Good morning,

2016 has so far proven to be a rough ride for European equities as we head towards the end of the first quarter of the year.

In the first three months of the year, investors continued to take risk off the table as global growth concerns continued to dampen the economic outlook.

We have seen large swings in the price of oil, currency wars and central banks stepping up their game to do their part in contributing towards improved growth.

But the responsibility cannot be placed on central bankers. At the G20 meeting, it was emphasised that governments’ need to do their part in the form of fiscal stimulus.

A lot of investors keep on hording cash, waiting to see light at the end of the tunnel before they participate in equities.

The Euro Stoxx 50 is down 8.5% year-to-date. However, within the index itself there are stocks generated positive returns to shareholders. The top 5 performing stocks in the Euro Stoxx 50 so far this year are as follows:

Vinci SA (9.91% up YTD, ticker DG FP EQUITY)

Vinci SA is a global player in concessions and construction with expertise in building, civil, hydraulic and electrical engineering, construction-related specialities, road materials production, as well as finance, management, operations and maintenance of public infrastructure such as motorways, airports, road and rail infrastructures, car parks, buildings or stadiums.

ASML Holdings NV (4.77% up YTD, ticker ASML NA EQUITY)

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

Koninklijke Philips NV (3.86% up YTD, PHIA NA EQUITY)

Koninklijke Philips N.V. manufactures medical systems; domestic appliances; consumer electronics; and lighting. The Company produces imaging, ultrasound and healthcare informatics equipment; shaving and beauty and health and wellness products; displays, and peripherals; and lamps and luminaries.

Schneider Electric SE (1.90% up YTD, ticker UL NA EQUITY)

Schneider Electric SE manufactures power distribution and automation systems. The Company produces circuit breakers, remote installation management equipment, panelboards, programmable logic controllers, industrial control products, detectors, human-machine interfaces, and process controls. Schneider's products are sold various brands.

LVMH Moet Hennessy Louis Vuitton (1.59% up YTD, ticker MC FP EQUITY)

LVMH Moet Hennessy Louis Vuitton SE is a diversified luxury goods group. The Company produces and sells champagne, cognac, perfumes, cosmetics, luggage, watches and jewelry.