It was a choppy month of September for the major stock market indices. Debt concerns of China’s real estate developer Evergrande weighed on riskier assets. As inflation pressure continued to persist in the US, the FED had to deliver a more hawkish outlook on monetary policy. The 10-yr US treasury yield rose by 20bps to 1.48%. The S&P500 lost 4.65% and the STOXX600 3.25%. On the other hand, oil demand was strong, leading to significant inventory draw-downs in the US. The price of Brent-Oil increased from $ 73.41 to $ 78.52 per barrel at month end. Natural gas prices (HH) have rallied from $ 4.4 per MMBTu to $ 5.867 per MMBTu. Within the transportation segment freight services has shown weakness whereas oil and gas transportation has shown strength. The aviation segment has shown moderate gains. Within the fund the oil and gas energy and transportation stocks were mostly profitable. The overall fund performance was positive, Index futures hedging positions have contributed positively.
For more information you can find our latest Fact Sheet – September 2021.
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