Macroeconomics in the focus of the markets

In August, the markets focused on the two largest economies, the USA and China, which largely determined their development. At the beginning of the month, the downgrading of the USA’s credit rating by the rating agency Fitch caused uncertainty and caused yields on US government bonds to rise to new highs for the year. In the second half of the month, fears about economic developments in China moved into the focus of market participants and weighed on the stock markets. The weak economic data were joined by liquidity problems at some well- known real estate developers. The annual meeting of central bankers in Jackson Hole in the USA also failed to produce the hoped-for findings. The leading central bankers continue to keep their cards close to their chests and keep all interest rate policy options open.

Our fund also lost ground during the month and lost some performance. However, we are convinced that our focus on quality stocks with a healthy balance sheet structure will pay off in the medium term. We are also maintaining our active risk management.