Asset Allocation Outlook
Despite uncertainty about the new Trump administration’s emerging policies and the potential response from the Fed, equity markets got off to a positive start this year. The MSCI global equity index climbed 3.3% measured in US dollars. Industrialised nations outperformed emerging markets. Remarkably, at an upturn of 6.3% the European STOXX 600 beat the US S&P500 (+2.7%) by a substantial margin. Following the sharp movements in bond yields in December, it was calmer on the government bond market in January. Overall, US yields declined by a few basis points, while their German counterparts were up slightly. Spreads on investment grade and high yield credits tightened somewhat on balance. Real estate succeeded in recovering somewhat after the downturns caused by bond yields in December.
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Es gibt einen Spruch auf Niederländisch, Kom verder, das viele Dinge bedeutet und unsere Geschäftsphilosophie darstellt. Er erfasst die Art und Weise, wie wir mit unseren Kunden arbeiten, aber auch wie wir unsere Beteiligungsunternehmen lenken, um Aktionärswert durch aktive Beteiligung zu schaffen.
Risikokapital. Der Wert von Anlagen und die daraus erzielten Erträge können sowohl steigen als auch fallen. Die Anleger erhalten möglicherweise nicht den ursprünglich investierten Betrag zurück. Die in der Vergangenheit erzielte Performance ist keine Garantie für die Zukunft.