Monthly reporting April 2024

In April, the upward trend on the financial markets, which had been ongoing for months, came to a halt. After the US inflation figures turned out to be higher than expected, long-term capital market interest rates rose again, causing investors to exercise restraint. The continued rise in consumer prices in the USA, strong retail sales and a labour market that is still running at full speed have pushed hopes of an initial interest rate cut into the distant future. The realisation that a recession in the USA is probably definitely off the table also failed to change the minds of market participants. Towards the end of the month, however, a solid start to quarterly reporting led to a slight recovery on the stock markets. The shares of the “glorious seven” in particular were in focus, with both positive and negative surprises.

Our fund also lost some ground, although we took advantage of the weakness in certain stocks to expand existing positions or invest in new ideas. As always, we remain prepared for all eventualities and our hedges are in place.