Core Viewpoint - The fashion industry must undergo a permanent transformation in design, production, communication, and distribution, with a strong emphasis on sustainability and education for future leaders [1][6][19]. Group 1: Commitment to Sustainability - Kering has maintained its commitment to sustainability despite global challenges and the decline of ESG focus in the business landscape [6][7]. - The company has integrated sustainability into its business model for over a decade, viewing it as a foundational ethical principle rather than a burden [4][7]. - Kering's chief sustainability officer emphasized that cutting sustainability projects would be detrimental to business, highlighting the importance of prioritizing efficient practices for both the planet and profitability [11][12]. Group 2: Education and Training - The IFM-Kering Sustainability Chair has trained over 2,000 students from 74 countries in sustainability, with 200 students earning a Kering certificate [19]. - The curriculum includes diverse topics such as regenerative agriculture, biodiversity, and supply chain ethics, with plans to expand into animal welfare [20]. - Education is seen as a catalyst for long-term change, embedding sustainability into learning processes to foster a more conscious future [3][19]. Group 3: Challenges and Innovations - The luxury sector faces significant challenges, including climate-related resource scarcity and the need for innovative solutions to reduce overproduction [10][12]. - Technology is recognized as a tool to aid in predicting production needs, but it cannot solely address the climate impact of the fashion industry [12][13]. - The concept of "extrinsic durability" has been introduced to better measure the emotional value assigned to luxury items, promoting long-term care for products [15][16]. Group 4: Leadership and Industry Standards - Kering's leadership in sustainability is crucial for setting an example for the rest of the industry, especially during tough economic times [13][21]. - The recent appointment of CEO Luca De Meo is expected to enhance Kering's sustainability trajectory, leveraging his experience from the automotive sector [9]. - The company aims to shift the industry's mindset towards a deeper connection with raw materials and ethical sourcing practices [21][22].

Core Insights - The Fund underperformed the MSCI World ex USA Index for the quarter but has outperformed the benchmark since inception [5] - Consumer discretionary and materials sectors were the largest contributors to performance, while industrials and communication services were the largest detractors [5] - Geographically, the portfolio is heavily weighted towards Europe ex U.K. (68.4%), followed by the U.K. (11.5%) and Asia ex Japan (9.3%) [5] Performance Analysis - Kering was the top contributor during the quarter, driven by leadership changes and improving revenue trends [7] - CNH Industrial was the top detractor, facing weak results and soft demand, particularly in the U.S., but management expects a rebound in 2025 [8] Portfolio Activity - Six new positions were added to the Fund, while nine were exited during the quarter [9] - New purchases included Bunzl, which is expected to return to stable growth despite recent execution issues [10] - Dassault Systèmes, a leader in virtual twin technology, is viewed as a high-quality investment opportunity despite a nearly 40% decline in share price [11] Company Highlights - FEMSA, a diversified Latin American conglomerate, is well-positioned for growth through strategic divestments and share buybacks [12] - Hexagon has upgraded its management team and is expected to see improvements in return on capital employed and cash flow [13] - Siemens Healthineers is positioned for profitable growth in medical technology, with a favorable product cycle and turnaround in its diagnostics business [16] Investment Returns - The Fund's average annualized total returns show strong performance across various time frames, with the Institutional Class returning 26.51% year-to-date [18]

Kering Chief Executive Officer Luca de Meo will discuss potential paths to growth before top managers almost a month after taking over the struggling Gucci owner https://t.co/CCeMt0q93s ...

Stock Performance - Kering shares reached a nearly 15-month high [1] Analyst Recommendation - Morgan Stanley analysts named Gucci owner Kering as their top pick among European luxury stocks [1]

Market Overview - European markets closed higher, driven by optimism regarding potential interest rate cuts from the Federal Reserve and positive sentiment surrounding artificial intelligence, despite concerns over a U.S. government shutdown [1] - The pan-European Stoxx 600 index increased by 0.5%, with notable gains in the U.K.'s FTSE 100 (up 0.67%), France's CAC 40 (up 0.31%), and Switzerland's SMI (up 0.64%) [2] Sector Performance - Financial, mining, and energy sectors were among the prominent gainers in the European markets [1] - In the U.K., companies such as Bunzl (up 4.5%), Natwest Group, and others saw gains between 2% to 4%, while Coca-Cola Europacific Partners and others experienced losses of 1% to 2% [3] - German companies like Merck, Rheinmetall, and Siemens Healthineers reported sharp gains, while Siemens Energy and others faced losses [4] Economic Data - The HCOB Germany Composite PMI was revised lower to 52 in September, indicating strong growth in private sector activity compared to 50.5 in August [5] - Eurozone producer prices fell for the first time in nine months in August, with a yearly decline of 0.6%, reversing a previous increase [6][8] - France's industrial production unexpectedly declined by 0.7% in August, with manufacturing output shrinking by 1.6% [7] - The S&P Global UK Composite PMI fell to 50.1 in September, indicating stagnant private sector activity [9] - The S&P Global UK Services PMI decreased to 50.8 in September, marking the weakest pace of expansion since April [10]

