Portfolio updates
CT QR Series European Equity Active UCITS ETF (QREU)
Top 10 Underweights - 31 January 2026
Stock | Rationale | Relative weight |
|---|---|---|
1. SAP SE | SAP (Information Technology) shows weak quality and valuation metrics, with negative accruals being the largest detractor. | -1.49% |
2. Schneider Electric SE | Schneider Electric (Industrials) is negative across valuation, quality, and catalyst considerations, with valuation and catalyst being the most adverse. It appears broadly expensive from a valuation standpoint (using metrics such as cash flow yield, earnings yield, deep value, and shareholder yield) and shows signs of weaker underlying fundamentals, including poor price momentum and subdued business momentum. | -1.11% |
3. UBS Group AG | UBS (Financials) shows negative quality characteristics, with poor and volatile profitability the largest detractors. | -1.06% |
4. Airbus Group SE | Airbus (Industrials) appears relatively expensive across all valuation categories. While it shows some modestly positive catalyst signs, this is not enough to make up for poor valuations and neutral quality characteristics. | -0.96% |
5. British American Tobacco p.l.c. | British American Tobacco (Consumer Staples) is excluded under Article 8 criteria. | -0.92% |
6. Safran SA | Safran (Industrials) was excluded under Article 8 criteria at the time of the fund launch. | -0.91% |
7. Roche Holding AG | Roche (Health Care) has an underweight due to its ESG Materiality score, applying our Article 8 standards. | -0.90% |
8. Zurich Insurance Group AG | Zurich Insurance (Financials) ranks poorly particularly because of its weak catalyst score, including significantly negative analyst EPS estimate revisions. It is also weak on valuation, particularly earnings yield. | -0.73% |
9. Rheinmetall AG | Rheinmetall (Industrials) is negative across value and catalyst considerations, with value being the most adverse. It appears broadly unattractive from a valuation standpoint (using metrics such as cash flow yield, earnings yield and shareholder yield) and shows signs of weaker underlying fundamentals, including softer earnings characteristics and subdued business momentum. | -0.69% |
10. EssilorLuxottica SA | EssilorLuxottica (Consumer Discretionary) scores negatively across valuation and quality, ranking expensive across all four valuation subthemes and having poor efficiency. | -0.65% |
Quick Response - Stocks removed since rebalance
Date of sale | Stock removed since rebalance | Rationale | Weight before sale |
|---|---|---|---|
2 June 2026 | Aker BP ASA | Aker BP ASA (Energy – Oil & Gas Exploration & Production) was downgraded triggered by a marked deterioration in Value following a period with lower Quality indicators. Simultaneously, the Catalyst metrics we monitor have been volatile but trending down since the start of the year. Specifically on the Value side, the stock screens less attractively versus peers, with weaker Earnings Yield and declining Shareholder Yield weighing on its relative positioning. The softer Quality metrics include weaker Capital Allocation, declining Business Sustainability, and lower Earnings Quality. | 0.11% |
28 April 2026 | Diageo plc | Diageo plc (Consumer Staples – Beverages) was downgraded following a weakening in momentum related indicators. Recent signals point to slowing business momentum, alongside weak share price performance versus peers, which has reduced confidence in near term performance. While the company’s Value and Quality characteristics remain broadly average relative to the peer group, they are insufficient to offset the deterioration in momentum. This combination of softer business trends and lack of price support justified the decision to exit the position. | 0.40% |
2 April 2026 | The Magnum Ice Cream Company | The Magnum Ice Cream Company was downgraded following a broad weakening across Value, Quality, and Catalyst indicators after its fourth quarter 2025 results. Cash flow based valuation measures deteriorated, while Quality metrics softened due to weaker earnings quality, capital allocation, and business sustainability signals. At the same time, business momentum indicators declined, culminating in the stock’s ultimate fall to the lowest relative rating. | 0.07% |
23 March 2026 | Swiss Life Holding AG | Swiss Life Holding AG (Financials – Insurance) faces persistent challenges in value and a more recent downturn in catalyst indicators. The fourth quarter 2025 results contributed to weaker business momentum signals, further dragging on the catalyst score. Meanwhile, valuation measures such as earnings yield continued to screen below peer levels, reinforcing the stock’s relative expensiveness. With both momentum and valuation characteristics unfavourable, the name is positioned in the lowest alpha tier, prompting the sale. | 0.35% |
23 March 2026 | Admiral Group plc | Admiral Group plc (Financials – Insurance) was downgraded following broad based weakening across all three quality, value and catalyst factors. The company’s preliminary fourth quarter 2025 results highlighted a softening in forward dividend growth, pressuring its quality score. At the same time, catalyst indicators deteriorated as business momentum inputs turned less supportive. On valuation, Admiral screens as relatively expensive versus sector peers, with higher market value metrics contrasted against lower reported earnings. The declining multi factor profile resulted in a more cautious assessment and ultimately justified the sale. | 0.11% |
