OVHaiLLM/Flipper huggingface dataset:
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 4.16 | 21.98 | -13.64 | -6.41 | -2.72 | 0.49 |  | Portfolio volatility | 20.50 | 13.17 | 10.50 | 8.35 |
| Benchmark | 2.44 | 9.44 | -4.75 | -1.80 | 1.05 | 2.21 |  | Benchmark volatility | 8.27 | 6.27 | 5.13 | 4.19 |
| Relative net | 1.72 | 12.54 | -8.89 | -4.62 | -3.77 | -1.72 |  | Tracking error | 13.53 | 8.12 | 6.38 | 5.01 |

Translation (ENDE, 2023-01-31):
|  | 1 Monate | 3 Monate | 1 Jahr | 3 Jahre | 5 Jahre | ITD |  |  | 1 Jahr | 3 Jahre | 5 Jahre | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | 4.16 | 21.98 | -13.64 | -6.41 | -2.72 | 0.49 |  | Portfoliovolatilität | 20.50 | 13.17 | 10.50 | 8.35 |
| Benchmark | 2.44 | 9.44 | -4.75 | -1.80 | 1.05 | 2.21 |  | Benchmarkvolatilität | 8.27 | 6.27 | 5.13 | 4.19 |
| Relativ netto | 1.72 | 12.54 | -8.89 | -4.62 | -3.77 | -1.72 |  | Tracking Error | 13.53 | 8.12 | 6.38 | 5.01 |
# Positioning
We reduced our short US duration and took profits, as US real rates have reached the upper band of the recent trading range. We stay short duration in Japan, where a potential relaxation of the Bank of Japan’s yield curve control remains a key risk for higher rates. In the credit spectrum, we stick to our constructive view for IG credit, while we maintain the overweight in the defensive corporate names.

Translation (ENDE, 2023-02-28):
# Positionierung
Wir reduzierten unsere kurze Duration bei US-Titeln und nahmen Gewinne mit, als US-Immobilien den oberen Bereich der jüngeren Handelsspanne erreichten. Wir bleiben bei einer kurzen Duration in Japan, wo eine mögliche Lockerung der Zinskurvenkontrolle der Bank of Japan ein Hauptrisiko für höhere Zinsen darstellt. Was das Kreditspektrum anbelangt, so bleiben wir bei unserer konstruktiven Einschätzung für IG-Anleihen, während wir die Übergewichtung in defensiven Unternehmensanleihen beibehalten.
# Performance overview - yearly
## since 01.01.2014, in %
|  | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | -2.01 | -14.99 | 11.01 | 37.03 | -14.75 | 18.35 | 18.48 | -2.59 | -20.38 | 0.89 | 18.54 |
| Benchmark | -2.19 | -14.92 | 11.19 | 37.28 | -14.57 | 18.42 | 18.31 | -2.54 | -20.09 | 0.90 | 19.47 |
| Relative net | 0.18 | -0.07 | -0.18 | -0.26 | -0.18 | -0.07 | 0.18 | -0.05 | -0.28 | -0.01 | -0.93 |

Translation (ENDE, 2023-02-28):
# Performance-Übersicht – jährlich
Seit 01.01.2014, in %
|  | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | -2.01 | -14.99 | 11.01 | 37.03 | -14.75 | 18.35 | 18.48 | -2.59 | -20.38 | 0.89 | 18.54 |
| Benchmark | -2.19 | -14.92 | 11.19 | 37.28 | -14.57 | 18.42 | 18.31 | -2.54 | -20.09 | 0.90 | 19.47 |
| Relativ netto | 0.18 | -0.07 | -0.18 | -0.26 | -0.18 | -0.07 | 0.18 | -0.05 | -0.28 | -0.01 | -0.93 |
# Asset breakdown by MSCI country
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| China | 32.29 | 32.12 |  |
| --- | --- | --- | --- |
| Taiwan | 15.27 | 15.23 |  |
| India | 12.77 | 13.18 |  |
| Korea (South), Republic of | 11.73 | 11.71 |  |  |
|  |
|  |
| Brazil | 5.07 | 5.04 |  |
| Others | 22.87 | 22.72 |  |

