The current year is characterised by the fact that investors have to deal suddenly with a changed investment environment not seen for a very long time.

Inflation, originally described by central banks as temporary, has surprised with its dynamic. The central banks reacted with corresponding clarity, which drove up interest rates further and led to significant price declines on the bond and equity markets. Uncertainty among investors is high, and the reasons for this are manifold.

In the 3rd quarter, all investment strategies incurred even more losses. As already evident in the course of the year, the two main asset classes, bonds and equities, suffered further losses at the same time. In the current investment environment, the diversification effect often seen in the past during financial market turmoil did not play a role and bonds were unable to compensate for the equity losses. As a result, supposedly lower-risk investment strategies, which are generally characterised by a lower equity allocation and an overweight in bonds, also suffered significant price losses.

Calculation LMM; reference date 01.01.–30. 09. 2022

Note: the figures are before costs
Calculation LMM; Period 01. 01.– 30. 09. 2022