19 March 2026 | Banca Monte dei Paschi di Siena S.p.A. | Banca Monte dei Paschi di Siena (Financials – Banks) was downgraded following a marked weakening in its overall alpha profile, driven primarily by softer Business Momentum indicators. Recent model inputs reflected lower earnings revision trends as well as less supportive signals from text based earnings response metrics, both of which contributed to a deterioration of its overall assessment. Since late 2025, quality signals have also drifted lower, particularly due to reduced forward dividend growth expectations. This broad based softening across key factor pillars ultimately moved the stock toward the lower end of the ranking spectrum, prompting the exit. | 0.14% |
19 March 2026 | Euronext N.V. | Euronext N.V.`s (Financials – Exchanges & Data Services) value characteristics have remained challenged for several quarters, with themes such as deep value comparing unfavorably to peers. Following its third quarter 2025 reporting cycle in November, additional pressure emerged from increased share count growth, further worsening value related indicators. More recently, quality signals specifically in areas linked to capital allocation also softened, eroding the residual support for the name. This combination of deteriorating momentum and ongoing relative valuation headwinds resulted in the downgrade and subsequent sale. | 0.14% |
19 March 2026 | BELIMO Holding AG | BELIMO Holding AG (Industrials – Building Technology) saw its rating downgraded as consistently weak value characteristics were compounded by a more recent loss of momentum. In scope of the company’s value factor assessment, both Cash Flow Yield and Earnings Yield screens have remained structurally unattractive versus peers, limiting the stock’s relative appeal. The deterioration in Business Momentum indicators further weighed on the overall alpha profile, reducing confidence in near term earnings signals. With valuations remaining stretched and momentum signals weakening, the stock moved firmly into our lowest rating, supporting the decision to exit. | 0.08% |
12 February 2026 | ROCKWOOL A/S | ROCKWOOL A/S (Materials – Construction Materials) was downgraded following signs of weakening in its earnings profile and cash generation trends. Recent financial disclosures show pressure on profitability, with lower net income and reduced free cash flow driven by margin compression and increased investment needs. These operational dynamics have softened the overall assessment of the company within its industry. | 0.50% |
12 February 2026 | Universal Music Group N.V. | Universal Music Group N.V. (Communication Services – Entertainment) was downgraded amid fluctuations in key financial indicators, partly influenced by its position within a small and concentrated European entertainment peer group. While the company continues to deliver strong operational momentum across recorded music, publishing, and merchandising, its elevated valuation levels and relative sector positioning contributed to a weaker ranking. | 0.25% |
12 February 2026 | Saab AB | Saab AB (Industrials – Aerospace & Defense) was downgraded due to slight softening in earnings related metrics against the backdrop of a sharp share price rally. The stock has surged amid heightened geopolitical tensions, with defense companies experiencing strong inflows and renewed investor attention. Although Saab continues to benefit from robust demand and record order activity, the rapid appreciation of its share price has outpaced underlying earnings dynamics. | 0.03% |
The fund is classified under Article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (Disclosure Regulation) as a fund that promotes environmental or social characteristics. When deciding to invest in the advertised fund, all characteristics or objectives of the advertised fund should be considered as described in its prospectus.
Key risks
Investment Risk – The value of investments can fall as well as rise and investors might not get back the sum originally invested.
Currency Risk – Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments.
ESG Investment Criteria – The funds apply a range of measures as part of its consideration of ESG factors, including the exclusion of investments involved in certain industries and/or activities. This reduces the investable universe and may impact the performance of the Funds positively or negatively relative to a benchmark or other funds without such restrictions.
High Volatility Risk – The funds may carry a risk of high volatility due to their portfolio composition or the portfolio management techniques used. This means that the funds’ value may fall and rise more frequently and this could be more pronounced than with other funds.
Emerging Markets Risks:
Political and Financial Risk – The funds may invest in markets where economic and regulatory risk can be significant. These factors can affect liquidity, settlement and asset values. Any such event can have a negative effect on the value of your investment.
Liquidity Risk – The funds hold assets which could prove difficult to sell. The funds may have to lower the selling price, sell other investments or forego more appealing investment opportunities.
China-Hong Kong Stock Connect – The funds may invest through the China-Hong Kong Stock Connect programmes which have significant operational constraints including quota limits and are subject to regulatory change and increased counterparty risk.
For Information only.
The information unless otherwise attributed, is produced by the investment manager and is provided to you for information purposes. This document must not be passed on to any third party.
In the UK: Issued by Columbia Threadneedle Management Limited, No. 517895, both registered in England and Wales and authorised and regulated in the UK by the Financial Conduct Authority.
In the EEA an Switzerland: Issued by Threadneedle Management Luxembourg S.A., registered with the Luxembourg Registre de Commerce et des Sociétés with No. B 110242 and authorised by the Commission de Surveillance du Secteur Financier (CSSF).
Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. © 2025 Columbia Threadneedle. All rights reserved.