Key points:

• The Responsible Horizons Euro Corporate Bond portfolio is overweight banks due to strong fundamentals and expected normalisation of spreads, offering attractive value versus corporates and non-financials.
• The utilities sector benefits from Europe's energy transition, requiring significant debt issuance with attractive premiums, while being defensive and less cyclical amid geopolitical tensions.
• The property and automotive sectors present selective opportunities, with property normalising post-inflation and automotive impacted by trade tensions but offering spread pickup.