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Deutsche Boerse has sought approval under EU ​subsidies rules for its record €5.35 ‌billion ($6 billion) acquisition of Amsterdam-listed fund trading platform Allfunds , a ​European Commission filing shows.

Revenues +12% (ex-treasury) and EBITDA +18% highlight the strength of the diversified model, with volatility acting as a tailwind, particularly in Trading & Clearing. After ~30% share price appreciation and trading at ~21x P/E, upside appears limited even under optimistic assumptions, leading to a move back to a neutral stance. As current valuations appear to reflect the company's strong fundamentals fully, we also…

Invesco EQV International Equity Fund trailed the index primarily due to stock selection in financials and industrials. Stock selection in financials and industrials, along with an underweight and stock selection in energy, detracted the most from relative return. Conversely, an underweight allocation in communication services and stock selection in consumer staples added to relative performance.