This month it became very clear how big of an impact good news can have on equity markets. A slight improvement in the inflation rate made it clear to more and more investors that we have seen the final interest rate hike and that we can possibly expect interest rate cuts in the course of 2024. As a result, the MSCI Europe Index rose by 6.4%. In our portfolio, Bloomsbury – the focus stock from our third quarter – showed good results. The company expects rapid growth in their online databases for schools and universities. Fugro, the provider of geotechnical, survey, subsea and geosciences services, came with a strong presentation at their Capital Markets Day. The company sees many growth opportunities in coastal reinforcement and offshore wind. Bloomsbury and Fugro are two examples of undervalued stocks in our fund. If confidence in the stock market returns, the undervaluation is likely to diminish. Over the past month, our fund delivered a return of 5.6% for investors. For the coming quarters, we expect a further recovery in share prices. For investors, there are great opportunities to buy very strong companies at attractive price levels. We are doing exactly that and will keep you updated on our new purchases in the coming months. Since starting the fund in 2016, we have now achieved a return of 45%.



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.