Stand: 31.07.2025
Echiquier Major SRI Growth Europe A turned in a negative monthly performance of -1.67% and of -6.17% year-to-date. The market advanced in July, driven by the banking and oil sectors. Growth sectors, such as information technology, healthcare, consumer discretionary, and communication services, declined. In an unfavorable environment for its style, the fund underperformed. The main contributors were LEGRAND, ESSILOR LUXOTTICA, and INTESA SANPAOLO, all of which reported strong results. LEGRAND raised its medium-term outlook. The primary detractor was NOVO NORDISK: after numerous reductions, we divested. The questionable practices of the compounding pharmacies and the changing market shares against ELI LILLY are not encouraging in the short term. ASML was penalized as the group cast doubt on its 2026 outlook. We continue to increase the fund s exposure to financial stocks. We initiated a position in AXA, a leading French insurer with a balanced and growing profile. We entered BANCO SANTANDER, a major bank with strong positions in Europe and Latin America. We sold the residual position in DASSAULT SYSTEMES and reduced holdings in some stocks with unfavorable momentum.