After a difficult year of 2022 on the markets, many asset classes saw rebounding performances in 2023. While the central banks' turnaround on interest rates ensured a “return to normality” on the bond market, the focus on the equity market was primarily on technology companies. In the Funds exclusive series, the fund managers of selected funds look back on developments of the previous year and give their assessment of what the markets could expect in 2024. (Note: Prognoses are not a reliable indicator of future performance.)

"The main drivers have been declines in inflation rates in Europe and the USA and consequently the hope of a foreseeable end to the current cycle of interest rate hikes." 

Bernhard Selinger, fund manager ERSTE FAIR INVEST

Fund & Performance

The ERSTE FAIR INVEST invests worldwide primarily in companies which are identified by the management company through a predefined selection process to have a particularly high social utility. The titles are selected with a focus on companies which, through their actions, have a positive impact in the areas of health & well-being, work and society. Furthermore, the investment process is based on fundamental business analysis. 

Note: Past performance is not a reliable indicator of future performance.

Performance since start of the fund (16.8.2021). The performance is calculated in accordance with the OeKB method. The management fee as well as any performance-related remuneration is already included. The issue premium which might be applicable on purchase and as well as any individual transaction specific costs or ongoing costs that reduce earnings (e.g. account- and deposit fees) have not been taken into account in this presentation.

Commentary by fund manager Bernhard Selinger

How would you sum up the year 2023 on the markets?

The global equity markets have performed very favourably in 2023. The main drivers have been declines in inflation rates in Europe and the USA and consequently the hope of a foreseeable end to the current cycle of interest rate hikes. Despite higher interest rates, consumer spending is very robust – especially in the USA, where, for example, USD 10bn was spent online on Black Friday, up 7.5% on the previous year.

Note: Please note, that an investment in securities entails risks in addition to the opportunities described.


What are your expectations for the new year 2024?

  • Segment: healthcare & well-being

The supply of affordable medicines is of the utmost importance for emerging markets in particular and comes with a direct social impact. In ERSTE FAIR INVEST, we have invested in Gilead Sciences, a pharmaceutical company with a strong focus on research into diseases that particularly affect developing countries (e.g. AIDS, hepatitis). Gilead Sciences often provides medicines in emerging countries at cost and also ensures long-term supply through local partnerships.

  • Segment: labour

More and more companies are realising that satisfied employees who can identify with the company and the values it conveys are the key to long-term business success. This is particularly true for industries with skilled labour. The key notion here is “war for talent”. In ERSTE FAIR INVEST, we are invested in SAP, a leading enterprise software group in areas such as accounting and human resources. As a high-tech company, SAP is particularly dependent on qualified employees and places a strong focus on employee development and retention. The German group has already received several awards for corporate culture in the areas of diversity & inclusion.

  • Segment: society

The society segment focuses on topics relating to education, inclusion, and financial literacy as well as social infrastructure (e.g. public transport). The United Nations regard inclusion in the financial sector (e.g. through access to bank accounts, microloans, financial education) as a key step towards reducing poverty in emerging countries. One example from the fund is Bank Rakyat Indonesia, which is one of the largest universal banks in Indonesia and a pioneer in the field of microloans (market share >60%) with a strong focus on financial inclusion. In addition to microloans, the bank also offers training and basic financial education for private individuals and micro-enterprises.

Note: The companies listed here have been selected as examples and do not constitute an investment recommendation. In the context of active management, the portfolio positions mentioned may change at any time. There is no guarantee that securities will be permanently included in the portfolio.


This document is an advertisement. Please refer to the prospectus of the UCITS or to the Information for Investors pursuant to Art 21 AIFMG of the alternative investment fund and the Key Information Document before making any final investment decisions. Unless indicated otherwise, source: Erste Asset Management GmbH. Our languages of communication are German and English.

The prospectus for UCITS (including any amendments) is published in accordance with the provisions of the InvFG 2011 in the currently amended version. Information for Investors pursuant to Art  21 AIFMG is prepared for the alternative investment funds (AIF) administered by Erste Asset Management GmbH pursuant to the provisions of the AIFMG in connection with the InvFG 2011. The fund prospectus, Information for Investors pursuant to Art  21 AIFMG, and the Key Information Document can be viewed in their latest versions at the website within the section mandatory publications  or obtained in their latest versions free of charge from the domicile of the management company and the domicile of the custodian bank. The exact date of the most recent publication of the fund prospectus, the languages in which the Key Information Document is available, and any additional locations where the documents can be obtained can be viewed on the website A summary of investor rights is available in German and English on the website as well as at the domicile of the management company.

The management company can decide to revoke the arrangements it has made for the distribution of unit certificates abroad, taking into account the regulatory requirements.

Detailed information on the risks potentially associated with the investment can be found in the fund prospectus or Information for investors pursuant to Art 21 AIFMG of the respective fund. If the fund currency is a currency other than the investor's home currency, changes in the corresponding exchange rate may have a positive or negative impact on the value of his investment and the amount of the costs incurred in the fund - converted into his home currency.

Our analyses and conclusions are general in nature and do not take into account the individual needs of our investors in terms of earnings, taxation, and risk appetite. Past performance is not a reliable indicator of the future performance of a fund.