The past month was all about the second quarter results publications. No less than nine out of our 21 companies were reporting quarterly results or issuing a trading update. Despite all macro-economic worries and the fear for a recession, seven out of these nine companies reported an increase in revenues and profits. Fortunately, in most cases, like with SKF, Alfa Laval, Vopak, Airtel Africa and SMS, this was rewarded with an increase in the share price over the last month. Companies that are depending on developments in the construction sector, are becoming more careful with their predictions for the next few quarters. This is clearly the result of the rapid increase in interest rates over the last year and a half. In the end the share price of the fund was up 1.3% over the last month. On average, the share prices of companies in the MSCI Europe Index were up 1.9%.



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.