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October 2025: A positive start to the earnings season

October 2025: Strong quarterly figures and lower US interest rates boost European equities – companies with limited US sales or passed-on import tariffs benefit.

A good start to the earnings season made for a good month for investors in the Sustainable Dividends Value Fund. Strong quarterly figures from companies including telecom company Airtel Africa, heat exchanger manufacturer Alfa Laval, and medical technology company Medistim contributed to a positive share price performance of 2.1% over the past month. Trade tariffs play a significant role this earnings season. The quarterly figures show that companies perform well, when the majority of their revenue is generated in Europe, while sales in the US are limited. Or otherwise, they should be able to pass on the import tariffs to their US customers. The aforementioned Medistim is a good example of this latter category. In addition to the quarterly figures, equity markets were also driven by the interest rate cut in the US and a slight easing of the trade war between China and the US. On balance, the MSCI Europe Index rose by 2.6% in October as a result. Since the beginning of the year, the share price of our fund has now risen by over 20%, and the MSCI Europe is up over 15%. Investors in our fund have achieved returns of more than 98% since its inception 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.