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After the euphoria comes consolidation

Monthly report February 2023

After the year-opening rally of the first weeks, treading water was the order of the day in February and the markets were looking for new direction. A majority of investors are confident that inflation can be fought by moderate interest rate hikes without stifling the economy and driving it into recession. The reporting season that took place for the final quarter of 2022 provided only limited insights. There was by no means the massive downward revision in the outlook for the coming quarters feared by some, but at the same time no improvement either. The consensus earnings momentum is close to zero, which means that further share price increases would have to be brought about by a widening of the valuation. Although the sad annual event of Russia’s invasion of Ukraine has shown that the market -- provided there is no further escalation of the conflict -- has learned to live with this war, the existing risk of a conflagration in Europe continues to cause uncertainty in the markets.

Our fund is prepared for all scenarios. We have continued to maintain our hedges, but will also be able to profit from higher prices.

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