Raiffeisen-Portfolio-Growth (R)

Fund Management Report

After the declines in November, the equity markets bounced back in December and posted a substantial recovery despite all the uncertainty. European government bonds profited during this weak phase, but are now consolidating at a high level. The inflation-linked bonds in the portfolio were sold off entirely. The position in hard-currency EM bonds was reduced substantially while an initial position was set up in local-currency EM bonds. A position was set up in broad commodities again due to the positive outlook for economic development. The prospects for the coming year are seen as challenging but fundamentally positive. The pandemic and actions of central banks around the world will remain the dominant topics in 2022. (14.12.2021)