Core Points - A hacking group has launched a website to extort victims, threatening to release approximately one billion records stolen from companies using Salesforce cloud databases [1][2] - The group, known as Lapsus$, Scattered Spider, and ShinyHunters, aims to pressure victims into paying to avoid public disclosure of their stolen data [2][3] - High-profile companies such as Allianz Life, Google, Kering, Qantas, Stellantis, TransUnion, and Workday have confirmed data theft, with additional victims including FedEx, Hulu, and Toyota Motors [5][6] Company Impact - The hackers have specifically targeted Salesforce, demanding ransom negotiations and threatening to leak customer data if not engaged [7] - The lack of response from Salesforce regarding the breach raises concerns about the company's engagement with the hackers and its data security measures [7][8] - The emergence of this extortion tactic reflects a shift in cybercrime, moving from traditional ransomware methods to public threats of data publication [9]

Group 1: Market Performance - French stocks are experiencing a positive trend, with the benchmark CAC 40 reaching a six-month high at 8,060.52, up 93.57 points or 1.17% [1] - The rise in the CAC 40 is attributed to strong buying in the auto sector and easing concerns about a potential U.S. government shutdown [1] Group 2: Company-Specific Developments - Stellantis shares increased by 7.1% following stronger than expected U.S. sales figures, alleviating concerns over potential tariff impacts on demand [2] - Morgan Stanley noted a turnaround in Stellantis' market share, with U.S. sales momentum strengthening in September [2] - Other companies such as Thales, LVMH, Renault, and Airbus also saw gains ranging from 1.4% to 4.2% [2] - Worldline shares surged by 9.3% after announcing a strategic partnership with YeePay, a Chinese payment provider in the airline and travel sector [3] - Companies like Capgemini, Michelin, Societe Generale, and Accor also reported impressive gains [3] Group 3: Economic Indicators - Euro Area's seasonally adjusted unemployment rate rose to 6.3% in August from a record low of 6.2% in July, indicating a slight increase in unemployment [4]

A revival of Gucci would end a long run of frustration for shareholders of Kering https://t.co/XRURADEtOu ...

Market Performance - French stocks are exhibiting a mixed performance with the benchmark CAC 40 showing a slight increase of 2.89 points or 0.04% to 7,873.57, fluctuating between 7,872.29 and 7,901.23 [1] - Investors are cautious due to a lack of market triggers and are looking forward to important economic data later in the week [1] Sector Performance - Luxury stocks are experiencing some support, with companies like Kering, STMicroElectronics, EssilorLuxottica, Hermes International, Eurofins Scientific, Stellantis, and LVMH gaining between 1.1% and 1.8% [1] - Other companies such as Thales, Bureau Veritas, Accor, Unibail Rodamco, Dassault Systemes, Capgemini, and Airbus are also seeing gains, ranging from 0.3% to 0.7% [2] Declining Stocks - TotalEnergies is down approximately 1.25%, while Veolia Environment, Engie, Societe Generale, Orange, Sanofi, Michelin, and Euronext are declining between 0.5% and 1% [3] Economic Indicators - The economic sentiment indicator in the Euro Area increased to 95.5 in September from a revised 95.3 in August, slightly surpassing market expectations of 95.2 [3] - Euro Area consumer confidence improved to -14.9 in September from -15.5 in August, aligning with preliminary estimates [3]

Core Points - Kering has reported a total of 123,420,778 shares as of September 15, 2025 [1] - The total number of theoretical voting rights is 176,687,720, while the number of exercisable voting rights is 175,868,635 [1] Summary by Category - **Total Shares**: As of September 15, 2025, Kering has a total of 123,420,778 shares [1] - **Voting Rights**: The total number of theoretical voting rights is 176,687,720, and the exercisable voting rights amount to 175,868,635 [1]