Portfolio Overview
The EU Portfolio currently consists of three positions, all listed on major European exchanges: Arcadis N.V. (ARCVF) on Euronext Amsterdam, SUSS MicroTec SE (SESMF) on Xetra, and Theon International PLC (TNIPF) on Euronext Amsterdam. The portfolio is well-diversified across engineering, semiconductor equipment, and defense technology.
Performance Review
- Arcadis N.V. (ARCVF): +8.66% since pick. The consulting and engineering firm continues to benefit from infrastructure spending and sustainability mandates.
- SUSS MicroTec SE (SESMF): +16.96% since pick. Strong demand for semiconductor manufacturing equipment drives outperformance.
- Theon International PLC (TNIPF): +0.91% since pick. The defense technology stock has been stable, with modest gains amid geopolitical tensions.
Risk and Concentration
The portfolio has moderate sector concentration in industrials and technology. No single position exceeds 40% of the portfolio. Currency risk is limited as all holdings are in euros or closely correlated currencies.
Outlook and Actions
All positions remain within their minimum holding periods and continue to meet their investment theses. No changes are recommended at this time. We will monitor for any fundamental shifts or valuation extremes.
Disclaimer: This is not investment advice. Past performance does not guarantee future results. Always conduct your own research before making investment decisions.