• European equities ended July in negative territory following an earnings season which included worse than expected results from many of Europe’s largest banks. 
• From a sectoral perspective, Utilities and Materials led the way up in Europe.  Materials benefitted from a boost in the prices of both precious and industrial metals, particularly gold which posted a new all-time high price during the month and flirted with $2000/ounce. 
• The S&P Europe 350® Low Volatility lead the way among S&P Europe 350 factors, while Momentum also ended in the black.  Value continued to struggle.  

Performance Report