Stock markets experienced a series of ups and downs in the second quarter. After a positive April, prices declined in May and had a subsequent recovery to new highs in June. Once again, investors were able to benefit from falling interest rates and a decline in risk premiums. In alternative investments, the performance of gold is worth mentioning. The US Federal Reserve’s outlook for stable or even lower interest rates led to a significant increase in share prices.

Reference date: 30.06.2019


In the second quarter, all investment strategies increased significantly, with values between 1.5 % and 2.5 %. This clearly shows the positive effects of declining bond yields (price gains on bonds) and the further increase in stock markets. In view of the very low or negative bond yields, it will be even more difficult in the future for investment strategies with a high proportion of fixed income to achieve similarly high performance levels. Only further declining yields or a yield expansion with a negative sign could have further positive impacts.