The correction on the stock markets accelerated again in June. US stocks in particular recorded strong losses this quarter, along with the Emerging Markets and Pacific regions. Sentiment on the bond markets remained weak. In addition to accelerating inflation and the central banks' reaction to it, corporate earnings are increasingly coming into focus.

All investment strategies fell deeper into the loss zone in the second quarter. Equity strategies were hit the hardest in this respect. The environment of rising interest rates and the widening of credit risk premiums weighed on fixed-income strategies. In currencies, the weakness of the euro and the Japanese yen continued, especially against the US dollar and the Swiss franc.

Calculation LMM; Period 01. 01.– 30. 06. 2022

Note: the figures are before costs
(exclusive of custody- and management fees)
Calculation LMM; Period 01. 01.– 30. 06. 2022