Klaudius Sobczyk

Germany: Fund industry grows by 6 per cent ▪️ Equity funds with record assets ▪️ Bond funds with highest sales since 2012 ▪️ Balanced funds and property funds with outflows ▪️ Decline in new business for Spezialfonds The fund industry manages a record EUR 4,413 billion in assets for investors in Germany as at the end of September. This is an increase of over 6 per cent since the beginning of the year (EUR 4,149 billion). At EUR 2,183 billion, the majority is accounted for by open-ended Spezialfonds for institutional investors. These are primarily retirement pension schemes (EUR 768 billion) and insurers (EUR 536 billion). The fund companies manage EUR 1,524 billion in open-ended retail funds, EUR 645 billion in mandates and EUR 61 billion in closed-ended funds. In the first nine months of the year, the industry received net new money totalling EUR 21.3 billion. Open-ended retail funds accounted for EUR 20.6 billion of this, compared to EUR 14.0 billion in the same period last year. For further information, please see the press release: https://lnkd.in/eUKaYcPm Peggy Steffen Christiane Lang Frank Bock Volker Weber Magdalena Kuper Kai Schulze Yvonne Schulz Sebastian Oys Christian Anger Moritz Bartsch Rudolf Siebel Felix Ertl Daniel Mettlach Marius Seibert Jenny Seydel Marc Bubeck Sebastian Krämer- Bach Klaus Papenbrock Dr. Sinan York Temelli Cvetelina Todorova Jasmine Carolin Schimke

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Private markets for Private investors - We think a #diversified exposure to #public and #private assets has its benefits provided liquidity aspects are clarified and understood. We want first ensure the right risk/beta exposure. Astute manager selection may potentially add alpha as the #icingonthecake. #privatemarkets #beta #alpha (when investing, your capital may be at risk) Ring the 🔔 next to my profile picture for occasional snippets on financial markets. Deutsche Bank Deutsche Bank Private Bank

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German fund industry is progressing.

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The attached note reviews the key developments of 2024 and what it meant for investment returns and has a look at the outlook for 2025. The key points are as follows: The main themes for 2024 were: better than feared growth; global divergence; more disinflation; falling interest rates but with Australia lagging; and more geopolitical threats but not as bad as feared. As in 2023, returns were strong. 2025 is likely to see positive returns, but after the surprising calm of 2024, it’s likely to be far more volatile (expect a 15% or so correction along the way) and more constrained. Expect the RBA cash rate to fall to 3.6%, the ASX 200 to rise to 8800 and balanced super funds to return around 6%. Australian home prices will likely see further softness ahead of rate cuts providing a boost in the second half of 2025. Key things to keep an eye on are: interest rates; recession risk; a potential trade war; and the Australian consumer.

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On the topic of ‘US exceptionalism’ and European investors’ portfolio home biases: I wanted to flag the great work of my colleagues Dr. Stephanie Lang, Marina Evtimova, CAIA and Chiara Valzano. One of the key findings from their latest analysis of over 250 of the largest multi-asset, moderate-risk portfolios in Europe is that: compared to a broad global equity exposure, the average portfolio is generally under-exposed to the digital disruption and AI ‘mega-force’ - as a result of under-allocation to the US, where some of the biggest tech and AI-related firms are listed. AI is one of the five long-term structural trends (‘mega forces') that we think are poised to drive future returns - together with demographic divergence, a fragmenting world, the future of finance, and the low-carbon transition. Targeting companies in sectors and regions that stand to benefit from these ‘mega forces’ can shape portfolio outcomes – so is it time to re-think portfolio construction practices anchored to a regional approach, as well as long-established home biases?

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Private debt investors took defensive approach in 2024 13.12.2024 - Investoren Plattform News: Private Debt A challenging fundraising environment saw private debt investors adopt a more defensive approach in 2024, according to new Preqin research. Although private debt fundraising saw a substantial recovery after a slow first quarter in 2024, analysts found that it was not enough to make up the ground lost during the first three months of the […] und mehr als 10.100 weitere Artikel finden Sie unter: https://lnkd.in/eYzxGH5k

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How do you invest: actively or passively? 💼📈 Here are some reasons to take a closer look.... Recent data from VZ VermögensZentrum has shown that active funds make up 68% of portfolios in a mandated solution up to 250,000 CHF (vs. 19% of passive investments). Interestingly, the volume of active funds decreases with the size of the portfolio. For example, a portfolio of 750,000 CHF only has 37% active funds. Active funds are usually more costly than passive instruments while they might not necessarily bring more performance (see Morningstar graph below). This high share of active funds in smaller portfolios puts smaller investors at a disadvantage! 📉 💡 Massive Savings Potential 💡 According to VZ calculations, there is a potential savings of around 1,600 CHF per year (over 8,000 CHF in 5 years!) for an example portfolio of 375,000 CHF. Imagine what you could do with that money! 💰✨ What can you do? 🤔💡 Get proactive and check what is inside your portfolio, especially if you have a mandated solution. 🔍📊 If appropriate, consider swapping active funds for passive ones, particularly if you are a smaller investor. 💼💱 With the variety of passive funds available, it's likely you won’t need to change your strategy, and the savings you can realize will add nicely to your performance or your life! 💵🚀 Curious to hear your thoughts: Do these findings surprise you? How are you investing? #ActiveInvesting #PassiveInvesting #SmartInvesting #InvestmentTips #FinancialFreedom #InvestWisely #Savings #Finance #WealthManagement Data: VZ Studie - Anlegerverhalten in der Schweiz 2024

