Raiffeisen-Europa-HighYield (R)

Fund Management Report

In April, the European high yield market rebounded from the lows seen in the previous month. While there are initial signs of a stabilisation in the number of new infections, liquidity measures on the part of central banks and fiscal packages have helped provide stability. The investment level was increased again in the course of the price recovery. Investments were only made in new issues in the investment grade segment in light of the higher credit quality, better market liquidity, and highly attractive primary market premiums. Global growth prospects deteriorated dramatically. Although governments and central banks are passing aid packages on a continuous basis, the scope of the economic damage cannot yet be estimated. Due to the lack of visibility, the defensive rating allocation in the fund is being maintained. (24.04.2020)