Raiffeisen-Euro-Rent (R)

Fund Management Report

In December, there was little change in the prices of Eurozone government bonds up to the editorial deadline for this text. In terms of economic activity, the euro area appears to have embarked on a modest upward trend. At present, inflation is hardly showing any signs of significant acceleration. At the same time, uncertainty factors such as the trade conflict and Brexit have recently been less acute. Amidst these conditions, the fund’s corporate bonds posted clearly better performance than comparable government bonds. Relative value switches were carried out for the fund. We see the interest rate outlook as caught between the moderately positive growth and the central bank’s still clearly expansive policy. (17.12.2019)