EU UK
Portfolio

The EU-UK Portfolio delivered +2.0% (AUD) in May 2026, compared with +2.7% for the STOXX 600 NR benchmark. The portfolio lagged by approximately 70 basis points for the month, but retained substantial medium-term outperformance, with active returns of +8.9% over three months, +21.4% over six months and +23.3% over one year.

May performance was supported by European electrification, semiconductor equipment and grid-exposed industrials. Prysmian, BE Semiconductor, ABB and Rexel were the strongest equity contributors, while the defensive options overlay and weaker utility positions, including Centrica, RWE and SSE, reduced the headline monthly result. The portfolio finished the month with approximately 91% in equities and 9% in cash, preserving flexibility while maintaining exposure to Europe’s structural power and infrastructure cycle.

The EU-UK market backdrop remains favourable for the strategy. European policy momentum is increasingly focused on AI sovereignty, domestic cloud and semiconductor capacity, and the power-grid bottleneck created by data-centre demand. In the UK, AI Growth Zones and reforms to electricity network connections continue to highlight the need for faster grid access. Across the region, this reinforces the investment case for electrical equipment, cables, automation, semiconductors, regulated power and energy-infrastructure holdings.

Performance Summary — AUD Returns to 31 May 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 31 May 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 May 2026.