Rücklagenfonds I USD

BPM - Berlin Portfolio Management GmbH

Once again, the bond markets were somewhat surprised by the robust US economic development and inflation data, which did not signal the hoped-for rapid return to price stability and thus once again dampened hopes of a rate cut. Consequently, Fed Chairman Powell also emphasized in a public appearance on Good Friday that he did not feel driven to cut interest rates in a hurry by the latest data, which signaled a strengthening US economy.

In this environment, market yields were susceptible to fluctuations in March, as it was obviously not so easy to translate the positive economic news (in the sense of an investor in risk-bearing investments such as equities or corporate bonds) into expectations of falling interest rates. Yield premiums on corporate bonds, on the other hand, showed a consistent trend - they continued to fall in line with the greater economic optimism and thus helped the Rücklagenfonds to achieve a very positive result in March.

On the other hand, numerous investors who had positioned themselves at the longer end of the maturity spectrum saw another quarter spoiled by the unclear interest rate outlook. In contrast, the positioning of the Rücklagenfonds at the short end of the maturity curve once again provided investors with very attractive investment results in the first quarter of 2024.

03/28/2024