Raiffeisenalap-Biztonság (R)

Fund Management Report

Despite the coming US election and a rising number of COVID-19 cases, equity market conditions are still quite good. The recovery of the key asset classes continued on the back of the extensive fiscal and monetary policy measures. The market correction in September was used to neutralise the more cautious positioning in equities. In regional terms, the weighting of the USA was increased somewhat while equities from Europe and the Emerging Markets were reduced more substantially. In the bond segment, US HY bonds were sold, among other assets. Over the past weeks, neither COVID-19, the US election, nor the wrangling over a new stimulus package in the USA were enough to move the markets to any substantial degree in one direction or the other. But the threat of lockdowns in many parts of the world calls for caution with higher-risk assets. (23.10.2020)