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30 January 2025
Erste-AM News
Yield-Radar January 2025
Please note that investments in securities entail risks in addition to the opportunities presented here. Please note the risk notes at the end of this page.
1) Important note: The fund key figure "yield" corresponds to the average yield figures of the bonds held in the fund. This ratio has nothing to do with the value development (or performance, sometimes also called "yield development"). Please refer to the fund web fact sheets below for the performance of each fund.
Please also take into account that the fund key figure "return" is calculated before taking into account costs from hedging foreign currency risks. Other factors such as taxes or possible expenses are not included in this key figure.
The key figure "yield" is also not a good indicator or estimator of the future performance of a fund or bond.
For more information on the calculation of the "yield" indicator, please refer to our Fund Glossary.
2) SRI Indicator: The risk classification of investment funds is based on the SRI indicator on a scale from 1 to 7, where 7 represents the highest risk level. The calculation is based on European regulatory requirements and is an integral part of the Key Information Document (KID).
Source: Erste Asset Management; Data as of 31/01/2025
Comments on the development of the bond markets
In the USA, the economy is booming, and inflation is above the central bank's target. Additionally, the policies of the new US administration, such as tax cuts and tariff increases, could have inflationary effects. In this environment, expectations for further interest rate cuts in the USA have significantly decreased.
The situation is different in Europe. The Eurozone is still struggling to overcome stagnation. For the years 2025 and 2026, the OECD expects economic growth of only 0.8%. The European Central Bank (ECB) recently cut interest rates by 0.25 percentage points on January 30, 2025, bringing the key interest rate to 2.75%. Due to the sluggish economy in the Eurozone, analysts expect the ECB to continue lowering rates in small steps of 0.25 percentage points each.
Please note: The development of the indices in the chart was only used for comparison. These indices have no influence on the discretionary scope of the funds' assets. The development of historic yields is not a reliable indicator for future developments of a specific asset category or asset class. The charts above do not include any fees or costs.
Development of bond yields
US- and EUR-Government-Bonds and EUR-Corporate-Bonds Investment-Grade (01/2015-01/2025)
Indices used: ICE BofA US Treasury Index, ICE BofA Euro Government Index, ICE BoFA Euro Corporate Index
Please note: The development of the indices in the chart was only used for comparison. These indices have no influence on the discretionary scope of the funds' assets. The development of historic yields is not a reliable indicator for future developments of a specific asset category or asset class. The charts above do not include any fees or costs.
Development of bond yields
European High-Yield-Bonds compared with global High-Yield-Bonds and Emerging-Markets-Corporate-Bonds (01/2015-01/2025)
Indices used: ICE BofA Global High Yield European Issuers, ICE BofA Global High Yield Index, SPRD ICE BOFA EMM
For a glossary of technical terms, please visit this link: Fund Glossary | Erste Asset Management
Legal note:
Prognoses are not a reliable indicator of future performance.
The performance of ERSTE RESERVE EURO PLUS can be found here on the factsheet.
Die Wertentwicklung des ERSTE RESERVE DOLLAR finden Sie hier am Factsheet.
The performance of ERSTE BOND COMBIRENT can be found here on the factsheet.
The performance of ERSTE RESPONSIBLE BOND can be found here on the factsheet.
The performance of ERSTE RESPONSIBLE BOND EURO CORPORATE can be found here on the factsheet.
The performance of ERSTE BOND EURO CORPORATE can be found here on the factsheet.
The performance of ERSTE MORTGAGE can be found here on the factsheet.
The performance of ERSTE BOND CORPORATE PLUS can be found here on the factsheet.
The performance of ERSTE BOND USA CORPORATE can be found here on the factsheet.
The performance of ERSTE BOND DANUBIA can be found here on the factsheet.
The performance of ERSTE BOND CORPORATE BB can be found here on the factsheet.
The performance of ERSTE BOND EUROPE HIGH YIELD can be found here on the factsheet.
The performance of ERSTE BOND EUROPE HIGH YIELD can be found here on the factsheet.
The performance of ERSTE BOND EM GOVERNMENT can be found here on the factsheet.
The performance of ERSTE BOND EM CORPORATE can be found here on the factsheet.
The performance of ERSTE BOND EM GOVERNMENT LOCAL can be found here on the factsheet.
The performance of ERSTE BOND USA HIGH YIELD can be found here on the factsheet.
The performance of ERSTE RESPONSIBLE BOND GLOBAL HIGH YIELD can be found here on the factsheet.
Disclaimer
This document is an advertisement. Please refer to the prospectus of the UCITS or to the Information for Investors pursuant to Art 21 AIFMG of the alternative investment fund and the Key Information Document before making any final investment decisions. Unless indicated otherwise, source: Erste Asset Management GmbH. Our languages of communication are German and English.
The prospectus for UCITS (including any amendments) is published in accordance with the provisions of the InvFG 2011 in the currently amended version. Information for Investors pursuant to Art 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 Art 21 AIFMG, and the Key Information Document can be viewed in their latest versions at the website 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 Information Document is available, and any additional locations where the documents can be obtained can be viewed on the website 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.
Detailed information on the risks potentially associated with the investment can be found in the fund prospectus or Information for investors pursuant to Art 21 AIFMG of the respective fund. If the fund currency is a currency other than the investor's home currency, changes in the corresponding exchange rate may have a positive or negative impact on the value of his investment and the amount of the costs incurred in the fund - converted into his home currency.
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.