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North America | 60.0 % |
Europe | 26.6 % |
Asia | 9.7 % |
Asia-Pacific | 3.7 % |
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
Markets have been climbing the wall of worry for most of the summer.
In August 2025, equity markets posted solid gains globally, with major indices such as the S&P 500 and Nasdaq reaching new record highs. These gains were primarily driven by a small group of mega-cap technology firms, including Nvidia, Microsoft, Apple, and Amazon.
At Jackson Hole, following the release of July’s US non-farm payrolls—which suggested a slowing labour market—Powell opened the door to potential mid-September rate cuts. This fueled expectations of an aggressive cutting cycle.
European markets underperformed in local currencies, with France lagging in particular due to political uncertainties.
Chinese onshore equities rose to decade highs, supported by optimism around anti-involution reforms, strength in the technology sector, and incremental government measures aimed at boosting the equity market.
The euro appreciated against the dollar over the period, creating a divergence between local currency and euro-denominated index performances.