Raiffeisen Global Income funds:
Utilising potential for investment returns worldwide
Both funds capitalize on proven strengths, in particular:
widely diversified portfolios of assets with the highest expected return potential,
countercyclical and flexible investment strategies,
individual security selection in the fund portfolio that takes sustainability criteria into account, and
not being constrained by market indices or benchmarks.
The income funds offer a high net distribution* of
ca. €5 per quarter for Raiffeisen Global Income and
ca. €9 per quarter for Raiffeisen Global Income II.
Combining bonds and equities intelligently
In terms of volume, bonds (issued mainly by governments and companies) form the backbone of both fund’s portfolios and they always (Raiffeisen Global Income) or almost always (Raiffeisen Global Income II) account for the major part of assets. They are supplemented primarily by equity investments.
Bonds: interest income provides the basis
Currently relatively attractive yields following a prolonged period of very low interest rates.
Broad diversification of the bond portfolio across various regions and bond asset classes for an optimum balance.
Equities: dividends generate income
Dividend yields are still attractive, albeit not as much as a few years ago.
Focus is on equities with high dividends, paid by solid companies with robust business models.
A countercyclical investment style allows the equity allocation to be adjusted flexibly depending on market conditions.
One investment strategy in two variations
In order to generate higher distributions and stronger returns, Raiffeisen Global Income II invests with a higher risk profile than Raiffeisen Global Income, primarily with a higher equity allocation. The latter is expected to range from 25% to 55%, compared with approximately 8% to 38% for Raiffeisen Global Income. The actual levels always depend on the respective capital market environment.
These ranges are therefore not hard limits, but rather reflect long-term expectations, and the upper and lower values are unlikely to be reached in all but very few cases. Due to its higher equity allocation, Raiffeisen Global Income II also has a higher expected volatility range than Raiffeisen Global Income. Based on past market movements of the individual assets in the funds, it is expected that volatility will be around 7% p.a. for Raiffeisen Global Income and around 10% p.a. for Raiffeisen Global Income II. **
Both funds invest sustainably in accordance with Article 8 of the EU Disclosure Regulation. They take into account the exclusion criteria pursuant to the EU Regulation for Paris-aligned benchmarks (PAB).
*Please note that distributions may be made from both the fund's income and fund assets (i.e., a repayment of the invested capital). In addition, the amount of distributions may be adjusted to reflect expected long-term future income.
**In reality, however, actual fluctuations in value over the course of the year may be either higher or lower than this.
 "Raiffeisen Global Income Fonds")
Fund details
Countercyclical investing
Both income funds pursue a long-term, fundamental and countercyclical investment approach. What does that mean?
When valuations are favourable, the fund management buys or increases existing positions; when valuations are less favourable or prices rise, positions are reduced or eliminated altogether. The most important factors here are valuations and return expectations. Purchases are therefore not made every time bonds, equities or other assets fall, but only if such drops result in attractive valuations and return potentials.
This investment approach allows the fund‘s managers to react very flexibly to changing market conditions It also follows an age-old proven business principle: "The profit lies in the purchase!"
A proven concept, but of course no guarantee of success
This countercyclical approach inherently carries certain risks and disadvantages. For example, even with its countercyclical approach, the fund management may still buy too early. Cheap or attractively valued assets can always become even cheaper or more attractive. Waiting for favourable entry points therefore does not offer complete protection against price losses. It does, however, reduce these risks and their likelihood to some extent. It is also possible that prices might not fall to the level targeted by fund management. This would not result in losses for the fund, but could potentially lead to lower returns due to missed opportunities in the market.
Current positioning and outlook
Both funds had another successful year in 2025. They performed well despite market declines in the first quarter, thanks to cautious positioning in US equities and protective hedges. European equities and partially hedged dollar positions contributed positively. Performance in the final quarter of 2025 was particularly strong.
The funds remain prudently positioned for 2026. Low spreads between corporate bonds and government bonds call for caution. US equities are partially hedged in the event of sharp price declines, while the fund management sees good opportunities in European equity sectors with attractive valuations, particularly in the automotive industry, which many have already ‘written off’, and in the food and beverage sector. A high level of liquidity is being maintained in order to be able to react flexibly to market changes.
In view of high equity valuations and already quite expensive corporate bonds, the focus will be on capital preservation and flexibility. The aim is to protect the gains already achieved and to continue investing when valuations improve.
Conclusion
The Raiffeisen Global Income Funds offer consistent and largely predictable returns through quarterly distributions. They are based on widely diversified portfolios, pursue a countercyclical investment strategy and select individual securities by applying sustainability criteria.
The Fund Regulations of the Raiffeisen Global Income and Raiffeisen Global Income II have been approved by the FMA. Both funds may invest more than 35 % of the fund's volume in securities/money market instruments of the following issuers: Canada, United States, Japan, Australia, Germany, Finland, Belgium, Spain, Switzerland, Sweden, United Kingdom, Italy, Austria, Netherlands, France.