A 2nd quarter of 2021 which remained solid
for the main equity and diversified UCIs marketed by La Banque Postale
After a good first quarter of 2021 on the financial markets, the second quarter continued to increase despite the new variants leading to a postponement in the lifting of health restrictions. The acceleration of vaccination, the reopening of economies and massive monetary and fiscal support have fostered investor interest in equity markets.
Discover the performances * of the main thematic & geographic equity UCIs and diversified UCIs which reflect our convictions.
* Past performance is no guarantee of future performance and is not constant over time
* On March 8, 2021, the FCP Tocqueville Croissance Euros ISR was merged into the Tocqueville Croissance Euro ISR sub-fund of the SICAV LBPAM Funds. This is a simple change of legal status, the Sub-fund of the SICAV created on the same date, retains the characteristics of the FCP, its ISIN code, its performance identically "Source: LBPAM
In April, the central banks, in particular the European Central Bank and the Federal Reserve (or Fed, the central bank of the United States), recalled that their monetary policies would still remain accommodative. This support remained a powerful catalyst in the good performance of the markets. The elements concerning the health crisis were more mixed. On the microeconomic side, the first results for companies were good. On the macroeconomic side, published statistics have shown that the world economies are posting fairly vigorous rebounds. In this context, investors continued to favor risky assets.
In May, operators focused on the tempo of the global economic recovery and the fear of an accompanying inflationary spiral, particularly in Europe and the United States. Investors have therefore remained attentive to macroeconomic indicators suggesting a possible faster-than-expected reduction in the very accommodating monetary policy of the American and European central banks. As for the health crisis, the optimism linked to the continuation of the vaccination campaigns has outweighed the concerns raised by the variants of Covid-19. Equity markets continued their quest for new highs.
In June, the equity markets continued their uninterrupted increases since February. The Fed's calming tone that it would not change its monetary policy in the near term reassured investors. On the macroeconomic side, published statistics confirmed an acceleration in growth in the Euro Zone and in the United States. Also on the other side of the Atlantic, the agreement that J. Biden secured for his massive infrastructure investment plan and the news that major US banks have passed stress tests have sparked optimism. The only downside is that the ‘Delta’ variants of Covid-19 have seen significant progress in some countries, leading to postponements in the lifting of health restrictions, and a brief resurgence of stress on the financial markets at the end of the month. Caution prevailed and appetite for risk waned.
Explanations of the performances * of the main thematic & geographic equity UCIs and diversified UCIs
Past performance is no guarantee of future performance and is not constant over time.
A poor performance history of less than 12 months makes this information likely to be inadequate for judging risk and potential performance. Only performance based on full twelve month increments meets regulatory requirements for informing customers.
LBPAM SRI Diversified
LBPAM ISR Diversified R posted a performance of + 1.42% over the 2nd quarter of 2021. This performance is mainly explained by the equity component and to a lesser extent, bonds which also contribute positively. Equity exposure, initially around 35%, was significantly increased in April to 44%, notably via the reduction in hedges on European equities. Our exposures to discounted stocks, small caps and banks performed particularly well and were the subject of partial profit-taking. On the bond side, we kept our hedges and invested in inflation-indexed securities in anticipation of a rise in rates, consequences of the economic recovery.
LBPAM SRI Diversified Plus
The LBPAM SRI Diversified Plus R fund achieved a performance of + 2.55% during the second quarter of 2021.
We increased the weight of our exposure to European equities (from 19% to 28%) and Japanese equities (from 8.5% to 14.5%).
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