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The Democratisation Of Private Equity: A New Horizon For Retail Investors In a recent conversation with Margareta (Molly) McConnell of DACH at Moonfare, the future of retail investing in private equity was discussed . At the Zero One Hundred Conferences (PE & VC Platform) in Vienna, McConnell shared insights into the evolving landscape of private equity, emphasizing its broader implications for individual investors and the market at large. McConnell outlined a vision where the democratisation of private equity emerges as a long-term trend, fueled by various factors including investor appetite, regulatory advancements, and digital innovations. Despite hurdles like high entry thresholds and liquidity constraints, regulatory catalysts like the European Union 's ELTIF 2.0 legislation promise to reshape the landscape, potentially channeling billions into new investments. Moreover, as investors increasingly prioritize portfolio diversification and navigate the public vs. private market conundrum, opportunities in private markets continue to grow. McConnell's observations underscore a paradigm shift towards inclusivity, diversification, and the strategic integration of technology, offering retail investors unprecedented opportunities in this new investment frontier. Thank you Josipa Majic Predin for this article in Forbes https://lnkd.in/efWRDjAi #vc #finance #equity #privateequity #tech #bankingandfinance #investments #companies #investors

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Deutsche Bundesbank - Forecast for Germany: significantly gloomier growth outlook Key highlights: The Bundesbank projects a slight decline of 0.2 % in real gross domestic product (GDP) in 2024. In the next few years, the economy could then grow by 0.2 % (2025), by 0.8 % (2026) and by 0.9 % (2027). The economists are therefore revising their growth outlook sharply downwards compared with the June Forecast for Germany. China, in particular, has gained considerable ground in the automotive and chemical industries and mechanical engineering – sectors which are particularly integral to German industry – as well as distinct market shares, the economists write. The economists expect the inflation rate to initially remain elevated in 2025 at 2.4 %, mainly because services inflation will fall only slowly.  All in all, as things now stand, risks to economic growth are predominantly tilted to the downside and risks to inflation to the upside, the economists conclude. https://lnkd.in/eHugHUVG

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Back testing last year's liquidity forecasts revealed robust results, highlighting the importance of solid institutional frameworks and scenario planning. Watch Benedikt Hoefelmayr's full interview at BAI (Bundesverband Alternative Investments e.V.) on Private Equity Liquidity Management in times of ELTIF2: https://lnkd.in/d74vbXnG #PrivateEquity #ELTIF2 #LiquidityManagement

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IPOX 2025 Outlook Building on 3 consecutive years of capital raise improvements, stabilizing interest rates & exceptional earnings from newly public companies, Josef Schuster believes that 2025 could see an #IPO revival. HT Dr. Lukas Muehlbauer https://lnkd.in/edP9eT5P

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"The relationship between government bond yields and swap rates – otherwise known as the swap spread – has been increasingly in focus, with the market’s attention turning to Europe last week as the 10-year German Bund yield traded higher than the 10-year euro swap rate for the first time ever." In his latest blog, Jakub Lichwa discusses what exactly does this tightening in swap spreads tell us? And why as fixed income investors we should care about them? Read here: https://okt.to/eHk4NV #fixedincome #governmentbonds #spreads

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🌟 Meet the "Fantastic Five" of Germany! While the "Magnificent Seven" dominated the US stock markets, their German equivalents have been quietly making a name for themselves. Daniel Sailer and Boris Anbinder, CESGA have examined the top performers of the MSCI Germany Index and uncovered impressive results. 📊 🌱 Sustainability takes center stage: With stringent ESG criteria and a focus on the Implied Temperature Rise, these companies demonstrate that sustainability can go hand in hand with financial performance. Over the past decade, they have outperformed the MSCI Germany Index by more than 85%. 🚀 📈 This confirms that companies with strong sustainability profiles and low warming potential are attractive not only to the environment but also to investors. In a time of global change, the "Fantastic Five" prove that investing in the future viability of companies pays off. 📽 Learn more about the "Fantastic Five" by watching the video! https://lnkd.in/eiX_P_wr #Sustainability #Investing #ESG #StockMarket

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Below research suggests that #ETFs investments volume (€) in saving plans has multiplied by ~10 in the last 5 years at €200Bln and could be again 3 times higher at €650Bln in the next 5 years, in particular outside of Germany where these plans are already very popular today. All of the 20 most popular funds in an ETFs savings plan in Europe are available on SPECTRUM MARKETS. Spectrum MTF liquidity on 1,800 ETFs is better than on major EU Exchanges: - No fees for distributors - Continuous pricing available 8am to 10pm CET - some other products being available 24/5 - Average Size at touch €50K - Liquidity for 65% of the 1,800 ETFs between €50K - €100K, and up to €500K - Spread 0.01% for the most liquid ETFs, average spread 0.16%, median 0.10%.

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Will read it! I guess our collected experience shows that all -isms have grave faults. Reality need more comprehensive and complex solutions (today we can happily embrace complexity!). (E.g. in some areas free markets are great, in other markets unsurprisingly need hard regulation and oversight.)

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I am extremely happy and proud that after months of work with a great team we now expand our product portfolio with the launch of three new funds on the major investment themes of 'Digital Economy,' 'Circular Economy,' and 'Healthy Longevity'. Thematic investments with a focus on sustainability have a tradition in asset management at Zürcher Kantonalbank. For almost 20 years, the existing thematic funds have focused on growth opportunities in the two investment themes 'Water' and 'Climate.' Swisscanto Asset Management International Zürcher Kantonalbank #sustainablefinance #digitaleconomy #circulareconomy #healthylongevity #water #climate

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