Monthly reporting July 2025

In July, the threat of US tariffs continued to dominate global stock markets. While the passing of Donald Trump’s ‘One Big Beautiful Bill’ at the beginning of the month mainly boosted US stock markets, the majority of other markets saw consolidation. Shortly after the first deadline passed without incident on 9 July, the US president announced tariffs of 30% on EU goods. However, the negative reactions on European markets were limited. Investors trusted the experience of previous announcements, which turned out to be much ado about nothing. They were proved right and the USA agreed tariffs of 15% with the EU. As always, the reporting season brought light and shade. Many companies were able to fulfil expectations, but are exercising restraint in terms of visibility for the second half of the year due to the tariff disputes..

Our fund continued to perform solidly, with the high quality of our portfolio ensuring stability. Our hedges remain in place as usual.