Active management beats passive products

December got off to a promising start, with European stock exchanges following the positive trend from the USA. Hopes grew among investors that the lower inflation figures in November would lead to a less drastic interest rate policy. At their last meetings of the year, however, the main central banks did not change their chosen path and raised their interest rates by 50 basis points. Although this was not really a surprise, investors reacted with markdowns. A clear recovery in the course of the month failed to materialize.

The 2022 equity year was a historically difficult and very volatile one -- with our fund also suffering a negative performance. At the same time, however, it has been shown that we were able to achieve a better performance in comparison through active management -- risk optimization, sound research, functioning hedging strategies and good market intuition.