Equities

• US equities underperformed on the back of weaker economic data and political uncertainty. Technology companies in particular suffered. The dollar declined in value, so returns in euros on US investments were lower. The conflict with Iran caused energy prices in the US to rise. Companies accordingly reduced their earnings and growth forecasts.
• European equities performed better due to lower interest rates and a more stable outlook than in the US. Until the attack on Iran, returns were positive. Higher energy prices led investors to become less positive about the earnings forecasts of European companies.
• Emerging markets achieved strong results, mainly due to good performance in Asia. South Korea and Taiwan stood out positively. China and India performed less well, but the total return was still good.
• Listed real estate in Europe had a positive quarter. Real estate companies partly financed projects with loans and thus benefited from lower interest rates. Prices rose in the first part of the quarter and then fell after the attack on Iran, but returns were still positive.