Raiffeisen-Europa-SmallCap (R)

Fund Management Report

After the rally this year, small caps trended sideways in May. The reporting season surpassed the expectations somewhat. One topic has captured the majority of the attention: the discussions about rising inflation. Companies that are not profitable corrected slightly. The fund saw positive contributions from the stock picks in the sectors of utilities, materials, and communication. The Verbund, HelloFresh, and M6 shares were worth noting. Negative contributions came from the financial, industry, and IT stock picks. Hannover Rück, AT&S, and Aareal made negative contributions. The position in Metso Outotec was increased in May, and ERG was newly added to the fund. The market may consolidate somewhat because inflation worries are depressing sentiment. (21.05.2021)