Economic data from the U.S and the Eurozone was mixed in the month. Market jitters over FED monetary policy tested support ahead of the Jackson Hole Symposium late in the month. By giving assurances that a tapering of monthly asset purchases before year end would not constitute a tightening of monetary policy, FED Chair Powell gave relief to the markets. However, the continued spread of the Delta variant, raised concerns over the economic recovery. Most market sectors performed solidly. The price of Brent oil fell slightly from $ 76.33 per barrel to $ 73.41 per barrel at month end. Within the fund oil and gas as well as renewable energy stocks were up. Within the transportation sector shipping stocks performed strongly compensating for the losses during the previous month. The spread of the Delta variant has put a brake on travel demand thereby leaving aviation stocks unchanged. The overall fund performance was positive, Index futures hedging positions have contributed negatively.
For more information you can find our latest Fact Sheet – August 2021.
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