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Last month we talked about the economic outlook. We believe a soft landing is still possible but is getting less likely. Making the correct policy decisions is key, but is becoming more and more difficult in the current uncertain environment. What developments are monetary and fiscal policy makers likely to have to deal with? What scope do they have to make decisions? Dr Volker Schmidt takes a look ahead in our latest Market Commentary.

The recovery from the recession triggered by the pandemic is facing tough challenges: rising inflation, a negative supply and demand shock with supply shortages in the goods sector, and oil and gas prices soaring to the highest they have been for several years. And what only a few weeks ago was considered a dangerous residual risk for the global economy has suddenly become devastating reality – a geopolitical crisis. In our latest Market Commentary, Investment Strategist Dr Andrea Siviero looks at these issues.

The interest rate turnaround is once again on everybody’s lips. Savers are eagerly awaiting it, but many investors fear it. But how much would a potential rise of 1% or even 2% actually be worth with inflation at current levels? Can the recent rises in yields alone be blamed for falls in prices? Or is the expected interest rate turnaround being overshadowed by a much farther-reaching turning point? Christian Schmitt looks at these issues in our latest Market Commentary.

This month we celebrate the 20th anniversary of our flagship fund: the Ethna-AKTIV. Michael Blümke, Portfolio Manager of the Ethna-AKTIV, takes us on a journey through time, going back to the launch of the fund through its key milestones over the past 20 years and on to the present day.

Around this time of year, a great many outlooks, forecasts and expectations for the equity markets are made online and in print. The conclusions drawn from these articles contribute to the informational efficiency of the capital market and the needle on the compass begins to move. In our latest Market Commentary, Philip Bold explains how exactly these forecasts are made and why an average year in equity markets is the exception rather than the rule despite – or perhaps precisely because of – all the statistics.

The belief is that there is no alternative to equities in the current market environment. Performance in recent months bears this out. In our latest Market Commentary, Dr. Tobias Burggraf explains what still makes German sovereign bonds attractive and why there is absolutely still a place for investing in them, even now.