practices by compounding pharmacies in the United States and market share developments against ELI LILLY reduced its growth prospects. We have fully exited the position. ADIDAS suffered along with the entire discretionary consumer sector and disappointed by not raising its outlook, in part due to tariffs. Finally, ASML was penalized despite a solid earnings release, as management expressed doubts about growth in 2026. We continue to strengthen the value style by initiating positions in AXA, VEOLIA, GTT (the leader in containment systems for liquefied natural gas), and TRIODOS, a Dutch bank pioneering impact investing.