The US central bank’s warning of a possible interest rate hike at the end of the year had an impact on global stock markets. And although the European Central Bank hinted that it would leave interest rates unchanged for the time being, stock prices in Europe also fell. Large caps lost an average of 1.6% while mid and small caps fell by 2.9% and 3.1% respectively. The problems in the offshore wind sector now also appear to have spread to Europe. At a recent auction of a large new wind turbine lot in the United Kingdom, there were exactly zero bidders. This means that the sector will experience a significant delay in rolling out new projects. This is a reason for us to shift the course of the fund slightly. We have sold our position in Ørsted and choose to sit on the sidelines until there is a prospect of either higher energy prices or better subsidy schemes. Overall, we saw the fund’s price fall 3.1% over the past month.



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.