Landon Capital

Globally, Value funds gave back some performance in June.

Bank of America reported a shift in global fund performance for June, with Value funds experiencing a median decline of 0.88% compared to their benchmarks. Only 24% of Value funds managed to outperform in June.

Despite the setback, BofA acknowledges that Value funds still hold an edge year-to-date, with 52% outperforming their benchmarks. The median YTD return for outperforming Value funds sits at 0.27%.

In contrast, BofA says Growth funds weathered June’s market movements slightly better. Nearly half (49%) of Growth funds outperformed their benchmarks, with a median relative return of -0.04%. However, Growth funds haven’t fared as well year-to-date, with only 40% exceeding their benchmarks and a median YTD relative return of -0.84%.

BofA’s report also highlights interesting stock picks within each fund category. They identify companies with strong “Triple Momentum” (positive momentum in earnings, price, and news sentiment) that are heavily weighted by the respective funds. Among these, Growth funds favor NU, Icon (NASDAQ: ICLR) plc, On Holding, and TSMC, while Value funds lean towards BJ’s Club, US Foods, Ameriprise Financial (NYSE: AMP), and Hana Financial.

The report concludes by noting the struggles of aggressive funds, those with a very high Active Share Ratio. These funds are said to have underperformed the market by a median of 2.72% year-to-date and 0.62% in June alone. Conversely, funds closely following the benchmark have performed better year-to-date.


Europe’s top cognac makers to attend China meeting on anti-dumping probe, source says.


LONDON (Reuters) – Leading European cognac producers will attend a hearing on China’s anti-dumping probe of the industry in Beijing on July 18 – their first chance to defend themselves in person since the investigation began earlier this year, an industry source said.

Companies behind major brands Martell, which is owned by Pernod Ricard (EPA: PERP), Remy Martin – part of Remy Cointreau – and Hennessey, owned by LVMH, received a summons overnight to attend the hearing, the source said, asking not to be named because they were not authorised to speak on behalf of the industry.

China announced plans on Friday for the hearing on European brandy imports, ramping up tension on the same day the European Commission’s provisional tariffs on Chinese-made electric vehicles take effect.

Beijing announced its anti-dumping probe on EU brandy in January, saying European brandy producers were selling into China at below-market rates.

France’s cognac makers said that while they would cooperate with the investigation, they suspected the probe was linked to a broader trade row rather than the liquor market.

The companies producing Martell, Remy Martin and Hennessey cognac were selected as sample firms for the investigation.

The industry had previously signalled its willingness to participate in such a hearing, the source added, saying representatives of the companies would attend to answer questions.

They may also be able to make their case against tariffs, the source said.


Varta shares rise by 21%: Porsche shows interest in V4Drive. – The sports car manufacturer Porsche (ETR: PSHG_p) could soon play a central role in the future of the battery company Varta (ETR: VAR1). The two companies are currently in negotiations about a possible majority stake by Porsche in Varta’s subsidiary V4Drive. This division specializes in batteries for electric cars. Already on Thursday night, Varta announced that a non-binding letter of intent had been signed. This agreement lays the foundation for the next steps: first, V4Drive will be transferred to V4Drive Battery GmbH. Following this, Porsche plans to participate through a capital increase.

So far, both companies have remained silent on the financial details. According to Varta, the conclusion of the deal depends on several factors, including a thorough examination of business documents by Porsche.

The news of Porsche’s potential involvement triggered a noticeable reaction in the stock market: Varta’s stock climbed more than 21% in Xetra trading to EUR 10.79. Until today’s recovery, the loss since the beginning of the year was over 55%. This loss in value is due to the sluggish business of the company, which prompted Varta to commission an IDW-S6 report. This restructuring report aims to examine possibilities for a comprehensive restructuring and the resulting financing measures.

For Porsche, entering V4Drive could offer strategic advantages. Electric vehicles are a central component of the future of the Volkswagen (ETR: VOWG_p) Group, to which Porsche belongs. By participating in a specialized battery company, Porsche could further strengthen its position in the field of electromobility and secure a technological edge.

For Varta, on the other hand, the deal with Porsche could be a lifeline. The fresh capital and strategic partnership could help the ailing company successfully implement its restructuring plans and return to a growth path.


Epic Games says Apple stalling launch of its game store in Europe.


(Reuters) -“Fortnite” maker Epic Games said on Friday Apple (NASDAQ: AAPL) was impeding its attempts to set up a games store on iPhones and iPads in Europe, the latest escalation in a bitter feud over the technology giant’s control of the iOS app ecosystem.

Apple has twice rejected documents it submitted to launch the Epic Games Store because the design of certain buttons and labels was like those used by its App Store, the video-game publisher said.

“We are using the same “Install” and “In-app purchases” naming conventions that are used across popular app stores on multiple platforms, and are following standard conventions for buttons in iOS apps,” Epic said in a series of posts on X.

“Apple’s rejection is arbitrary, obstructive, and in violation of the DMA (Digital Markets Act), and we’ve shared our concerns with the European Commission,” it said.

Under pressure from European regulators, Apple had in March cleared the way for Epic to put its own game store on iOS devices in Europe.