Due to rising interest rates at the beginning of the year and increasing fears of inflation, both the stock and bond markets were negative in the 1st quarter.
The exception was UK equities, where the appreciation of the GBP against the EUR was decisive.
The Ukraine war also weighed on the equity markets in February. With the exception of the asset classes commodities and gold, all asset classes showed losses in the 1st quarter.
In the first quarter, rising interest rates and riskpremiums put pressure on bonds in all segments. The higher the proportion of bonds in the strategy, the higher the losses. Equities were able to recover in March and make positive contributions to returns.
 

Calculation LMM; Period 01. 01.– 31. 03. 2022

Note: the figures are before costs
(exclusive of custody- and management fees)
Calculation LMM; Period 01. 01.– 31. 03. 2022