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As in October, the equity markets have been stronger on the whole recently. Despite persistently rising inflation expectations (in both the USA and Europe), however, the bond markets have also improved of late.
The equities allocation was not changed during November. European assets were still preferred in the equity segment. Minor purchases were made in shares from North America, Japan, and the global Emerging Markets. The weighting of euro government bonds in the fund was lower, while the assessment of euro corporate bonds was more positive.
Along with the epidemiological developments, the prospect of normalisation steps in the central banks’ monetary policy is increasingly becoming a focus of attention for market participants. (23.11.2021)
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