Postbank

The Sub - Fund invests mainly in bonds and money market & derivative instruments implementing modern and high-equipped techniques in portfolio management. The fund benchmarks against the weighted average of the basic European Central Bank rate plus 250 basis points, while keeping its volatility at low level, close to 5% on an annual basis.

Overall, the fund performed strongly, benefiting from multiple sources of alpha. A key contributor was the exceptional performance of the Greek stock market, which ranked among the top-performing equity markets globally. Additionally, the fund’s short position in the S&P 500 Index added value, as the index drifted lower amid growing investor concerns over the direction of U.S. economic policy under the Trump administration. While the fund was modestly impacted by the sharp decline in European bond prices in March, its exposure was largely in the short end of the curve, which helped limit losses. Moreover, the European equity sleeve more than offset this weakness, rallying on the back of Germany’s announcement of a large-scale fiscal package aimed at boosting growth through military and infrastructure spending.

The fund also benefited from well-positioned holdings in select global equities—including Vinci, Molson Coors, Abbott Laboratories, and LVMH—as well as exposure to commodities and U.S. Treasury Inflation-Protected Securities (TIPS), all of which contributed positively to performance.