Translation (ENDE, 2023-02-28):
# Vermögensstruktur nach MSCI-Ländern
In % des Exposures
Benchmark 
Portfolio Benchmark	
Portfolio 
| China | 32.29 | 32.12 |  |
| --- | --- | --- | --- |
| Taiwan | 15.27 | 15.23 |  |
| Indien | 12.77 | 13.18 |  |
| Republik Südkorea | 11.73 | 11.71 |  |
| Brasilien | 5.07 | 5.04 |  |
| Rest | 22.87 | 22.72 |  |
# Asset breakdown by market capitalization
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| Communication | 10.10 | 10.08 |
| --- | --- | --- |
| Materials | 8.78 | 8.74 |
| Consumer Staples | 6.38 | 6.36 |
| Industrials | 5.79 | 6.05 |
| Energy | 4.73 | 4.77 |
| Health Care | 3.92 | 3.88 |
| Others | 4.59 | 4.68 |

| <5B | 0.76 | 0.75 |  |
| --- | --- | --- | --- |
| 5B-10B | 0.98 | 0.97 |  |
| 10B-20B | 2.43 | 2.43 |  |
| 20B-30B | 3.31 | 3.25 |  |
| 30B-50B | 4.01 | 3.89 |  |
|  |
| 50B-100B | 7.79 | 7.77 |  |  |
|  |
|  |
| >100B | 80.64 | 80.77 |  |
| Others | 0.09 | 0.17 |  |

Translation (ENDE, 2023-02-28):
# Vermögensstruktur nach Marktkapitalisierung
In % des Exposures
Benchmark 
Portfolio Benchmark	
Portfolio 
| <5 Mia | 0.76 | 0.75 |  |
| --- | --- | --- | --- |
| 5 Mia - 10 Mia | 0.98 | 0.97 |  |
| 10 Mia - 20 Mia | 2.43 | 2.43 |  |
| 20 Mia - 30 Mia | 3.31 | 3.25 |  |
| 30 Mia - 50 Mia | 4.01 | 3.89 |  |
|  |
| 50 Mia - 100 Mia | 7.79 | 7.77 |  |  |
|  |
|  |
| >100 Mia | 80.64 | 80.77 |  |
| Rest | 0.09 | 0.17 |  |
# Asset breakdown - by instrument currency
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| USD | 69.11 | 69.10 |  |
| --- | --- | --- | --- |
| EUR | 21.75 | 21.77 |  |
| GBP | 4.02 | 3.96 |  |
| CAD | 3.56 | 3.47 |  |
| JPY | 0.80 | 0.82 |  |
| Others | 0.76 | 0.88 |  |

Translation (ENDE, 2022-08-31):
# Vermögensstruktur - nach Instrument-Währung
in % des Exposures
Benchmark 
Portfolio Benchmark	
Portfolio 
| USD | 69.11 | 69.10 |  |
| --- | --- | --- | --- |
| EUR | 21.75 | 21.77 |  |
| GBP | 4.02 | 3.96 |  |
| CAD | 3.56 | 3.47 |  |
| JPY | 0.80 | 0.82 |  |
| Rest | 0.76 | 0.88 |  |
# Asset breakdown - by Barclays rating
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| AAA | 1.35 | 1.12 |  |
| --- | --- | --- | --- |
| AA+ | 1.18 | 1.03 |  |
| AA | 1.51 | 1.38 |  |
| AA- | 5.00 | 4.94 |  |
| A+ | 7.16 | 8.19 |  |
| A | 14.24 | 15.99 |  |
| A- | 16.60 | 16.54 |  |
| BBB+ | 18.75 | 17.97 |  |
| BBB | 20.88 | 19.65 |  |
| Others | 13.32 | 13.19 |  |

Translation (ENDE, 2022-08-31):
# Vermögensstruktur - nach Barclays Rating
in % des Exposures
Benchmark 
Portfolio Benchmark	
Portfolio 
| AAA | 1.35 | 1.12 |  |
| --- | --- | --- | --- |
| AA+ | 1.18 | 1.03 |  |
| AA | 1.51 | 1.38 |  |
| AA- | 5.00 | 4.94 |  |
| A+ | 7.16 | 8.19 |  |
| A | 14.24 | 15.99 |  |
| A- | 16.60 | 16.54 |  |
| BBB+ | 18.75 | 17.97 |  |
| BBB | 20.88 | 19.65 |  |
| Rest | 13.32 | 13.19 |  |
# Asset breakdown - by Barclays Four Pillar Sectors
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| Industrials | 52.51 | 52.51 |  |
| --- | --- | --- | --- |
| Financial Institutions | 38.76 | 39.07 |  |  |
|  |
|  |
| Utility | 8.36 | 8.42 |  |
| Cash | 0.38 | - |  |
| ABS | - | 0.01 |  |

| United States | 54.60 | 53.31 |  |
| --- | --- | --- | --- |
| United Kingdom | 7.16 | 8.12 |  |
| Germany | 7.09 | 4.78 |  |
| France | 5.67 | 5.94 |  |
| Canada | 5.42 | 5.44 |  |
| Others | 20.05 | 22.41 |  |

