We have decided to halve our position in e.on.

For three reasons:

Significantly fewer electric cars will be sold than forecast. This means that electricity consumption will also increase less rapidly.

The ECB's interest rate cuts should cause grid fees to fall again in the medium term.

$EOAN (-0.18%) has accounted for more than 10% of the weighting of our portfolios. Hence the partial sale now.

Of course, we will remain partially invested in Eon. We continue to believe that eon is a long-term beneficiary of the climate transition.