The upward trend continues

Global stock markets were able to carry over the momentum from the previous month and made further gains in November. While the U.S. stock exchanges initially got off to a subdued start, European shares benefited from a mostly solid reporting season for the third quarter. The definitive change in sentiment came with the publication of the US inflation figures for October. The slight easing in inflation was already seen by many investors as a turnaround and was celebrated almost euphorically. The assumption that the inflation figures might have already peaked gave rise to hopes that this would lead to a turnaround in the interest rate policy of the national banks. Initial voices on the part of the U.S. Federal Reserve have clarified this scenario.

Our positioning has also proven to be correct in November and the fund has continued to gain with the market recovery. At the same time, however, the clouds in the economic sky remain visible and our combination of hedges and crisis-resistant equities remains the recipe of the hour.

But see for yourself: