Not an easy start to 2022

After an unexciting turn of the year and just such first trading days, it was quickly over with the calm on the markets and the global stock market indices have started a major correction in the middle of the month! Even stronger emerging inflation fears and an intensification of the Ukraine conflict have caused very great uncertainty. As a result, all sectors had to accept larger losses, whereby it came especially in the technology stocks to discounts. Statements by the U.S. Federal Reserve regarding planned activities and possible interest rate steps in 2022 provide a little more clarity, but could only provide short-term reassurance. Generally with the volatility very high. We remain true to our defensive orientation and also maintain our hedges. Our investments in the energy sector have paid off.