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Our exposure to Healthcare and Consumer Staples was our primary source of relative outperformance over the month.
Stock selection in both sectors mentioned above was the biggest contributor to performance. L’Oreal, Lonza as well as Beierdorf and Nestle were among the largest contributors over the month of April.
Stock selection in the Technology sector was also supportive with stocks like ServiceNow and SAP among our top contributors.
In April our largest detractors were driven by our overweight to consumer discretionary stocks. Amazon and Adidas were among our largest detractors.
We reduced our positions in Adidas and took some profit on Colgate-Palmolive.
Over the month we have not initiated nor exited names in the portfolio.
We remain cautious in positioning our portfolio and continue to focus on higher quality companies.
North America | 62.9 % |
Europe | 26.9 % |
Asia | 6.1 % |
Asia-Pacific | 4.0 % |
The social theme is one of the most disregarded areas within ESG. Yet we believe that companies providing positive experiences to both their customers and employees are better positioned to achieve superior returns over the long run.
Market environment