Translation (ENDE, 2022-08-31):
# Vermögensstruktur - nach Barclays Sektor
in % des Exposures
Benchmark 
Portfolio Benchmark	
Portfolio 
| Industrie | 52.51 | 52.51 |  |
| --- | --- | --- | --- |
| Finanzinstitute | 38.76 | 39.07 |  |
| Versorger | 8.36 | 8.42 |  |
| Liquidität | 0.38 | - |  |
| ABS | - | 0.01 |  |

Benchmark 
Portfolio Benchmark	
Portfolio 
| USA | 54.60 | 53.31 |  |
| --- | --- | --- | --- |
| Grossbritannien | 7.16 | 8.12 |  |
| Deutschland | 7.09 | 4.78 |  |
| Frankreich | 5.67 | 5.94 |  |
| Kanada | 5.42 | 5.44 |  |
| Rest | 20.05 | 22.41 |  |
# Performance overview - yearly
since 01.02.2014, in %
| 2014	2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net	5.15	-0.67 | 7.29 | 6.47 | -1.36 | 13.68 | 7.92 | -0.92 | -15.35 | 0.28 |
| Benchmark	6.48	0.39 | 5.84 | 6.27 | -0.59 | 12.64 | 7.45 | 0.08 | -14.20 | 0.82 |
| Relative net	-1.33	-1.06 | 1.45 | 0.20 | -0.77 | 1.04 | 0.47 | -1.00 | -1.16 | -0.54 |

Translation (ENDE, 2023-02-28):
# Performance-Übersicht – jährlich
## Seit 01.02.2014, in %
| 2014	2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto	5.15	-0.67 | 7.29 | 6.47 | -1.36 | 13.68 | 7.92 | -0.92 | -15.35 | 0.28 |
| Benchmark	6.48	0.39 | 5.84 | 6.27 | -0.59 | 12.64 | 7.45 | 0.08 | -14.20 | 0.82 |
| Relativ netto	-1.33	-1.06 | 1.45 | 0.20 | -0.77 | 1.04 | 0.47 | -1.00 | -1.16 | -0.54 |
# Asset breakdown by risk country
In % of total economic exposure
Benchmark 
| Korea (South), Republic of | 8.59 | 7.25 |
| --- | --- | --- |
| Qatar | 8.23 | 6.03 |
| Saudi Arabia | 8.08 | 6.18 |
| Indonesia | 6.45 | 3.80 |
| United Arab Emirates | 6.40 | 5.69 |
| China | 6.33 | 10.26 |
| Thailand | 5.19 | 4.09 |
| India | 5.06 | 4.34 |
| Peru | 4.98 | 2.48 |
| Chile | 4.84 | 4.98 |
| Hong Kong | 4.20 | 6.28 |
| South Africa | 3.96 | 3.87 |
| Malaysia | 2.98 | 3.28 |
| Others | 15.06 | 25.75 |

Portfolio Benchmark	
Portfolio 

Translation (ENDE, 2023-02-28):
# Vermögensstruktur nach Risikoländer
## In % des Exposures
Benchmark 

## Portfolio Benchmark	
Portfolio 
# Risk overview - ex post
## since 01.10.2019, in %

## Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | -8.13 | -1.30 | -23.33 | -15.67 | n/a | -11.61 |  | Portfolio volatility | 29.53 | 26.85 | n/a | 25.59 |
| Benchmark | -2.74 | -1.01 | -11.22 | 6.91 | n/a | 5.55 |  | Benchmark volatility | 22.97 | 20.39 | n/a | 19.76 |
| Relative net | -5.39 | -0.29 | -12.11 | -22.58 | n/a | -17.15 |  | Tracking error | 13.33 | 15.14 | n/a | 14.99 |

Translation (ENDE, 2023-02-28):
# Risiko-Übersicht – ex post
## Seit 01.10.2019, in %

