May was a difficult month for investors in European equities. In the last week of the month, macro-economic news caused us to close the month in negative territory. For example, there was unrest about the national debt in the United States, Germany entered a recession and economic growth in China was disappointing. Overall, this caused the MSCI Europe Index to fall 2.5%, the Mid Cap Index to drop 3.5% and the Small Cap Europe Index to drop 2.6%. The investors in the Sustainable Dividends Value Fund were also affected and the fund’s price fell by 2.5%. Was there only disappointing news? Fortunately not, several companies in our fund reported better than expected figures or saw reason to raise expectations for the current year. Such as Treatt, the British producer of natural flavors and fragrances for the food and drink industry. Or Bloomsbury, the also British publisher and data supplier for schools and universities.



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.