EU UK
Portfolio

The EU-UK Portfolio delivered +7.3% (AUD) in April 2026, outperforming the STOXX 600 NR benchmark by approximately 476 basis points. Performance was led by European electrification and power infrastructure exposures, with Siemens Energy (+151 bps), Prysmian (+148 bps) and ABB (+137 bps) the strongest contributors.

The portfolio benefited from continued demand for grid equipment, industrial electrification and AI-linked power infrastructure across Europe. Year-to-date performance is +16.1% in AUD. The main detractors were Iberdrola (-10 bps) and EDP Renovaveis (-2 bps), while overall breadth remained constructive across industrials, technology and utilities.

A stronger Australian dollar provided a modest translation headwind during April, particularly against European currency exposure. AUD strength versus both the euro and sterling reduced reported local-currency returns for Australian investors, although underlying stock selection across European electrification, grid infrastructure and power equipment remained the dominant driver of performance.

Performance Summary — AUD Returns to 30 April 2026

Performance is gross of management fees. Based on the aggregation of all managed accounts. Individual account performance may vary. Benchmark is STOXX 600 Net Return Index.

Top 5 positions by average weight. Click any row to expand the investment thesis and Atlas conviction level. Data as at 30 April 2026.

ECATS monitors four independent signals that inform portfolio positioning and risk management.

Interactive breakdown of the EU-UK Portfolio by sector and market capitalisation as at April 2026.