Investors could not be disturbed by the increasing slowdown in global economic growth. At the same time, bonds benefited from declining interest rates and risk premiums in the riskier bond segments. The other asset classes also showed price gains in the first three months, so that the overall result can be regarded as a broad-based recovery across all asset classes.

Reference date: 31.03.2019

The Balanced and Growth investment strategies benefited significantly from stock prices of more than 10% and are up more than 7%. In the case of investment strategies with a higher proportion of fixed-income securities, the worldwide decline in interest rates and the decline in risk premiums led to price gains. Thus, these investment strategies also showed positive performances. All of the investment strategies presented have a positive performance over the year.