In the third quarter, stock markets were able to achieve further price gains. However, this is not the case for Emerging Markets stocks which are suffering from the swelling trade conflict. For bonds, yields fell again in the third quarter. As a result, bond prices continued to rise. On the alternative investments side, the rise of the gold price is worth mentioning. The outlook by the central banks for possible or further interest rate cuts led to further price increases

Reference date: 30.09.2019

In the third quarter, all investment strategies continued to grow. This is astonishing, but again shows the positive effects of declining bond yields (gains on bonds) and the continued rise in stock markets. Thus, it is not surprising that even income strategies are showing a positive performance in the current year. Depending on the equity allocation, the return are around or well over 10 % as per reporting date. All investment strategies outlined have showed a positive performance during the current year.