Don’t earn stocks? That is the past

Shares at the arrest did not sweat investors, it could be possible that they brought confusion and taxation to their ranks. The apparent illogicity of the market can easily be explained. The stock was successful in Central Europe and investors could also benefit from the good performance of the bond and the money market fund.

Although in the first weeks of the past month it seems that the stock markets do not have the same logic and prices are developing completely against the real ones, the reality is somewhat different. Nowhere is it written that the stock markets must enter the new year positively and that the January growth effect is guaranteed. In addition to corporate results, macroeconomic data and oil, stock prices are heavily influenced by the movement of large institutional institutional pensions, and they did not break in investment as of January.

First, on the contrary – according to the NYSE from the end of January stock market in the first weeks of January 4-fold lower pension than in the comparable period of last year. Dalm explained me bt i cyclinicity market.

So the shares in the USA did not start msc in January at all. In the first week, moreover, the markets did not sweat the information that growth years rates will be faster due to the development of the US economy, not originally expected.

In the following weeks, the list of full-blowing results began. However, the results were highly controversial, and this only fueled the negative (or rather marketable) sentiment in the market. Investors reacted more sensitively to the first of all, for which the technology sector paid as much as possible. However, it weakened all markets and turnover, and in the last week, when investors had to respond to the improving results of companies, but also the falling price of oil.

ABROAD SHARES FUNDS
Nzev fondSprvceMnaZmna VJ / PL for 1 msc (v%)Zmna VJ / PL for 12 msc(v%)
Best performance for msc
T EASTRERN EUROPE AACFRANKLIN TEMPLETON INVEST FUNDSEUR13,5250,97
EMIF TURKEYEMIUSD12,0854,87
AAF-RUSSIA EQUITY FUNDABN AMRO IFEUR11,16n/a
Worst performance for msc
CS EF GLOBAL INTERNETCREDIT SUISSE ASSET MENEGEMENTUSD-10,798,76
F TECHNOLOGY ACCFRANKLIN TEMPLETON INVEST FUNDSUSD-7,192,40
TWENTY FUNDJANUS INTERNATIONAL LIMITEDEUR-5,507,17
Best and worst performance in a year
EMIF TURKEYEMIUSD12,0854,87
STOCK AMERICA V KCERSTE-SPARINVESTEUR1,37-16,90
Average performance of foreign equity funds1,329,56

Source: AKAT

European stocks performed significantly better than in the US. This is where the first technological title was given, and so were pharmaceutical and oil companies. Among European titles, Central and Entrance-European titles have again emerged action. Their dominance was also reflected in performance podlovch fond oriented to this market segment. This is evidenced by the T Eastern Europe fund from Franklin Templeton. The EMIF Turkey fund also shows strong performance from the last month. On the other hand, at the far end of the imaginary fund, due to the development, there were funds buying technology shares – CS EF Global Technology from Credit Suisse or F Technology from Franklin Templeton.

Bond markets tilted during the month, mainly due to the unfavorable at first stagnant stock market. This situation was reflected in all markets, which had such a positive effect on the performance of mutual funds investing in bond. Overall, the fund’s performance has improved significantly compared to the previous month.

FOREIGN BONDS FUNDS
Nzev fondSprvceMnaZmna VJ / PL for 1 msc (v%)Zmna VJ / PL for 12 msc(v%)
Best performance for msc
BOND DOLLAR CORPOR.ERSTE-SPARINVESTEUR5,09-5,41
BOND DOLLARERSTE-SPARINVESTEUR4,96-8,01
T EMERGING MARKETS BONDFRANKLIN TEMPLETON INVEST FUNDSEUR4,813,10
Worst performance for msc
EURO SHORT TERMPIONEER ASSET MANAGEMENT S.AUSD-3,724,78
EURO CORPORATE BONDPIONEER ASSET MANAGEMENT S.A.USD-3,1110,81
EURO BONDPIONEER ASSET MANAGEMENT S.AUSD-2,9010,86
Best and worst performance in a year
KBC BONDS CENTRAL EUROPEKBC BONDS ADVICEEUR0,9824,39
BOND DOLLARERSTE-SPARINVESTEUR4,96-8,01
Average performance of foreign bond funds0,875,49

Source: AKAT

The best performers were Erste Sparinvest, Bond Dollar Corporate, which invests in corporate bonds with the best and medium creditworthiness denominated in USD. The fund is denominated in euros and its inappropriate fact may be that it is not hedged against mnovmu risk. A similar risk pin and sort of order, ESPA Bond Dollar, investing in US Treasury bills and Eurobonds denominated in US dollars. As its portfolio can also include shopping malls and bonds denominated in AUD and CAD, the risk of exchange rate differences is high.

FOREIGN MONEY MARKET FUNDS
Nzev fondSprvceMnaZmna VJ / PL for 1 msc (v%)Zmna VJ / PL for 12 msc(v%)
Best performance for msc
CASH DOLLAR EURERSTE-SPARINVESTEUR4,45n/a
HGIF-EURO RESERVECONSEQ INVESTMENT MANAGEMENTEUR1,121,36
CZECH CORPORATEERSTE-SPARINVESTCZK0,58-0,34
Worst performance for msc
UNI-GLOBAL “MAX 3 YEARS”UNIGESTONUSD-0,03-0,13
US DOLLAR RESERVE FUNDMFS INTERNATIONALUSD0,000,00
T US$ LIQUID RESERVEFRANKLIN TEMPLETON INVEST FUNDSUSD0,000,00
Best and worst performance in a year
KBC MULTI CASH EURO MEDIUMKBC AMEUR0,324,24
CZECH HYPOTECNIERSTE-SPARINVESTCZK0,16-1,83
Average performance of foreign money market funds0,331,14

Source: AKAT

ESPA Cash Dollar clearly led the money market mutual funds in January, investing in money market instruments in the USA, bonds with a short average maturity and floating rate bonds, which the fund wants to increase in performance. Due to the relatively high share of bonds in the fund’s portfolio and the rising dollar exchange rate in January, its performance was significantly higher than other funds in the group. Due to the remaining basic years of rates in the US, we can expect the fund’s results to improve in the coming months as well. In the dollar, a fund denominated in USD should help growth, thus strengthening the dollar, but its growth will probably end in the next month.

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