In October, more signs emerged that indicate a weaker global economy. Even so, markets continued in a positive trend. The strong stock market performance can be partly explained by progress in the China-US trade talks, third quarter results that lived up to expectations and further monetary easing where the Fed lowered the interest rate for the third time this year.

Although several indicators suggest a global economic slowdown, stock markets held up well during September - some markets even reached All Time High including the SAX index in Stockholm as well as our fund.

August started out with falling stock markets, the OMX30 lost over 6% up until the middle of the month. The negative sentiment could be partly explained by escalating trade tensions between China and the US, an increasing risk of a hard Brexit and a general economic turmoil where the German economy is in the centre of attention.