The ERSTE STOCK TECHNO invests mainly in technology companies from the developed markets. The investment process of the fund is based on fundamental company research. We focus on companies with high quality and strong growth in our selection.

Turbulent first half year on the markets

The sentiment on the equity and bond markets was clearly down in the first half of 2022. Numerous factors are driving the current affairs at the moment. For example, inflation has increased significantly since the end of last year, which led the central banks like the Federal Reserve in the USA and the European Central Bank (ECB) to take action. In reaction to the drastic increase in inflation, the central banks tightened their monetary policy and heralded the end of low interest rates. The Ukraine war and increasing geopolitical tensions are also burdening share and bond prices.

The situation created by these three factors has increasingly led to concerns about economic growth, which is also reflected in the economic data. The development of the market environment in the second half of 2022 should therefore depend crucially on the path of inflation. Due to strong base effects, experts suggest that inflation might peak in autumn. The development of the Ukraine war from here on out will also remain an uncertainty factor for the rest of the year. Given this context, the risk of a recession is particularly high in Europe at this point in time.

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In the exclusive interview below about the first half of 2022, fund manager Bernhard Ruttenstorfer talks about his assessment of the YTD performance of the fund and his outlook for the coming months.

Interview with fund manager Bernhard Ruttenstorfer

What sort of performance did ERSTE STOCK TECHNO achieve in the first half of 2022?

The macro-economic situation (weakening economic growth, high inflation, interest rate increases) and the geopolitical risks were burdening the equity market (as well as bonds and, in parts, commodities) in the first half of 2022. In the technology sector, however, we did not see many signs of deterioration. The demand (i.e. volumes and prices) for semiconductors remained positive, with the PC business and smartphones constituting the negative exception to the rule. Investments in software have remained high in 2022, and we also envisage a stable development for 2023. 

Bernhard Ruttenstorfer

(c) Photo: Stephan Huger

„The long-term trends towards automation and digitalisation will remain intact.“

Bernhard Ruttensdorfer, fund manager ERSTE STOCK TECHNO

How is ERSTE STOCK TECHNO currently positioned? What is your focus in this fund?

We continue to rely on semiconductors (due to the medium- to long-term mega trend), security software (here, we will not be seeing any cutbacks as this is critical infrastructure), and photovoltaics technology (especially control technology and inverters). In the software segment, too, we are increasingly seeing attractive entry levels for investment.


What is the outlook for the fund in the coming months?

I think the market will settle down. The economic growth in the second half of 2022, the development of inflation, and the next steps of the central banks will be decisive for the/a recovery. The fundamental data of the technology sector are good, and the low gearing also helps. The long-term trends towards automation and digitalisation will remain intact.

Important legal note:

Past performance is not a reliable indicator of an investment’s future performance.


This document is an advertisement. All data is sourced from Erste Asset Management GmbH, unless indicated otherwise. Our languages of communication are German and English.

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