Monthly report November 2021 - HYOF

HYOP did not deliver the return target for November due to market turmoil. Monthly result for November of minus -0.18 %, and in total during the first 11 months of the year plus 5.26 % means that we do not reach the target return of 7% for the full year 2021 but rather 5.5 %.

The new omikron virus has caused the stock markets to shake considerably and credit spreads to fall apart, which leads to a return on the fund's return when the portfolio is revalued. November has been the most tumultuous month in a long time in the global fixed income markets and there are also divided opinions about inflation expectations.

In general, inflation expectations have increased in both the United States and Europe. The Riksbank's repo rate path shows an unchanged policy rate for several years to come, but now an increase of about 25 points is discounted in 2022 and another 30 in 2023. Giving a forecast in the current uncertain market is difficult as we have to wait and see where the new virus is for us and which implications it has on the world market for both interest rates and equities as well as inflation.

Jan Lundquist Manager HYOP

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