A short summer break

In addition to these sectors, we consider it appropriate to add Healthcare, a less volatile sector with more stable results and less sensitive to the economic cycle. 

Geographically, we had overweighted Europe, based on an alignment of the planets a few months ago that is no longer relevant today. Prior to the European elections, there were flows into European funds, and analysts were raising earnings expectations for European companies. Today, this is no longer the case and there is less interest in favouring Europe. 

Lastly, from a bond point of view, the recent dramatic movements have led us to take some profits in order to maintain liquidity to be deployed in a favourable market phase. 

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The recommendations contained in this document are, unless otherwise expressly stated, those of Spuerkeess Asset Management (trading name of BCEE Asset Management S.A.) and are produced by Xavier Hannaerts, Head of Investments & Conducting Officer, Aykut Efe, Economist & Strategist, Boris Stammbach, Portfolio Manager, Loïc Chaulacel, Portfolio Manager, and Enrico D’amicis, Portfolio Manager, acting under an employment contract with Spuerkeess Asset Management.Spuerkeess Asset Management is an entity supervised by the CSSF (Luxembourg’s financial sector supervisory authority) as a UCITS management company and alternative investment fund manager able to provide discretionary portfolio management and investment advisory services.All external sources (financial information systems, Bloomberg and Refinitiv Datastream) are, unless expressly stated in the recommendation itself, deemed reliable, it being understood that Spuerkeess Asset Management cannot, however, fully guarantee the accuracy, completeness or relevance of the information used by these sources. The information may be either incomplete or condensed and cannot be used as the sole basis for valuing securities.The valuation of financial instruments and issuers contained in this document is based on data provided by Bloomberg. The full description of the valuation method used by Bloomberg is available at www.bloomberg.com.

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