Springtime is payout time

The war in Ukraine, the Chinese zero-covid strategy and further rising inflation weighed on the markets in April. The Russian natural gas supply freeze for Poland and Bulgaria meant a further stage of escalation and raises fears that Russia could apply a similar approach to other European countries. China’s rigorous fight against a resurgence of Covid-19 led to a lockdown of Shanghei, a metropolis of 26 million, and a possible shutdown of other cities has investors trembling. The economic consequences will not go away -- early indications already show this. Last but not least, high inflation figures are forcing monetary guardians around the world to act. Central banks are being forced to accelerate monetary tightening. This calls for both sensitivity and decisiveness at the same time. Our defensive strategy was once again correct -- we remain true to it. But see for yourself: