Portfolio reports for January

Beyond general information of the Funds, the portfolio reports offer a strategic overview on the latest performance.

Equity and bond market outlook

In the fourth quarter, the majority of the share markets continued on their upward trend. TheMSCI World Index strengthened by 9% in dollar terms (11.7% in forint terms), with this goodresult primarily down to the low valuation levels, the high degree of liquidity, and a resurgence ofM&A activity. Although fears of a slowing in Chinese growth triggered a negative marketcorrection in November, this decline proved to be short-lived.

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