Latest Fund Manager commentary:
European equity markets suffered in April from a combination of unfavourable political and economic factors. The Netherlands underwent a government crisis, in effect, while France and Greece were in the throes of their electoral processes; at the same time, the United Kingdom and Spain saw their GDP figures drop in the first quarter.
The STOXX 600 dropped -2.21%, with some countries particularly badly affected, such as France (CAC 40: -6.16%). The worst-affected sectors were financials and basic materials, while the so-called defensive sectors such as health and agri-food held up better.
The fund AWF Optimal Income managed to make progress in this hostile environment thanks to stock-picking in the portfolios. The very good figures published by Volkswagen pushed the stock price upwards, while several other stocks, such as Gemalto, CFAO, Remy Cointreau and Royal Dutch Shell, advanced in absolute terms, more than compensating for the losses on Total, Millicom (disappointing figures for Africa) and Pen West Petroleum.
Net exposure to equities dropped slightly to 53%. Credit remained stable at around 19%.
Over the month, the A share of AWF Optimal Income advanced by 0.35%.