Monthly reporting November 2024

In November, the financial markets were clearly dominated by the US presidential elections. Donald Trump’s surprisingly clear victory was received differently on both sides of the Atlantic. While the election winner’s announcements, such as a re-industrialisation of the country, lower corporate taxes and higher import tariffs, caused euphoria on the US stock markets, possible consequences for Europe and the rest of the world weighed on the markets on our continent. In Germany, the collapse of the ‘Ampelkoalition’ coalition and further negative news on economic development caused unrest. Politics is therefore likely to continue to have a significant influence on market developments over the coming weeks. Trump will want to implement his ideas immediately and in Germany it is important to get a government capable of acting as quickly as possible. The positioning of our fund is in line with the current market environment. As always, we see it as our task to be prepared for all market developments.