monthly comment January

Monthly comment January

Feb 1, 2023

The capital markets surprised with a veritable flight of fancy in January, dismissing any lingering skepticism. The European markets in particular rose more strongly than the US market. The EuroStoxx 50 gained almost 10 percent, while the S&P500 index returned 6.3 percent. The Nasdaq even recorded its best start to the year since 1975. The reasons for this are manifold. Falling inflation figures and lower fears of recession provided a mixture of relief and hope. Relief that things didn’t get any worse. Hope that things will get better again in the second half of the year. The so-called short interest really collapsed, and all hedges and short positions were massively reduced. The covering of these positions gave the markets a corresponding boost.

In Germany, the economic risks have been largely overcome. Energy supply remains a factor of uncertainty. Internationally, the focus is once again on central banks and their decelerated interest rate policy. In China, too, the economy is regaining momentum. After the zero-covid policy, a recovery was obvious.

Equity market volatilities, as measured by the VIX and VSTOXX indices, fell in January from 21.67% and 20.89% to 19.40% and 18.57%, respectively.

The Premium Income fund benefited from the strong start to the new year and the fall in volatilities. All components delivered a profit. Bonds also recovered some of their losses from last year. The fund gained +1.4%.

Tarek Saffaf

Fund Advisor

fund structures by asset classes
Bonds 82.69%
Fixed Term- & Time Deposits / Loans 9.06%
Cash 8.45%
Equity Options 0.56%
Cross Currency Futures 0.31%
Options 0.05%
Other Claims / Liabilities -0.48%
Equity-Index Options -0.64%

As at: January 2023
Source: Universal-Investment-Gesellschaft mbH

Currency structure incl. derivates


As at: Januar 2023
Source: Universal-Investment-Gesellschaft mbH


Fixed Income by country

As at: January 2023
Source: Universal-Investment-Gesellschaft mbH

Ratios based on Fund Assets


Coupon 1.35%
Yield 2.91%
Duration Weighted Yield 2.68
Earnings Yield 1.52%
Maturity date (due date) 0.83
Macaulay Duration (due date) 0.81
Modified Duration 0.79%
Effective Duration 0.79%
Fixed Income Rating AA+

As at: January 2023
Source: Universal-Investment-Gesellschaft mbH


This document is intended exclusively for clients in the client group “Professional Clients” pursuant to section 67 (2) WpHG and / or “Eligible Counterparties” pursuant to section 67 (4) WpHG and is not intended for private clients. It is not intended for distribution to private customers. It serves information purposes only and does not constitute an investment strategy recommendation within the meaning of Article 3 (1) No. 34 of Regulation (EU) No. 596/2014 or an investment recommendation within the meaning of Article 3 (1) No. 35 of Regulation (EU) No. 596/2014 or an investment recommendation or invitation to buy or sell financial instruments within the meaning of Section 2 (8) No. 10 WpHG. Historical performance does not allow conclusions to be drawn about similar developments in the future. These cannot be predicted. The sole basis for the acquisition of units is the sales documentation for the investment fund. All data provided are subject to review by the auditors at the respective reporting dates. The statements are based on our assessment of the current legal and tax situation. Renell Wertpapierhandelsbank AG does not assume any liability for the accuracy of the information provided herein. Subject to change without notice.
Past performance is not a reliable indicator of future performance.