Almost all stock markets recorded positive developments in the first quarter of 2024. The US benchmark index S&P 500 and the Japanese Nikkei index reached new record highs. Despite the stagnating economy in Germany, the DAX also reached a new all-time high. The price of gold rose significantly. Lower expectations of interest rate cuts led to rising yields in the bond segment and thus to losses. Riskier bonds such as emerging market and high-yield bonds recorded a positive performance as risk premiums narrowed further.

Equities once again made the biggest contribution in the first quarter. The higher the equity allocation, the higher the investment result for the strategies. In fixed-income strategies, those that favoured corporate bonds or lower credit ratings were at an advantage. CHF strategies benefited from currency gains in EUR and USD investments.

Calculation LMM; Period 01.01.2024– 03.31.2024

Note: the figures are before costs
Calculation LMM; Period 01. 01.2024– 03.31.2024