Active Recycling - news of the month

Active Recycling ended January with a performance of +5.1% giving the fund a good start to the year.

January 2025

January was a turbulent month for the markets, influenced by several key events. The start of earnings season, President Trump's inauguration - including his immediate implementation of tariff policies - and the introduction of DeepSeek's low-cost AI development model, which unsettled the tech industry, all contributed to volatility.

Despite these turbulences, Active Recycling continued to perform well. The defensive nature of the recycling industry shielded the fund from the peak of the market swings. While part of this stability and positive performance can be attributed to the sector benefiting from President Trump's domestic policies, it was primarily driven by strong earnings within the recycling industry. ?This reinforces the recycling megatrend and supports the companies within Active Recycling.

January highlighted the fund's ability to thrive in a volatile environment, achieving solid performance relative to broader markets - particularly in times when investor focus shifted away from technology. This success underscores the advantages of Active Recycling's diversified and defensive positioning.