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July 2025: Stock markets between hope and fear

Relief after the signing of the agreement in Scotland quickly gave way to disappointment about the deal's consequences for European businesses.

Stock markets fluctuated last month between hope for a trade agreement between Europe and the United States and fear that it would not be reached by the August 1 deadline. Relief after the signing of the agreement in Scotland quickly gave way to disappointment about the deal’s consequences for European businesses. Exporters to America face potential demand losses due to price increases, or lower margins if price increases are made impossible by local competition. Overall, this led to a modest 0.4% increase in the Sustainable Dividends Value Fund’s share price. European stock markets rose by an average of 0.7% in July. Since the beginning of the year, the share price of our fund has now risen by over 15%, and the MSCI Europe index has risen by over 9%. The start of the earnings season presents a mixed picture. Exporters, in particular, warn of the impact of the new trade tariffs when publishing their half-year results. Companies with high revenues within Europe and few dollar-denominated sales are reporting better figures for now. Investors in our fund have achieved a return of over 90% on their investment since its launch in 2016.

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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.

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Testimonials

Harm Welleweerd
Former CEO iwell

Companies that see circular commodities and the clean energy transition as real opportunities have the best chances for successful growth. The Sustainable Dividends Value Fund focuses especially on this type of companies. This offers me greater certainty of returns and the chance to invest equity capital in accelerating the transition into a more sustainable society.

Bart van Asten
CTO of WorldACD Market Data

The Sustainable Dividends Value Fund invests in companies that take sustainability seriously. The fund is run by experienced people whom I have known for a long time and in whom I have great confidence. Those two factors ensure that I have been a participant in the fund for many years with peace of mind.

Milko Brinkman
Founder Brinkman Financial Consultants

The Sustainable Dividends team strives for socially sustainable impact. The world is changing rapidly. From my beach house, I saw Boskalis doing sand replenishment, TKH pulling cables to offshore wind turbines and Fugro mapping the North Sea and coastlines. Ørsted builds offshore wind farms, Vopak takes care of hydrogen storage and LNG, and SKF supplies ball bearings for wind turbines. Investing is that simple, and the Sustainable Dividends Value Fund invests in some of these companies.

Michiel Langezaal
co-founder and CEO Fastned

What really appealed to me about Sustainable Dividends is the story. First, we invest only in sustainable companies. Then, we look for companies that show an upward trend in dividend payments because companies with growing dividends have historically achieved above-average returns. A refreshingly simple and clear strategy that gives me confidence.