Monthly report August 2026

A temporary easing of tensions in the Iran conflict and slightly lower-than-expected inflation figures boosted confidence on the stock markets at the start of the month. Concerns about potential interest rate rises receded into the background for many market participants, and share indices rose across the board, with some reaching new record highs. As the month progressed, attention turned once again to US capital market interest rates. The high level of US government debt and uncertainties regarding future monetary policy led to a significant rise in yields on long-dated US government bonds. The government’s attempts to ease the situation proved only a temporary relief, and a possible and necessary interest rate rise remains a major issue. Nevertheless, the equity markets continued to rise, driven primarily by a very solid earnings season.

Our fund is also trading higher, and we have once again demonstrated that we are the right partner for our clients, particularly in challenging and volatile financial markets. We regard it as our primary task to protect the assets entrusted to us and to invest them profitably over the long term.