Raiffeisen-Euro-Rent (R)

Fund Management Report

 

Yields on core European government bonds rose modestly during the past month. Bonds from the periphery also tended to be weaker. Political topics were the main talking point (parliamentary elections in Germany, upcoming vote on independence for Catalonia, mounting tensions between North Korea and the USA). Corporate bonds saw mild increases in yields. The portfolio’s conservative duration was maintained. Bonds from the EMU periphery and corporate bonds have proven quite resilient so far. Profits were taken during the month, with an eye to potential headwinds arising. (25.09.2017)