Raiffeisen-Active-Nyersanyag Alapok Alapja (R)

Fund Management Report

Precious and industrial metals remained on the positive price trajectory of recent months. Energy commodities bounced back from their weakness in the first days of the month. The investment level was around 101.5%. On the whole, the fund was able to post positive performance. 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. There are further signs of a possible economic recovery. Governments and central banks remain willing to counteract a recession with additional stimulus measures. The first COVID vaccines have also already been approved. (16.12.2020)