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Prices of short-dated US government bonds hardly moved in October. The predominant issues were the COVID crisis with rapidly rising infection rates around the world, the US election, and the difficulties in agreeing new economic stimulus measures.
In terms of interest rates, the fund’s positioning is defensive. The share of corporate bonds is approximately 12%.
The ability of the economy and policymakers to deal with high infection rates will be decisive for the strength and resilience of the recovery. Another relevant factor will continue to be the will and capacity of central banks and governments to support companies and the labour market. Congress has recently failed to deliver on this front and is unlikely to do so before the election. Short-dated government bonds continued to enjoy good support. (22.10.2020)
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The investment funds described on this web page have not been registered according to the pertinent legal regulations in the USA. For this reason, units in these funds may not be sold in the USA or to any US citizens, long-term US residents, or business partnerships or corporations established under the laws of the USA.