George Washington on the Eindollarnote : The downward trend of U.S. currency is interrupted according to experts only .
FRANKFURT. The euro- zone crisis has its advantages for investors: Rising foreign currencies spur the return. If investors have placed in the euro area , for example, on investments in dollars or yen, they strike a rich currency gains.
This is reflected in the fund balance for the first half. Leaders are equipment for gold stocks , dollar -denominated bonds, foreign currency bonds and emerging markets. These funds brought in the domestic investors in the first six months of double-digit returns. "The euro’s weakness was the very big issue, " Christian Michel , Head of Research verdict from the fund research firm Feri Rating € .
The overview is based on an evaluation of Feri € rating for mutual funds registered in Germany . In the hit list 36 areas of investment , with nearly 5000 products are selected. The order is determined by the average change in value of all funds for each priority . In addition, the table shows the average changes over a five year period, and the most profitable fund for the first half .
With the current account can not escape the impression that currency movements are superimposed on the trends in local investment markets. "Monetary developments have more influence , "said Richard Zellmann , CEO of First Private Investment Management. He knows the reason for the growing episodes of exchange rate fluctuations : "The disparities between the economies . " Plays an important role in the debt debate .
A euro weakness , as in the past few months makes foreign assets more attractive , because of the rising euro equivalent of foreign currency. Thus, the euro fell in the head by almost 20 percent against the dollar and by around 15 percent compared to the yen. The leader in the hit list is a good example for the currency gains of € investor. Fund shares shine gold mine with an average 26.6 percent return. "More than half of the value of profits is due to the rising dollar , "said Michel.
The representatives of the best funds to see their facilities , however, even without currency turmoil in good fairway . Thus, Johanna Keller of Lombard Odier Investment Managers € – fund investors with their gold mine , an increase of nearly 32 percent brought . " The gold price should continue to rise. For investors, the metal is a protection against inflation, currency decline, a safe haven in uncertain times , and a good scattering from the decoupling of the trends in equity and bond markets, " says the manager in Geneva.
Bradley George , co-managing funds of gold mine Investec, Sets the price target at $ 1,400 per ounce. In his view, mining stocks can still import a greater return than buying the metal. "Maybe twice as high yield , "the man appreciates in London.
Most severe beating , but by the strong foreign currencies on the world’s largest investment segment: the bond market. Portfolios for dollar – track , international securities and emissions from emerging markets have double-digit returns – in just six months. Looking ahead , the experts are divided. " I ‘m skeptical about running for the € and I see him in the coming months towards $ 1.10 , "says Heiko Müller, Germany , Head of Alpari , a provider of foreign exchange trading. That would also boost foreign investment further.
Zellmann of First Private sees it differently. "We make a policy in the euro zone per euro. This will be recognized the long term. The debt excesses in the U.S. to be punished , "he predicted. He said: " The dollar decline is due to the euro -zone crisis interrupted only . In this scenario, Bonds could consolidate after their recovery and shares would be well supported. "
As for stocks, they have benefited in the first half of strong foreign currencies. At least portfolio for Japan , Asia and North America are in the forefront. "The fundamentals in Asia remain good, and the currencies are undervalued here , "says Nicholas Yeo, head of the Chinese equity team at Aberdeen Asset Management in Hong Kong.
Beyond the monetary market participants speculate about the economic outlook . In the event of a slowdown could fall shares and bonds grow despite the recent gains even further. " At sight of one to three months, the markets remain under pressure because of the discussion about a growth slowdown. I look forward to new year low levels , "said Markus Zipperer , chief investment strategist at Credit Suisse Asset Management Germany . But he believes : " Then it can go up again . "