Postbank

The Fund aims to provide a medium/long-term capital growth by providing an aggressive, 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.

For the quarter ending 31/3/2025, (LF) Fund of Funds - Global High (Eurobank class) returned -4.34%. During the period, major asset classes were mixed. Commodities outperformed returning +3.49% followed by Cash +0.702%, Bonds (EUR Brd Mkt) -0.75%, REITS -3.35% and Global Equities -5.56%, all in Euro terms. Over the same period, among the major equity market indices MSCI Europe gained +5.32%, MSCI Japan lost -4.56%, MSCI AC World returned -5.56% and MSCI US -8.57% in Euro terms. Outside of the developed markets, BRICs outperformed with the MSCI BRIC gaining +3.50%. MSCI Frontier Markets gained +3.14% and MSCI EM lost -1.62% in Euro terms. Global REITS outperformed the global equities benchmark with FTSE EPRA/NAREIT Developed Index declining by -3.35%. Dev Asia outperformed during the same period with the FTSE EPRA/NAREIT Dev Asia lost -1.35%. FTSE EPRA/NAREIT Dev Europe lost -1.89% and FTSE EPRA/NAREIT N.America lost -4.11% in Euro terms. In the bond markets, ICE BofAML EUR Broad Index lost -0.75%, ICE BofAML Global Broad Market lost -1.13% and ICE BofAML US Broad Market lost -1.26% in Euro terms. Within the Euro bond market in particular, ICE BofAML EUR Corporate Index gained +0.15%, ICE BofAML Greek Govnt Index lost -1.07% while ICE BofAML EUR Direct Government Index dropped -1.17% in Euro terms. Commodities, rallied with the Bloomberg Commodity Index gaining +3.49%. WTI Crude Future lost -2.60% and Gold Spot $/oz gained +14.12% in Euro terms. The Dollar depreciated against the Euro dropping by -3.94% during the same period, with the ECB Ref. set at 1.0815 on 31/3.

For the quarter, (LF) Fund of Funds - Global High had an average equity exposure of 73.70%, with a maximum exposure of 75.1% in March and a minimum of 71.2% in March. By quarter-end, the equity exposure was at 73.7%. Average effective allocation in North American equities was 52.5%, 11.6% in Europe and 3.5% in Japan, while approximately 6.1% was the equity exposure in all other regions. The average exposure in bonds was 8.29%, ranging between 8.1% and 8.5% with an average effective duration of 6.2 years, while 6.3% was allocated in sovereign, and 2.0% in corporate bonds. The sub-fund had an average commodities exposure of 4.62%, During the period, the sub-fund had an average cash exposure of 13.40%.