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The energy sector registered marked price increases during the month, primarily driven by the natural gas shortage. Industrial metals moved sideways while prices for precious metals declined slightly. The investment level was around 101%. On the whole, the fund suffered a slight loss.
The fund participates in developments in exchange-traded commodities and invests in the energy sector as well as in precious and industrial metals. Agricultural commodities have been excluded since October 2013. FX risks are mostly hedged, but a certain amount of residual currency risk remains.
Apart from the temporary energy shortage, sentiment amongst market participants will largely depend on the course of the infection trend and the further actions of the Fed and ECB. (23.09.2021)
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