Raiffeisen-Active-Nyersanyag Alapok Alapja (R)

Fund Management Report

Precious metals saw especially high price increases because of the resurging inflation worries while industrial metals improved slightly and energy moved sideways. The investment level was around 104%. The fund was able to post a price gain overall. 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. The economic outlook remains positive thanks to vaccinations and the expansive monetary and fiscal policy. The market has already priced some of this in. Investors remained focused on the inflation trend. (20.05.2021)