Raiffeisen-FeltörekvőPiaci-Kötvény Alap (R)

Fund Management Report

EM hard-currency bonds were firmer overall in September. The performance was driven by narrowing spreads. Commodity exporters in Latin America and Africa delivered above-average performance during the period. Countries with a C-rating were an exception and suffered heavy losses. Egyptian bonds were reduced in October after delivering very good performance. The fund’s positioning was kept moderately defensive for the most part in September. The sensitivity of the fund to spread changes is being maintained at a lower level. The uncertainty due to the continued spread of the pandemic persists, now with exponentially increasing infection rates and tighter measures in Europe. The US presidential election will also likely continue to dominate the markets. (23.10.2020)