Eurozone stock markets continued to rebound in June, closing a buoyant first half. In recent weeks, macroeconomic indicators were sometimes good (e.g. American GDP), sometimes disappointing (e.g. eurozone PMI), but combined they kept the trend in the middle of the road. The message from central banks was only marginally more conservative than expected, resulting in a slight rebound of interest rates. These conditions favoured value investing, with Amplegest Pricing Power rising +4.21% last month, compared with +3.87% for the benchmark index. Over the first half of the year, the fund rose +21.52%, compared with +15.0%.
 
The fund’s top contributor in June was FERRARI, which has been in the fund since its IPO. Shares continue to outperform, and further improved last month. The group’s strategic target may be reached well ahead of the target date. The health sector also did well. ICON plc rebounded after communicating a positive outlook at investor conferences. In addition, the Paris Air Show highlighted the excellent dynamic of the global aeronautics sector: AIRBUS enjoys large order intake, and engine-manufacturer MTU Aero has raised its annual earnings targets. Finally, Wolters Kluwer rebounded as fears surrounding the impact of artificial intelligence on its business lines appeared to subside. The fund’s principal negative contributors for the month were the absence of banking establishments  that benefit from interest rate hikes, and Dassault Systèmes, which has gone quiet after its uneventful Capital Markets Day.
 
Recent portfolio changes include Symrise and Carl Zeiss Meditec, which we closed because the operational performance of both companies is struggling. We have opened a position in Capgemini, which we think is the best business partner for artificial intelligence solutions in the near future.