A golden October

The start to the last quarter of the year has been brilliant! After the massive price losses in the previous month, October 2022 goes down in history as one of the best stock market months in decades. On the one hand, a technical countermovement was observed, which has already taken on almost euphoric features. On the other hand, weaker than expected economic data have increased the chances of an economic slowdown and thus the hope for a moderate tightening of U.S. monetary policy. Statements by ECB chief Lagarde in this regard can be interpreted similarly. The further decline in energy prices over the course of the month has not (yet) had any impact on inflation, which remains at a very high level globally. The reporting season for the 3rd quarter has been very solid with a few exceptions, with the companies in which our fund is invested, had positive things to report.

We remain positioned for all possible scenarios -- our hedges offer protection against further setbacks and at the same time we rely on fairly valued quality stocks.