Compass Euroselect recorded an increase of 2.85% for the month and 7.52% since the beginning of the year, at a price per unit of 0.8962 EUR at the end of March. The recovery of the global financial markets compared to the end of 2018 is tangible in all geographical regions and in Europe (where all companies in which MF Compass Euroselect invests are based) we see the most significant growth of 13.10% in the French index CAC 40.

The shares of the French computer game company Ubisoft Entertainment (+ 24.98% in EUR) marked the most significant rise during the month, followed by the German-based software company Nemetschek (+ 18.38% in EUR). Enviable results were also presented by the Spanish company operating telecommunication towers in Europe Cellnex Telecom (+ 15.09% in EUR), the Swiss pharmaceutical company Lonza Group AG (+ 12.81% in EUR) and the UK-based manufacturer of high-class carbonated drinks Fever-Tree (+ 12.74% in EUR).

Investor optimism about USA-China monetary policy and trade relations now appears to be largely reflected in market movements. At the same time, geopolitical issues in a number of European countries remain unresolved and the difficulties of economic growth do not seem to be over. The existence of prerequisites for continued volatility in the financial markets inevitably affects all market participants, but the fundamental characteristics and competitive advantages of the companies selected in the portfolio of MF Compass Euroselect provide a solid base for their better than average market performance in long term.

With respect,