Raiffeisen-Nachhaltigkeit-Mix
At present, the fund volume of Raiffeisen-Nachhaltigkeit-Mix is almost 5.4 billion euros and is not only the largest sustainable fund of an Austrian fund company, but also the largest mutual fund in Austria. The fund is also one of the highest-volume funds in its peer group in Europe. The massive inflows in recent years have come from all client groups.
Innovative investment approach
Important for the previous sales success of Raiffeisen-Nachhaltigkeit-Mix is its pioneering role in the field of responsible investments.
Through its continuously evolving investment approach, the Raiffeisen-Nachhaltigkeit-Mix has been able to maintain and steadily strengthen this position over the years.
A central component of this innovative approach is the integration of in-depth analyses of Future Transformation Topics (Zukunfts-Themen) such as energy, mobility, technology, infrastructure, raw materials, the circular economy and health, nutrition & well-being, which are developed by Raiffeisen Capital Management's own teams. The findings from these working groups are made available to all employees of the company – in particular to the fund management teams, including the management team of Raiffeisen-Nachhatligkeit-Mix – via an in-house research platform.
The integration of these analyses into the investment process is a unique selling point that sets the fund apart from its competitors. However, investors must be aware that the fund, as a capital market investment, is subject to fluctuations and even capital losses.
Excellent fund strategy
Just a few weeks ago, the prestigious German rating agency Scope* confirmed Raiffeisen Capital Management for the third time in a row, the coveted "AAA-ESG Capability Rating". This rating is only awarded for excellent quality and expertise in the management of sustainable fund strategies.
Our Raiffeisen-Nachhaltigkeit-Mix is highly decorated: The fund bears numerous prestigious sustainability labels and has also been regularly honored internationally for its high management quality.
Balanced investment in equities and bonds
Raiffeisen-Nachhaltigkeit-Mix is a mixed fund that offers a balanced long-term diversification between the global equity (approx. 50%) and bond market (approx. 50%).
The fund is actively managed. In a multi-stage investment process, ESG analysis and financial analysis are combined.
The investments are not only limited to environmental and climate issues, but include all ESG components.These include employee motivation, the ability to implement good ideas, corporate governance, good customer relations and product safety. Issues that should be self-evident, but (still) are not. This means that companies that act particularly responsibly are considered for an investment.
The impact is calculated annually by Raiffeisen KAG. The data shown relates to the companies in the Impact assessment fund Raiffeisen-Nachhaltigkeit-Mix compared with the whole market. (Data as of 28 June 2024)
Impact measurement: In order to calculate the effect of sustainable equity investments in the fund, we used the sustainability ratios of the companies found in their sustainability reporting. CO2 emissions are generally denoted in tons of carbon dioxide equivalents (CO2e), work accidents in lost-time-
injury-rate, waste in tons and water consumption in m3. The key ratios for the individual companies were multiplied by their weight in the fund or in the overall market, and the results of each key ratio were compared. Currently, we do not calculate such ratios for the bond segment of the funds, as we think that the "sustainable footprint" is attributable to the company owners, i.e. shareholders, not to the creditors, i.e. bond holders.
Investment focus
The Raiffeisen-Nachhaltigkeit-Mix is broadly diversified and invested globally:
The regional focus of equity investments is on the USA and Europe.
At sector level, the healthcare and financial sectors in particular contributed to performance this year.
In the bond sector, the fund invests mainly in two main asset classes: government bonds (as well as securities of government-related and supranational issuers) and euro-denominated corporate bonds (corporates) - both in the area of good credit ratings.
More about the current development
Development of the global economy
The US economy in particular continues to show robust economic growth, although the manufacturing sector is also weakening there. In general, there is no shortage of risk factors that could still trigger a global recession, albeit with a time lag and despite all the efforts of the central banks. In addition to further escalating geopolitical conflicts, which have the potential to have a major negative impact on the global economy at any time, supply chains that are disrupted for a longer period of time, could also put pressure on prices and thus cause new irritations. Increased uncertainty of any kind in the wake of the presidential election in the United States should also not be neglected, at least in the short-term.
Significant reduction in key interest rates conceivable by the end of 2025
After sharp rises, inflation has now returned to lower levels and will continue to move downwards, albeit rather slowly. This will allow key interest rates to be lowered significantly by the end of 2025. Key interest rates of 2% in the eurozone and 3% in the USA are entirely conceivable. In the USA, however, much will also depend on political developments and the outcome of the election and thus on economic policy.
Influence of political events usually overrated
The fund Raiffeisen-Nachhaltigkeit-Mix fundamentally pursues a bottom-up approach. This means, the focus is on analysing individual securities. Of course, political changes can have an impact on companies, but it has been shown in the past that these influences are often overestimated in the run-up to elections. Thanks to its broad diversification, the fund also offers opportunities in an environment with many uncertainties, but capital losses cannot be ruled out.
*Scope certifies Raiffeisen Capital Management's fund management with an AAA rating for excellent quality and expertise in the management of sustainable fund strategies. The detailed Scope report on the ESG Capability Rating can be found at rcm-international.com/en.