Update on… Echiquier Positive Impact Europe ǀ June 2026
In line with the UN’s Sustainable Development Goals (SDGs), Echiquier Positive Impact Europe is pursuing a dual long-term objective: to generate financial returns and a positive impact through European companies capable of providing solutions to social, economic and environmental challenges. Since the start of the year, this impact fund has delivered a positive performance that has outperformed its benchmark index[1]. Against a market backdrop that is characterised by significant sector dispersion, which in turn is being driven by two major themes – the war in Iran and AI – the fund has benefited from the trends that have emerged in recent months, enabling it to increase the weighting of value stocks and the number of holdings in particular. The fund’s expansion into sectors such as telecoms (via Orange) and energy (via GTT), the strengthening of utilities (via EDP Renewables and Veolia) and its significant exposure to the theme of electrification have all contributed positively to its performance.
PORTFOLIO ACTIVITY
Tactical operations
In view of the deadlock regarding the conflict in Iran and a macroeconomic environment made uncertain by Donald Trump’s unpredictable policies, we have increased the fund’s exposure to defensive sectors by boosting our holdings in insurance (via AXA) and health care stocks (via Novartis and AstraZeneca) while increasing the weighting of stocks with a positive sensitivity to rising energy prices, such as Novonesis, GTT and EDP Renewables. At the same time, we have increased our exposure to companies benefiting from the growing demand for infrastructure and electrification, in response to the massive investments announced in AI data centres. This is the case with Prysmian, an Italian specialist in electrical cables; the Swedish group Munters, a specialist in cooling systems; and Siemens and Halma, suppliers of dedicated systems and solutions. At the same time, we have significantly reduced our exposure to companies whose business is at risk of disruption due to the development of AI, particularly in the software sector.
Fundamentals
We have continued to diversify the fund’s sector exposure by establishing a position in Umicore in order to capitalise on the structural surge in commodity prices and offset the lack of exposure to mining companies, which are excluded under our impact policy. The energy transition and data centres require large quantities of raw materials, the supply of which is limited. This is driving a sustained rise in prices, from which Umicore is expected to benefit through its precious and rare metals recycling business, while its sales of catalytic converters continue to grow and those of electric vehicle batteries appear to have bottomed out.
INVESTMENT STRATEGY
Our investment strategy remains firmly unchanged. This impact fund maintains its ESG exclusions, which include arms, fossil fuels, tobacco and alcohol, as well as its impact exclusions, which include traditional banks, luxury goods and mining. Qualitative ESG analysis – supplemented by quantitative tools – and engagement with companies all remain systematic. Impact investing focuses on key sustainability themes such as health care, digitalisation and the growing need for energy independence and electrification, which, in our opinion, continue to be drivers of long-term performance.
Final version of 28 May 2026
Disclaimer: The information, data and opinions of LFDE provided herein, as well as the stocks and sectors mentioned, are for information purposes and thus do not represent an offer to buy or sell securities, investment advice or financial research. The decision to invest should not be based solely on the non-financial aspects of a fund, but should also take into account other characteristics, in particular its risks, as described in its prospectus. The fund presents a risk of capital loss, equity risk, the risk associated with investing in small and mid-cap companies, and the risk associated with sustainable investing. For more information on its characteristics, risks and fees, please read the regulatory documents on our website: www.lfde.com. Investors are advised that investing in the fund does not generate a direct impact on the environment and society; instead, it seeks to invest in companies that meet the specific criteria defined in the management strategy.
Investors should be aware that the units/shares featured may not be available for sale in their country.
[1] Performance since 1 January (as at 26 May 2026): A units: +9% compared with +7.80% for the MSCI Europe NR Index. One-year performance: +3.48% compared with +16.71%; three-year performance: +22.73% compared with +46.07%; five-year performance: +12.09% compared with +62.08%. Annualised performance since inception on 19 March 2010: +7.14% compared with +8.35%.