Raiffeisen-GlobalAllocation-StrategiesPlus (R)

Fund Management Report


During the fourth quarter of 2017, profits were taken on commodity futures and the position in energy commodity futures was reduced. In the equities segment, risk was also reduced via a reduction of Japanese equities (futures). As EM currencies had depreciated significantly since the summer, the money market exposure in Emerging Markets was increased in November. We sold Emerging Market bonds and bought US government bonds and European equities in the middle of February. At around 9%, the equities allocation is currently at the lower end of the range foreseeable right now (0–40%). After posting a very positive start to the year, the equity markets recently suffered heavier price losses. Government bonds also saw rising yields, and thus price losses. Despite continued overall still very good conditions on the capital markets (economic data and corporate earnings), we expect more sustained volatility on the capital markets as the central banks face the challenge of scaling back their very expansive policy measures. (19.02.2018)