## Annualisiertes Risiko, in %
|  | 1 Monate | 3 Monate | 1 Jahr | 3 Jahre | 5 Jahre | ITD |  |  | 1 Jahr | 3 Jahre | 5 Jahre | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | -8.13 | -1.30 | -23.33 | -15.67 | n.a. | -11.61 |  | Portfoliovolatilität | 29.53 | 26.85 | n.a. | 25.59 |
| Benchmark | -2.74 | -1.01 | -11.22 | 6.91 | n.a. | 5.55 |  | Benchmarkvolatilität | 22.97 | 20.39 | n.a. | 19.76 |
| Relativ netto | -5.39 | -0.29 | -12.11 | -22.58 | n.a. | -17.15 |  | Tracking Error | 13.33 | 15.14 | n.a. | 14.99 |
# Performance overview
## since 01.02.2019, in %

## Annualized risk, in %
|  | 1 month(s) | 3 month(s) | 1 year | 3 years | 5 years | ITD |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | -1.11 | -3.16 | 1.84 | 8.68 | n/a | 9.25 |  | 11.91 | 15.63 | n/a | 15.44 |
| Benchmark | -1.10 | -3.15 | 1.94 | 8.82 | n/a | 9.40 |  | 11.93 | 15.64 | n/a | 15.45 |
| Relative net | -0.01 | -0.01 | -0.10 | -0.14 | n/a | -0.15 |  | 0.05 | 0.05 | n/a | 0.05 |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Performance overview - yearly* since 01.02.2019, in % | 2019 | 2020 | 2021 | 2022 | ITD |
| Portfolio net | 14.17 | 10.32 | 11.57 | -6.53 | 31.35 |
| Benchmark | 14.39 | 10.44 | 11.69 | -6.51 | 31.91 |
| Relative net | -0.22 | -0.12 | -0.12 | -0.01 | -0.55 |

Translation (ENDE, 2022-02-28):
# Performance-Übersicht
## Seit 01.02.2019, in %

## Annualisiertes Risiko, in %
|  | 1 Monat(e) | 3 Monat(e) | 1 Jahr | 3 Jahre | 5 Jahre | ITD |  | 1 Jahr | 3 Jahre | 5 Jahre | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | -1.11 | -3.16 | 1.84 | 8.68 | n.a. | 9.25 |  | 11.91 | 15.63 | n.a. | 15.44 |
| Benchmark | -1.10 | -3.15 | 1.94 | 8.82 | n.a. | 9.40 |  | 11.93 | 15.64 | n.a. | 15.45 |
| Relativ netto | -0.01 | -0.01 | -0.10 | -0.14 | n.a. | -0.15 |  | 0.05 | 0.05 | n.a. | 0.05 |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Performance-Übersicht – jährlich* Seit 01.02.2019, in % | 2019 | 2020 | 2021 | 2022 | ITD |
| Portfolio netto | 14.17 | 10.32 | 11.57 | -6.53 | 31.35 |
| Benchmark | 14.39 | 10.44 | 11.69 | -6.51 | 31.91 |
| Relativ netto | -0.22 | -0.12 | -0.12 | -0.01 | -0.55 |
# Risk overview - ex post
## since 01.01.2014, in %

## Annualized risk, in %

## 1 months 3 months	1 year	3 years	5 years	ITD

## Portfolio net	-3.14	-6.68	2.41	5.20	4.33	4.56

## 1 year	3 years	5 years	ITD

## Portfolio volatility	10.21	11.82	12.51	10.62

Translation (ENDE, 2023-10-31):
# Risikoübersicht – ex post
## Seit 01.01.2014, in %

## Annualisiertes Risiko, in %

## 1 Monate 3 Monate	1 Jahr	3 Jahre	5 Jahre	ITD

## Portfolio netto	-3.14	-6.68	2.41	5.20	4.33	4.56

## 1 Jahr	3 Jahre	5 Jahre	ITD

## Portfoliovolatilität	10.21	11.82	12.51	10.62
# Performance overview - yearly rolling
| 11-2014 - | 11-2015 - | 11-2016 - | 11-2017 - | 11-2018 - | 11-2019 - | 11-2020 - | 11-2021 - | 11-2022 - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 10-2015 | 10-2016 | 10-2017 | 10-2018 | 10-2019 | 10-2020 | 10-2021 | 10-2022 | 10-2023 |
| Portfolio net	9.88 | -0.57 | 12.15 | -5.84 | 9.86 | -3.35 | 29.45 | -12.17 | 2.41 |
| Portfolio net incl. max sales	6.68 | -0.57 | 12.15 | -5.84 | 9.86 | -3.35 | 29.45 | -12.17 | 2.41 |


## since 01.11.2014, in %

## and redemption charges

## Figures shown include the deduction of the maximum sales charge of 3% in the first year of investment and maximum redemption charge of 0% in the last year of investment.

