At the start of 2023, the European stock markets processed both the reduced economic pessimism and the slight easing on the energy markets with a pronounced upward rally. On the European bond markets, there were also price gains in the medium and long-term segments. The slightly better inflation expectations and data as well as the speculation on a somewhat less restrictive monetary policy course by the central banks have been incorporated here. Against this background, the “Conservative Strategy 2023” – an equally weighted share basket of Euro Stoxx 50 stocks – this time consisting of AXA, Deutsche Telekom, Enel, ING Groep, Mercedes-Benz and Vinci – was presented.
This basket of shares currently has an average (gross) annual dividend yield of approximately 5.5 percent. The basket of shares started with a plus of 1.6 percent (the starting point was the closing prices on January 23, 2022) and shows moderate relative strength compared to the Euro Stoxx 50 Net Return Index, the representative of a “buy and hold” strategy, on. Since then, this index has gained 1.2 percent. The IBOXX Germany (“IBOXX Euro Germany Sovereign Overall Total Return Index”), a bond performance index that is representative of the yield curve of German government bonds, has had to accept a price loss of minus 0.6 percent since the starting point.