Click Select all and confirm to accept all cookies and proceed directly to the website or change your selection and click Confirm selection. You can find information about the individual cookie categories under Show details and under Data protection.
These cookies are necessary for the basic functions of the website and make it possible to present our content to you and to save your user settings and preferences (e.g. saving your entries in form fields in order to prevent them from being lost). These cookies assign a randomly generated ID to your browser. Data processing occurs on the basis of our legitimate interest in the secure design and convenient use of our content and generally for the provision of our services on the specific website visited. No information is collected about you for the purposes of marketing or statistics. In addition, we can use information for the purposes of fraud prevention and defending against denial of service attacks. This category of cookies cannot be deactivated.
This is immediately anonymised information that provides us with insight into the usage, functionality, and user friendliness of websites and apps as well as to market and continuously improve our content. This information is analysed for the purposes of measuring reach and performance: These cookies provide us with information about the number of visitors to the website and page requests as well as the usage behaviour of the visitors to a website or app (e.g. what time the site is accessed most or which pages are visited most frequently). This gives us information that we use to optimise our content with regard to particular interests of our users. We also use these functions to place our content in a targeted manner. This processing occurs until you submit an objection to such processing.
We use personal cookies as a way to improve the effectiveness and organisation of this website. In particular, we employ cookies with save and remember functions for this purpose. This processing only occurs when consent is granted and for a maximum period of one year/three years as long as this consent is not revoked. The revocation of consent has no effect on the legality of the data processing performed on the basis of the previously granted consent up to the time of revocation.
The new Omicron variant brought elevated volatility on the capital markets over the past weeks, but the international equity markets were listing close to their highs for the year at the same time. Despite the continued very high inflation rates, the high-quality bond markets were firmer.
The fund reduced its initially high equity exposure to a moderate level in December. Significant capital was reallocated to government bonds, both nominal and inflation-linked issues. This broad approach allowed the fund to profit from the positive development posted by all asset classes in the portfolio until the middle of the month.
Attention is still focused on the central banks. The US Fed announced the termination of its bond purchase programme in March 2022 and interest rate hikes in the near future. Thanks to successful communication in advance, the markets are already prepared for this. Whether the ECB has similar success today (16 December) and how the markets will react will be interesting to see. The Omicron variant is not yet being priced in as the most significant risk, but is also causing volatility. (16.12.2021)
Before you are connected to our website for institutional investors, please read carefully through the following disclaimer and confirm by clicking the appropriate button at the end of the text.
The content of the website is solely intended for investors with sufficient knowledge and experience to make their own investment decisions and to properly assess the associated risks; in other words, for professional clients as defined in the Austrian Securities Supervision Act 2018 (Wertpapieraufsichtsgesetz - WAG 2018). We will be happy to provide further information to customers who do not possess this knowledge and experience.
The contents of this web page are solely intended for persons who reside in Austria or who access the web page in Austria.
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.