Raiffeisen-Global-Fundamental-Rent (R)

Fund Management Report

Bond prices enjoyed better support again overall. The emergence of a new COVID variant brought an increase in risk aversion. During the annual score evaluation, some changes in the positioning were made at the beginning of May 2021. The allocation to the best change remained suspended while the number of fundamentally best countries was increased from nine to twelve. Government bonds from Thailand and Czechia were sold while those of China and Mexico were purchased. The economic outlook is positive, but growth varies by region. Central bank bond purchases are declining overall, which means that higher volatility on the markets is a plausible scenario. (16.12.2021)