## Asset breakdown
75.99
33.28
58.17
14.08
72.44
14.90
19.51
19.36

## By asset class in % of total economic exposure

## Asset breakdown (after currency hedging)
10.89

## By currency in % of total economic exposure

## Asset breakdown

## By type in % of bond economic exposure

## Asset breakdown

## By duration in % of bond economic exposure
42.82
Cash and Cash Equivalents: 0.34 Fixed Income: 19.51
Equities: 72.44
Hedge Funds / Insurance Linked Securities : 2.48
EUR: 42.82	CAD: 2.05
USD: 33.28	CHF: 1.78
JPY: 4.13	AUD: 1.75
Straight bonds: 75.99 Emerging Market bonds: 14.08 Convertibles: 5.24
<1 year: 0.41
1-3 years: 19.36
3-5 years: 58.17
5-7 years: 14.90
Commodities: 2.59
Real Estate: 2.63
GBP: 3.31
Others:
10.89
High Yield bonds: 4.68
7-10 years: 6.94
>10 years: 0.23

Translation (ENDE, 2023-10-31):
# Renditeübersicht – jährlich rollend
## Seit 01.11.2014, in %
|  | 11-2014 - | 11-2015 - | 11-2016 - | 11-2017 - | 11-2018 - | 11-2019 - | 11-2020 - | 11-2021 - | 11-2022 - |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 10-2015 | 10-2016 | 10-2017 | 10-2018 | 10-2019 | 10-2020 | 10-2021 | 10-2022 | 10-2023 |
| Portfolio netto | 9.88 | -0.57 | 12.15 | -5.84 | 9.86 | -3.35 | 29.45 | -12.17 | 2.41 |
| Portfolio netto inkl. max. Ausgabe- und | 6.68 | -0.57 | 12.15 | -5.84 | 9.86 | -3.35 | 29.45 | -12.17 | 2.41 |
| Rücknahmeaufschlag |  |  |  |  |  |  |  |  |  |

Die genannten Beträge verstehen sich nach Abzug des für den Anleger maximal anfallenden Ausgabeaufschlags in Höhe von 3% im ersten Anlagejahr und des maximal anfallenden Rücknahmeaufschlags in Höhe von 0% im letzten Anlagejahr.

## Vermögensstruktur

## Nach Anlageklasse in % des ökonomischen Exposures

## Vermögensstruktur (nach Währungsabsicherung)
75.99
33.28
58.17
14.08
72.44
14.90
10.89
19.51
19.36

## Nach Währung in % des ökonomischen Exposures

## Vermögensstruktur

## Nach Typ in % des ökonomischen Obligationenexposure

## Vermögensstruktur

## Nach Duration in % des ökonomischen Obligationenexposure
42.82
Liquide Anlagen: 0.34
Obligationen: 19.51
Aktien: 72.44
Hedge Funds: 2.48
Rohstoffe: 2.59
Immobilienanlagen: 2.63
EUR: 42.82	CAD: 2.05
USD: 33.28	CHF: 1.78
JPY: 4.13	AUD: 1.75
Klassische Obligationen: 75.99
Entwicklungsländer: 14.08
Wandelanleihen: 5.24
High Yield Obligationen: 4.68
<1 Jahr: 0.41
1-3 Jahre: 19.36
3-5 Jahre: 58.17
5-7 Jahre: 14.90
7-10 Jahre: 6.94
>10 Jahre: 0.23
GBP: 3.31	Rest: 10.89
# Performance commentary
Despite encouraging trends in corporate earnings, equities have suffered. The S&P 500 index is now in “correction” territory, having fallen by around 10% since the July highs. Global bond yields overall remained relatively stable over the month while Treasury yields rose. Gold was a top performer as is to be expected in times of geopolitical tensions while oil retreated slightly from a mid- month rally. The EUR remained flat while the USD strengthened against other major currencies.

