Investors moved between optimism due to good quarterly results and pessimism due to recurring fears of further interest rate hikes. In the end, corporate figures won out and investors in our fund saw our share price rise 2.6% in February. Prices of European equities rose on average by 1.8% (MSCI Europe Index). The widely supported expectation remains that we will see inflation fall in 2023 and that the end of interest rate hikes will therefore be in sight. This provides more certainty for investors and more confidence in the future. The fear of a recession still exists, and may also cause sudden market downturns from time to time in the coming quarters. Our companies often focus on the long-term trend of sustainable transitions in combination with a strong financial basis. Therefore, most of the companies in the fund are less sensitive to a possible recession. We expect that they will also see revenue and profit growth in the current year. Dividends are also expected to rise in 2023 and the average expected dividend yield for our portfolio is now above 4%.



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.