In May, the fund matched its benchmark index.
Earnings had already been published, so it was a quiet month. Likewise, the largest contributors were relatively insignificant last month.
The fund’s transition is nearly complete. At the end of May, AMPELGEST MIDCAPS was 44% invested outside of France, which accounts for 25 of the portfolio’s 47 stocks.
The geographical distribution is as follows: Germany (6.5%), the United Kingdom (5.6%), the Netherlands (5%), Spain (4.8%), Finland (4.6%), Italy (4.1%), Luxembourg (3.7%), Sweden (2.9%), Switzerland (1.9%), Austria (1.9%), Portugal (1.5%) and the United States (1.3%). Exposure to foreign currencies stands at 11.7% of AUM.
The fund’s median and average capitalisations are €4.6 billion and €9 billion, respectively.
On the trading front, we closed our position in ALBIOMA subsequent to KKR’s takeover offer. The price is not especially attractive, but we wanted to take advantage of the opportunity to accelerate the fund’s transition. Applying the same strategy, we sold shares in OENEO and added to CORTICEIRA AMORIM, KION and CARL ZEISS MEDITEC.