The changes for August are as follows.
Leaving: Covestro, ANTA Sports, Dali Foods, Japan Airlines, Anglo American, Boeing, BankGuam, Mineral Resources, Magnitogorsk, Persimmon, Sinopec Shanghai Petrochemical, Severstal PJSC, and Siltronic.
Entering: Ecopetrol, Howden Joinery Group, ABIOMED, Whitehaven Coal, F5 Networks, Boliden, a2 Milk, Rightmove, Crown Resorts, Nine Entertainment, Seagate Technology, Mastercard, and Great Portland Estates.
Basically all Chinese stocks went out of the top 20 except Foshan Haitian Flavouring. All Russian equities also went out of the top 20.
Introducing our EU portfolio
The European portfolio starts with the following positions. There is a clear overweight of UK stocks in the portfolio which increases the currency risk as the portfolio is denominated in EUR. However, with EURGBP rejecting the highs from March the GBP might be a positive factor for the portfolio in the short term.