Raiffeisen-GlobalAllocation-StrategiesPlus (R)

Fund Management Report


During the third quarter, profits on commodity futures were realised, and the position in industrial metal futures was reduced by around one percentage point. Prices of copper and aluminium, which comprise more than 70% of the underlying index, recently increased well above their production costs, and thus an expansion of production is anticipated over the medium to long term. Inflation expectations have risen, in conjunction with the recent increase in commodity prices and somewhat higher-than-expected inflation data in the USA. We believe that this trend will continue and consequently remain bullish on commodities and inflation-linked bonds (at the expense of nominal government bonds). The strategies with a shorter horizon recently invested in equities, at the expense of government bonds and the money market. (25.09.2017)