Key messages:

  • Global economic recovery faster than after the Lehman crisis (2008-2009) according to the Kiel Institute for World Economy
  • Reporting season as expected with Chinese real estate companies delivering neutral results and telecom and meat producers reporting good figures
  • Positive outlook for the metal industry: market prices indicate significantly better figures for the third quarter
  • CNS looking to go public with part of its iron ore mining operations in order to reduce debt
  • Performance above benchmark due to the positioning with regard to the fund’s interest rate sensitivity and selected converted bond holdings