Raiffeisen-Active-Nyersanyag Alapok Alapja (R)

Fund Management Report

The commodities markets delivered positive performance, above all industrial metals, in part thanks to the recovery of the Chinese economy. The investment level was around 98%. All in all, the fund’s price declined. 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 precluded since October 2013. FX risks are mostly hedged, but a certain amount of residual currency risk remains. There were signs of a possible economic recovery. Governments and central banks remained willing to counteract a recession with additional stimulus measures. Share prices rose somewhat under these conditions. But the risks for the global economy remained substantial in the face of the new wave of virus infections. (23.10.2020)