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Positive end to the month after a slow start
Monthly report July 2023
At the beginning of the second half of the year, stock markets were inconsistent. While the indices in the USA continued to rise, supported by positive economic data, European markets were initially busy making up for the loss at the beginning of July. At the end of July, the DAX even reached a new all-time high of 16,528 points. Both the FED and the ECB last week turned again the interest rate screw and increased their key interest rates by 1/4 percentage points each, the interest rates in the U.S. thus reached the highest level since 2001.
In order to benefit from the general upward trend, we continued to drive up the investment level in the fund during the month and bought very selectively in individual sectors. The main focus in the investments was on a qualitatively as high as possible balance sheet structure of the individual companies. We ran the existing hedges into July and continue to pursue very active risk management in the current environment.
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