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Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of shares of European companies.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, risks associated with depositary receipts, exclusion criteria risk, geographic concentration risk and Eurozone risk, risk associated with the changes resulting from the United Kingdom’s exit from the EU, small and mid-capitalisation shares risk and currency risk which may result in loss of a part or the entire amount of your investment. 
  3. The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk of significant loss by the Fund.
  4. The value of the Fund can be volatile and could go down substantially.
  5. Investors should not invest in the Fund solely based on this website.

Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

European Equity Fund
An actively managed, high-conviction, all-cap portfolio of around 50-80 of our best European stock ideas. We seek to invest in higher quality businesses at attractive valuations which we believe are being systematically underappreciated by the market. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0285830955
30-Nov-2023 - Tobias Mueller, Portfolio Manager,
European economies have been resilient so far, but considerable uncertainty remains as we look into 2024. Earnings estimates are likely to come under pressure amid tighter financing and funding costs and scarcer credit. We believe this volatile environment makes active management a critical tool for identifying risks and opportunities.

Fund Summary
We leverage our strong research team to identify companies with durable business models that we believe are positioned firmly on the right side of change, or those companies undergoing idiosyncratic changes which in our view will help deliver improving shareholder returns. Disciplined portfolio construction focuses on those stocks with the most compelling risk/reward profiles. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.

Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Nov-2023 - Tobias Mueller, Portfolio Manager,
European shares surged in November, snapping three consecutive months of losses, as slowing inflation raised expectations that central banks may soon start cutting interest rates. The MSCI Europe Index posted its biggest monthly gain since January, with the rate-sensitive real estate, information technology and industrials sectors recording double-digit increases. Growth stocks beat value stocks, which is a more favourable style backdrop for us. Within the portfolio, health care, consumer discretionary and industrials and business services were the top-performing sectors due to our selection of stocks. In health care, our holding in a bioprocessing company with leading market positions performed well after it said order intake had started to improve at the end of the third quarter. On other hand, energy and real estate were the main, albeit modest underperformers. Our choice of securities and underweight allocation dragged on the former, while our lack of exposure to real estate weighed on performance as well. In energy, our holding in an oil and gas exploration and production company dragged as the price of oil weakened.
30-Nov-2023 - Tobias Mueller, Portfolio Manager,
In this more inflationary environment, we aim to hold companies that exhibit pricing power or that are outright inflation beneficiaries at reasonable multiples. We also maintain a modest defensive tilt due to the uncertain environment. We raised our overweight position in information technology after adjusting some of our positions. We added a global leader in packing and assembly equipment that turns processed wafers into finished microchips, and we exited a German semiconductor company in which we have less conviction. However, we moved further underweight in consumer discretionary, taking some profits in a luxury automaker after a strong run.
30-Sep-2018 - Dean Tenerelli, Portfolio Manager,
The new position in the aforesaid Belgian bank reduced our underweight allocation to the country. Otherwise, our country weights were little changed. Our country positioning is a function of our bottom-up stock picking.