The fourth quarter was by far the best quarter of the past year. With an almost 10% price increase, the recovery has clearly started. Most of the companies in the fund reported good third-quarter numbers and the full-year outlooks were revised upwards several times. Despite the nice price increases in the past quarter, the valuations of the shares in our fund are still very low. On average, less than 7 times the expected cash flow for 2023 is currently being paid for our sustainable and growing companies. The dividend yield of the shares is now close to 5%, which is an unprecedented high level. As a result, we see a huge potential for the stocks in our fund going forward and this offers good prospects for our investors. A decline in inflation in both the US and Europe caused the share prices of large European companies in the quarter to rise by an average of 9.6% (MSCI Europe Index). Both medium and small companies saw a share price increase of 10.9% (MSCI Europe Mid Cap Index and MSCI Europe Small Cap Index).



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.