Monthly reporting September 2025

September was dominated by the US Federal Reserve’s interest rate policy – initially expectations based on various labour market and inflation data, and later the actual interest rate cut of 0.25%. Although the economic slowdown over the summer fuelled investors’ hopes of monetary policy easing, inflation in the US remained stubbornly high. This risk assessment between a weakening economy and high inflation was no easy task for Fed Chairman Powell. The slight cut of 25 basis points can be described as a compromise and has boosted the markets. Further cuts are also expected in 2025. Our equity fund continued to gain ground, largely outperforming the competition. Our investments in precious metal-related
equities in particular proved to be spot on. We continue to hedge our fund with sensible strategies and are prepared for all eventualities.