Managersichten SJB Liquidität: KBC Canarenta WKN A0HM8Q März 2013

The Canadian economy continued to grow steadily in the first half of the financial year, underpinned by strong domestic demand. The strength of the Canadian dollar, however, continued to weigh on exports. As a result, the central bank held its key rate at 1%. Bond yields there fore tended to mark time. The sub-fund was nevertheless able to benefit from the positive spread between government paper and semi-government bonds and Eurobonds. Having appreciated substantially against the euro in previous financial years, the Canadian dollar depreciated slightly, which was to the disadvantage of European investors. As for the coming financial year, we expect the central bank to await further recovery in the US before raising its key rate. Both short and long rates could therefore remain low for some time yet, and we only expect a slight increase toward the end of the financial year. The positive spread between government bonds and semi-government paper/Eurobonds ought to contribute, however, to the return over the financial year as a whole.