Die Anleiheinvestoren mussten im laufenden Jahr einiges einstecken. Wenn wir die wichtigsten Indizes betrachten, sieht die Bilanz seit Jahresbeginn bis heute wie folgt aus: Europäische Staatsanleihen sind um 14,64 % zurückgegangen, europäische IG-Unternehmensanleihen sind um 13,23 % gefallen. Europäische Hochzinsanleihen haben sich gut gehalten und um 11,85 % korrigiert. Das European Aggregate-Universum hat 16,18 % verloren. Der in Euro denominierte Global Aggregate Index profitierte von einer starken USD-Allokation von etwa 44 %, die den Rückgang auf 9,13 % begrenzte. Der globale EM-Staatsanleiheindex hat am besten widerstanden und ist nur um 6,75 % zurückgegangen.
Eine USD-Währungsposition hätte neben dem Beta von
Eine USD-Währungsposition hätte neben dem Beta von
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