Postbank

The Fund aims to provide a medium/long-term capital growth by providing a moderate, balanced investment exposure to various asset classes through units of UCITs and/or other UCIs that may invest in cash, bonds, equities, property and commodities. In addition, the Fund may and will at times invest directly in bank deposits and money market instruments.

The defining events of the fourth quarter were the US elections and the strength of the USD. The strength of the US economy combined with concerns about the inflationary implications of the incoming US administration’s agenda (trade tariffs, tax cuts) let to a rise in Treasury yields. US equities benefited from expectations for pro-growth policies and lower regulation. During the quarter ending 31/12, most major asset classes rallied in Euro terms, propelled by a strong dollar. Global Equities outperformed returning +6.45% followed by Commodities +6.07%, Cash +0.841%, Bonds (EUR Brd Mkt) +0.07% and REITS -3.29%, all in Euro terms. Over the same period, among the major equity market indices MSCI US gained the most with +10.42%, MSCI AC World gained +6.45%, MSCI Japan returned +3.67% and MSCI Europe -3.01% in Euro terms. Outside of the developed markets, Frontier Markets outperformed with the MSCI Frontier Markets gaining +6.03%. MSCI EM lost -1.01% and MSCI BRIC lost -3.19% in Euro terms. Global aREITS underperformed the global equities benchmark with FTSE EPRA/NAREIT Developed Index declining by -3.29%. N.America outperformed during the same period while the FTSE EPRA/NAREIT N.America lost -0.35%. FTSE EPRA/NAREIT Dev Asia lost -7.68% and FTSE EPRA/NAREIT Dev Europe lost -11.89% in Euro terms. In the bond markets, ICE BofAML US Broad Market gained +4.47%, ICE BofAML Global Broad Market gained +2.02% and ICE BofAML EUR Broad Index gained +0.07% in Euro terms. Within the Euro bond market in particular, ICE BofAML EUR Corporate Index gained +0.81%, ICE BofAML Greek Govnt Index gained +0.26% while ICE BofAML EUR Direct Government Index dropped -0.19% in Euro terms. Commodities, rallied in Euro terms with the Bloomberg Commodity Index gaining +6.07%. WTI Crude Future gained +14.81% and Gold Spot $/oz gained +7.16% in Euro terms. The Dollar appreciated against the Euro gaining +7.77% during the same period, with the ECB Ref. set at 1.0389 on 31/12.

(LF) Fund of Funds - Global Medium had an average equity exposure of 40.17%, ranging between 39.1% and 41.0%. Average effective allocation in North American equities was 28.4%, 6.2% in Europe and 1.9% in Japan, while approximately 3.6% was the equity exposure in all other regions. The average exposure in bonds was 37.11%, ranging between 26.5% and 39.3% with an average effective duration of 6.4 years, while 24.1% was allocated in sovereign, and 13.0% in corporate bonds. The sub-fund had an average commodities exposure of 2.02%, During the period, the sub-fund had an average cash exposure of 20.70%.