The stern message from central bankers in Jackson Hole again pushed back the outlook for rate cuts. This hurt stock markets in August. Investor visibility was clouded by the disparity among economic data in various parts of the world. Investors therefore turned to defensive sectors (energy, consumer staples and health care), to the detriment of cyclicals (consumer discretionary, materials and industry).

It was in these economic conditions that Amplegest MidCaps underperformed its benchmark index last month.

The difference in performance is attributable largely to exposure to the payment sector via our positions in NEXI and WORDLINE, both of which were hard hit after Adyen’s disappointing publication. Yet management stressed the fact that underperformance was due to the rise in low-cost online retail in the United States, and was thus unrelated to activities of the two European companies.

SCOUT24’s solid performance was the result of improved company guidance, which now aims for 2023 EBITDA growth of 18–19% (vs. 13% initially).

We added to our position in SPIE after meeting with management, who do not anticipate a business slowdown. The group enjoys a very solid order book. It is also changing its profile, with activities of high value-added which help customers improve their energy efficiency.

We trimmed our position in WIIT after disappointing earnings and financial communication that we consider lacking in seriousness.