Translation (ENDE, 2023-10-31):
# Performancekommentar
Trotz ermutigender Trends bei den Unternehmensgewinnen gaben Aktien nach. Der S&P 500 Index befindet sich nun in einer Korrektur, da er gegenüber den Höchstständen vom Juli rund 10 % eingebüsst hat. Die globalen Anleiherenditen blieben im Laufe des Monats insgesamt relativ stabil, während die Renditen von US-Treasuries stiegen. Gold entwickelte sich
überdurchschnittlich, was in Zeiten geopolitischer Spannungen zu erwarten ist, wohingegen Öl nach einer Rally zur Monatsmitte leicht zurückging. Der Euro tendierte seitwärts, und der US-Dollar wertete gegenüber anderen wichtigen Währungen auf.
# Market comments
The ECB left its policy rates unchanged at its last meeting and the Fed is expected to do the same on November 1. However, the key question remains as to whether the cumulative interest-rate increases implemented thus far will be sufficiently restrictive to achieve their goal. Overall, the US economy has proven to be more robust than expected, even though momentum is starting to wane with signs of slowing growth and a government shutdown looming on the horizon. By contrast, the euro zone has been trending weaker for several quarters, and Germany in particular is showing distinct signs of stagflation. Against this backdrop, investors face fresh uncertainties. Safe-haven assets have not performed as might have been expected in response to conflicting growth data and elevated geopolitical tensions. Government bonds, historically viewed as a hedge in times of crisis, have acted out of character, with the 10-year Treasury yield reaching a 16- year peak on October 23 and closing the month higher compared to its level at the outbreak of the recent Israel-Gaza conflict.

Translation (ENDE, 2023-10-31):
# Marktkommentar
Die EZB hat den Leitzins bei ihrer letzten Sitzung unverändert belassen, und die Fed wird voraussichtlich am 1. November ebenfalls auf einen Zinsschritt verzichten. Die zentrale Frage bleibt jedoch, ob die bisherigen kumulativen Zinssteigerungen restriktiv genug sind, damit die geldpolitischen Ziele erreicht werden können. Die US-Wirtschaft präsentiert sich insgesamt robuster als erwartet. Allerdings lässt die Dynamik allmählich nach, da sich eine Wachstumsabkühlung abzeichnet und ein Shutdown der US-Regierung droht. Die Eurozone hingegen neigt seit mehreren Quartalen zur Schwäche, und insbesondere in Deutschland sind ausgeprägte stagflatorische Tendenzen zu beobachten. Daraus ergeben sich neue Unsicherheiten für die Anlegerinnen und Anleger. Aufgrund von widersprüchlichen Wachstumsdaten und erhöhten geopolitischen Spannungen haben sich Anlagen, die als sichere Häfen gelten, nicht wie erwartet entwickelt.

## Staatsanleihen, die in Krisenzeiten traditionell als Absicherungsinstrument angesehen werden, haben sich untypisch verhalten. So erreichte die Rendite zehnjähriger US-Treasuries am

## 23. Oktober den höchsten Stand in 16 Jahren und lag Ende des Monats auf einem höheren Niveau als zu Beginn des jüngsten Israel-Gaza-Konflikts.
# Comments on positioning
While we see upside potential for equities, uncertainty about the monetary policy outlook may keep markets range bound and choppy for now. We therefore maintain the current neutral stance on equities, with the US least preferred and emerging markets most preferred. We retain our preference for the higher-quality segments of fixed income, given the all-in yields on offer and likely capital appreciation as inflation cools, growth slows, and Fed rate expectations reduce. We thus continue to favor high-grade (government) and investment-grade bonds, and are neutral on high-yield and emerging-market credit.

