Global equity markets advanced to new highs in December. Bond markets also had an exceptional year, as the simultaneous decline in yields and risk premiums generated very attractive returns. Developments in December were calm, and the fund moved sideways under these conditions.
The fund invests with broad diversification in bonds and equities of responsible, sustainable companies and governments. The ratio of equities is currently at roughly 49%.
The fund starts off the new year fully invested, and the share of corporate bonds was at about 23% during the past period. State-affiliated issuers are still partially preferred over pure government bonds, due to the yield advantage. The fund’s partial hedging of interest rate risk remains unchanged.
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The investment funds described on this web page have not been registered according to the pertinent legal regulations in the USA. For this reason, units in these funds may not be sold in the USA or to any US citizens, long-term US residents, or business partnerships or corporations established under the laws of the USA.