Holdings Report - July 2023 KBCS Holdings Universe Advances +1.1% During July 2023

Performance – 1M Absolute vs Relative:

Over the last 1-month period, the KBCS holdings universe returned +1.1% but significantly underperformed the BEL20 by -6.4%, underperformed the Euronext 100 by -2.9% and lagged the Euro Stoxx 50 by -1.5%. Non-Mono holdings advanced by +0.5% whereas Mono holdings advanced even more by +2.4%. The positive performance of Mono holdings was mainly driven by KBC Ancora (+7.9%), Heineken Holding (+1.5%), and Solvac (+0.9%) whereas the performance of non-mono holdings were mainly driven by Ackermans & van Haaren (+6.4%), TINC (+5.9%), and Sofina (+4.4%).

Performance – YTD Absolute vs Relative:

On a YTD basis, the KBCS holdings universe returned -1.8%% underperforming the BEL20 by -4.2%, underperforming the Euronext 100 by -14.5% and underperforming the Euro Stoxx 50 by -17.4%. The YTD return of Non-Mono holdings remains negative at -5.3% while for Mono holdings, it is positive at +6.9%. The overall negative YTD performance of the KBCS holdings universe is mainly due to economic data indicating a slowdown in Europe and due to fears of a rate-hike induced recession.

Discount – 1M Evolution:

The overall holdings universe discount widened by +0.5% and came in at 26.8%. The widening in discount was mainly driven by Mono holdings as their discount widened by +1.2% and came in at 30.4% while Non-Mono holdings discount widened by +0.2% and stood at 25.2%.