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September 2025: Strong performance by German small caps

The scarce corporate news that emerged in September 2025 was generally well received by the market, and European markets were driven by macroeconomic news.

Investors in the Sustainable Dividends Value Fund saw the share price rise by a modest 0.3% last month. Due to the lack of quarterly figures, there was generally little news from the companies we invest in in September. We saw profit taking in some stocks that had performed very well this year. We also reduced our positions in several of these companies. The scarce corporate news released this month was generally well received by the market. For example, TKH announced a company split during its Capital Markets Day, and the German company Technotrans announced a series of new orders. European markets were driven by macroeconomic news. The interest rate cut in the US and the prospect of further rate cuts caused the MSCI Europe Index to rise by 1.6% in September. The impact of the trade war on corporate profits will become visible in the coming quarters. Companies with high revenues in Europe and low sales in the US are expected to do relatively well. Since the beginning of the year, our fund’s share price has risen by over 17%, and the MSCI Europe index is up by over 12%. Investors in our fund have achieved returns of over 94% 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.