April was another nice month. The investors in the Sustainable Dividends Value Fund saw the share price increase by 2.3%. Slowly but surely, investors seem to regain their trust in the markets. The MSCI Europe Index of large stocks was up 2.5%, the Mid Cap Index increased 1.9% and the Small Cap Europe Index was up 1.6%. An interesting example of trust returning to the stock market is the rather limited reaction to the fall of the American First Republic Bank. Whereas the banking worries in March let to a broad sell-off of global equity markets, this time the impact seems to be mainly on the regional lenders. At the same time the market reactions on the first quarter results are in general positive. Several companies, amongst which Swedish Alfa Laval and Dutch Vopak, reported better than expected results. Both companies will present on our upcoming Investor Event on Monday May 15th. You’re more than welcome to attend this live event in Amsterdam. Alfa Laval and Vopak will inform us about their role in the energy transition. Of course, there will be ample opportunity to ask questions.



The fund

Sustainable Dividends offers an investment fund that invests in a well-diversified portfolio of European companies at the forefront of the sustainability transition. Our focus is on a disciplined investment process, while applying both qualitative and quantitative financial criteria.