Monthly Comment | Fixed Income
Turbulent month due to Russian-Ukraine war, however, still a lower magnitude vs. March 2020
Stagflation fear is looming, leaving the ECB with limited tools available.
Fund outperformed relatively vs. the generic universe; Fund betal risk sits at record low with elevated liquidity on hand – to be deployed slowly but surely.
No direct exposure to Russia within the portfolio. Some limited indirect exposure through western European companies acting in Russia (<4%) exists and we further reduced it as a good risk management practice.