The UCITS aims to achieve a positive performance greater than the benchmark index, net of management fees, over the recommended investment period.
March saw government bond rates in core European countries coming under pressure, driven by positive economic indicators and a decline in political risk. The short-term segment of the German yield curve has also come under pressure given very positive economic indicators. Together with February's marked rise in inflation, the market began to speculate on a possible change in tone by the ECB, which could well find reasons to adopt a less accommodative monetary policy by the year end. The last TLTRO was accordingly very successful. It underscores both the appetite banks are showing for this type of measure and, above all, the fact that they are preparing for less in the future. Given this context, corporate credit spreads have shown little volatility, and have even narrowed slightly. The positive performance given by credit spreads helped to offset this pressure on short term paper in the portfolio.
(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.