Mirabaud - Global Dividend A dist. USD

Performance update

Four out of five of our leading relative contributors for June came from the technology sector, with three of them being semiconductor names. The makeup of the detractors followed a similar profile, dominated by large, unheld (non-dividend paying) tech names. In general, there was little fundamental news on individual names, with two exceptions – Broadcom and Accenture.

Broadcom reported numbers early in the month and reiterated the strength it is seeing in custom ASICs and AI networking. Some non-AI semis markets are also beginning to pick up.

Accenture's results were good but the market remains sceptical on the name, initially due to the threat from DOGE, and then from broader macro concerns. We continue to see Accenture as an AI leader, and proof of this is starting to come through in bookings. We also believe that revenues are accelerating from a cyclical trough.

Portfolio activity

We didn't introduce any new names to the portfolio during June or fully exit any existing holdings. However, we did reduce our position in JP Morgan following a strong run in the stock and with valuations looking slightly stretched near term. We think the fundamental set up remains very attractive for the company. We also reduced Accenture into earnings, given some of the uncertainty above, which proved timely with the stock down on the day of earnings. We will look to add back in due course.