Although we continue to pay above-average attention to this theme, we have reduced our positions in this area somewhat in view of the changed market conditions. Nvidia remains the largest single position in the fund with a current share of around 4.5%. Our selection of AI-related equities also includes companies such as Broadcom, Meta, Taiwan Semiconductor and ASML. We are convinced that these market leaders can continue to show above-average growth and high earnings power in the long term, even if their growth momentum slows somewhat.

It is worth noting that artificial intelligence was the subtrend within our fund with the highest performance gains in 2024 and therefore made a significant contribution to the fund's good performance last year. Of course, there is no guarantee that this will also be the case in the future. However, the fund management assumes that the topic will be around for many years to come and will continue to offer good long-term investment opportunities. Naturally, there are also risks involved. These include, in particular, the fast pace of technologies and innovation cycles and the sometimes very high investments required in this area, which ultimately have to be earned back.

The fund management remains confident about the technology sector in the long term. The long-term growth prospects in the sector remain good, even if there are currently considerable disruptions caused by the new US government's trade and economic policy. These are currently impacting the planning, supply chains and investment projects of many companies worldwide, as well as the risk appetite of investors.

We can therefore expect continued price fluctuations on the equity markets for some time to come. However, this will not stop technological change and the major technological trends. On the contrary, the new US government wants to strengthen or consolidate the USA's position in technological competition with China, for example in chip manufacturing.

Have e-car equities bottomed out?
Although the equities of the Chinese market leader BYD in the fund portfolio have performed very well in recent years, the Raiffeisen-MegaTrends-ESG-Aktien have largely avoided equities of US and European car manufacturers in recent quarters. These have suffered and continue to suffer from the ongoing reluctance of many customers to buy, the ever-increasing Chinese competition and the tariff announcements from the USA.

This segment could become interesting again in the future. For the moment, however, the fund management sees no need for action here despite very favorable valuations.

Could healthcare euqities be on the verge of a comeback? Although the pharmaceutical sector has been less favored by investors in the past two years, Raiffeisen KAG's fund management believes it has good prospects. According to analyst estimates, it will be the sector with the strongest growth in corporate profits in the USA in 2025.

Of course, this is subject to the proviso that US President Trump's measures could have or are already having a significant impact on both the healthcare sector and the equity markets in general. However, it is difficult to reasonably estimate the impact at present, especially as new announcements and changes are made almost daily by the White House, which naturally have very different effects on individual companies. Good selection and a precise analysis of product pipelines is therefore more important than ever in the healthcare sector and for pharmaceutical stocks.