The first half of 2019 is behind us. Many asset classes recorded significant gains. At the same time, the falling tendency of numerous economic indicators has suggested a slowdown in GDP growth. How do these two go together?

This is what you can read about in our market outlook:

  • Stagnation in the manufacturing sector
  • Erosion in the service sector
  • Growth below potential
  • Weaker employment growth
  • Downward pressure on inflation
  • Declining risks
  • Looser monetary policy
  • Outlook

Disclaimer

This document is an advertisement. All data is sourced from Erste Asset Management GmbH, unless indicated otherwise. Our languages of communication are German and English.

The prospectus for UCITS (including any amendments) is published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the InvFG 2011 in the currently amended version. Information for Investors pursuant to § 21 AIFMG is prepared for the alternative investment funds (AIF) administered by Erste Asset Management GmbH pursuant to the provisions of the AIFMG in connection with the InvFG 2011.

The fund prospectus, Information for Investors pursuant to § 21 AIFMG, and the key investor document/KID can be viewed in their latest versions at the  web site www.erste-am.com within the section mandatory publications  or obtained in their latest versions free of charge from the domicile of the management company and the domicile of the custodian bank. The exact date of the most recent publication of the fund prospectus, the languages in which the key investor document is available, and any additional locations where the documents can be obtained can be viewed on the web site www.erste-am.com. A summary of investor rights is available in German and English on the website www.erste-am.com/investor-rights as well as at the domicile of the management company.

The management company can decide to revoke the arrangements it has made for the distribution of unit certificates abroad, taking into account the regulatory requirements.

This document serves as additional information for our investors and is based on the knowledge of the staff responsible for preparing it at the time of preparation. Our analyses and conclusions are general in nature and do not take into account the individual needs of our investors in terms of earnings, taxation, and risk appetite. Past performance is not a reliable indicator of the future performance of a fund.

The public sale of shares in the specified fund in Germany was registered with the Federal Financial Supervisory Authority, Bonn, pursuant to the German Kapitalanlagegesetzbuch (KAGB). The payment and information office in Germany is HSBC Trinkaus & Burkhardt AG, Königsallee 21–23, D-40212 Düsseldorf. Orders for the return of shares in the fund(s) can be submitted to the German payment and information office, and share redemption proceeds, any dividends or other payments can be paid out to Shareholders (in cash in the local currency) by the German payment office upon request. In addition, all information required by investors before and after the conclusion of an investment agreement – i.e. the fund terms and conditions, the fund prospectus, the Information for Investors pursuant to § 21 AIFMG, and the key investor document and the annual and semi-annual reports – is available free of charge at the German payment and information office. In Germany, the issue and return prices of shares are published in electronic form on the web site www.erste-am.com (and also at www.fundinfo.com). Any other information for Shareholders is published in the Bundesanzeiger, Cologne.