May, 2021
As we have now seen the first quarter earnings’ season, we can comfortably say two things: companies have started 2021 with very strong momentum in their businesses and that even though the reports were strong, share price reactions to good numbers were fairly muted. In Europe, the first quarter witnessed the highest number of earnings surprises ever recorded, driven by financial and consumer discretionary companies. However, what is more important to us than strong quarterly numbers is that several of our themes and fundamental drivers seem to have been strengthened. One company pointed out in an investor conference that all companies now need to be “the best possible digital self”. Our portfolio is well positioned for that to materialize
File:January, 2021
Despite a positive start to the year, global equity markets, as measured by the MSCI AC World Index, finished down in USD terms (though slightly up in EUR terms). Positive sentiment prevailed in the first half of the month, fuelled by expectations of normal economic activity, President Biden’s inauguration, and supportive fiscal policy news.
Cyclicals continued to perform well, a weaker dollar drove oil prices higher and rising inflation expectation pushed treasuries above 1%. However, delays to vaccine production and new COVID-19 strains, coupled with nervousness over market volatility resulting from short squeezes led to a sell off towards month end. Economic data generally remains positive, but momentum is levelling off.
Going into the FY 2020 reporting season, results have been encouraging and we have noticed some positive developments in order books and outlook. Although strong recovery in economic data and earnings are needed to keep equity markets performing in the medium term, some caution on valuations in certain sectors is advised. Environmental markets closed higher over January, buoyed in part by Biden’s “Green New Deal”. Performance was led by Energy Efficiency, Food, Agriculture and Forestry, Pollution Control and Environmental Support Services.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/BNP-Paribas-Environmental-Equity-Trust-Monthly-Investment-Report.pdfasset_class: Foreign Equity
asset_category: Global Other
peer_benchmark: Foreign Equity - Other Index
broad_market_index: Developed -World Index
manager_contact_details: Array
ticker: ETL8171AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
Documents -> Marketing Documents -> Investment Report
Note: In the PDF File use MARKET REVIEW
fund_features:
BNP Paribas Environmental Equity Trust seeks to achieve sustainable, above market returns over the longer term by investing globally in companies which are active in the growing resource efficiency and environmental markets.
- Invest in equities of companies with at least 20% of revenue, profits or capital employed in environmental markets.
- Environmental markets include renewable & alternative energy, energy efficiency, water infrastructure & technologies, pollution control, waste management & technologies, environmental support services, and sustainable food, agriculture & forestry.
structure: Managed Fund