Translation (ENDE, 2023-10-31):
# Kommentar zur Positionierung
Zwar sehen wir Aufwärtspotenzial für Aktien, angesichts der ungewissen geldpolitischen Aussichten könnten die Märkte vorerst aber in einer gewissen Spanne verharren und unruhig bleiben. Deshalb sind wir gegenüber Aktien weiterhin neutral eingestellt, wobei die Vereinigten Staaten am wenigsten bevorzugt und die Schwellenländer am meisten bevorzugt werden.
Angesichts der verfügbaren Gesamtrenditen und der Wahrscheinlichkeit eines Kapitalzuwachses, da die Inflation nachlässt, das Wirtschaftswachstum sich verlangsamt und die Erwartungen im Hinblick auf Zinserhöhungen durch die Fed zurückgehen, halten wir an unserer Präferenz für die qualitativ hochwertigeren Fixed-Income-Segmente fest. Wir bevorzugen daher weiterhin High-Grade-(Staats-)Anleihen und Investment-Grade-Anleihen und stufen Hochzinsanleihen sowie Schwellenländer-Unternehmensanleihen neutral ein.
| Performance overview - yearly |  |
| --- | --- |
| since 01.06.2015, in % |
|  | 2015 | 2016 | 2017 |  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Portfolio net | 1.54 | 6.97 | 6.71 |  | -3.82 | 10.56 | 2.42 | -2.50 | -18.97 | 3.43 |
| Benchmark | 0.51 | 5.14 | 4.62 |  | -0.06 | 9.67 | 6.24 | -3.57 | -8.77 | 1.28 |
| Relative net | 1.03 | 1.83 | 2.09 |  | -3.77 | 0.89 | -3.82 | 1.07 | -10.20 | 2.15 |
|  |  |  |  |  |  |  |  |  |  |  |
| Key risk figures |  |  |  |  |  |  |  |  |  |  |

Translation (ENDE, 2023-02-28):
| Performance-Übersicht – jährlich |  |
| --- | --- |
| Seit 01.06.2015, in % |
|  | 2015 | 2016 | 2017 |  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Portfolio netto | 1.54 | 6.97 | 6.71 |  | -3.82 | 10.56 | 2.42 | -2.50 | -18.97 | 3.43 |
| Benchmark | 0.51 | 5.14 | 4.62 |  | -0.06 | 9.67 | 6.24 | -3.57 | -8.77 | 1.28 |
| Relativ netto | 1.03 | 1.83 | 2.09 |  | -3.77 | 0.89 | -3.82 | 1.07 | -10.20 | 2.15 |
|  |  |  |  |  |  |  |  |  |  |  |
| Risikokennzahlen |  |  |  |  |  |  |  |  |  |  |
# Asset breakdown - by Barclays Four Pillar Sectors
## In % of total economic exposure
Benchmark 

## Portfolio Benchmark	
Portfolio 
| AAA | 25.54 | 25.74 |  |
| --- | --- | --- | --- |
| AA+ | 2.56 | 2.60 |  |
| AA | 14.21 | 14.48 |  |
| AA- | 6.93 | 6.85 |  |
| A+ | 5.22 | 4.99 |  |
| A | 5.20 | 5.07 |  |
| A- | 12.27 | 12.42 |  |
| BBB+ | 10.41 | 10.35 |  |
| BBB | 10.12 | 9.81 |  |
| Others | 7.54 | 7.69 |  |

| Agency | 21.46 | 21.40 |  |
| --- | --- | --- | --- |
| Financial Institutions | 21.05 | 21.45 |  |  |
|  |
|  |
| Treasuries | 17.20 | 17.06 |  |
| Utility | 12.37 | 12.14 |  |
| Supranational | 9.13 | 8.91 |  |
| Local Authority | 8.11 | 8.20 |  |
| Industrials | 4.62 | 4.37 |  |
| Covered | 3.38 | 3.65 |  |
| Sovereign | 2.74 | 2.74 |  |
| Others | -0.06 | 0.07 |  |

Translation (ENDE, 2021-09-30):
# Vermögensstruktur - nach Barclays Sektor
## in % des Exposures
Benchmark 

## Portfolio Benchmark	
Portfolio 
# Asset breakdown - by rating bucket
In % of total economic exposure
in %	
Portfolio 
| AA	5.52 |  |  |
| --- | --- | --- |
| A	21.59 |  |  |
| BBB	30.77 |  |  |
| BB	21.57 |  |  |
| B	16.61 |  |  |
| CC	0.52 |  |
| C	1.25 |  |
| D	1.67 |  |  |
| Cash & FX	0.39 |  |
| Others °	0.10 |  |

°: Swaps

Translation (ENDE, 2022-02-28):
# Vermögensstruktur - nach Rating-Bucket
in % des Exposures
in %	
Portfolio 
| AA	5.52 |  |  |
| --- | --- | --- |
| A	21.59 |  |  |
| BBB	30.77 |  |  |
| BB	21.57 |  |  |
| B	16.61 |  |  |
| CC	0.52 |  |
| C	1.25 |  |
| D	1.67 |  |  |
| Cash und FX	0.39 |  |
| Rest °	0.10 |  |

°: Swaps