Please note: Investments in securities entail risks and opportunities. You can find the risk notes of the funds at the end of this page.
1) Important note: The fund key figure "yield" corresponds to the average yield figures of the bonds held in the fund. This ratio has nothing to do with the value development (or performance, sometimes also called "yield development"). Please refer to the fund web fact sheets below for the performance of each fund.
Please also take into account that the fund key figure "return" is calculated before taking into account costs from hedging foreign currency risks. Other factors such as taxes or possible expenses are not included in this key figure.
The key figure "yield" is also not a good indicator or estimator of the future performance of a fund or bond.
For more information on the calculation of the "yield" indicator, please refer to our Fund Glossary.
2) SRI Indicator: The risk classification of investment funds is based on the SRI indicator on a scale from 1 to 7, where 7 represents the highest risk level. The calculation is based on European regulatory requirements and is an integral part of the Key Information Document (KID).
Source: Erste Asset Management; Data as of 29/09/2025
Comments on the development of the bond markets
The US Federal Reserve (Fed) has lowered its key interest rate by 25 basis points to 4.0–4.25%. The reasoning was less about forecasts and more about a changed risk assessment: the employment outlook was revised downward, while growth and inflation forecasts were revised upward. Market participants still expect two further rate cuts in the US this year.
Globally, growth is developing better than expected. Real growth in the OECD area was 1.8% year-on-year in Q2 2025, and 3.5% for the G20. For the markets, the combination of robust economic data and a less restrictive Fed is positive in the short term: equities and bonds are supported, and the risk premium for US corporate bonds (investment grade) is at a historic low. Risks remain: a rate cut that comes too late could abruptly cool the labor market (risk of recession), or the effects of US tariffs could still have a negative impact. Political pressure on the Fed could push inflation expectations higher (negative for bonds).
Please note: The development of the indices in the chart was only used for comparison. These indices have no influence on the discretionary scope of the funds' assets. The development of historic yields is not a reliable indicator for future developments of a specific asset category or asset class. The charts above do not include any fees or costs.
Development of bond yields
US- and EUR-Government-Bonds and EUR-Corporate-Bonds Investment-Grade (09/2015-09/2025)
Indices used: ICE BofA US Treasury Index, ICE BofA Euro Government Index, ICE BoFA Euro Corporate Index
Please note: The development of the indices in the chart was only used for comparison. These indices have no influence on the discretionary scope of the funds' assets. The development of historic yields is not a reliable indicator for future developments of a specific asset category or asset class. The charts above do not include any fees or costs.
Development of bond yields
European High-Yield-Bonds compared with global High-Yield-Bonds and Emerging-Markets-Corporate-Bonds (09/2015-09/2025)
Indices used: ICE BofA Global High Yield European Issuers, ICE BofA Global High Yield Index, SPRD ICE BOFA EMM
For a glossary of technical terms, please visit this link: Fund Glossary | Erste Asset Management
Legal note:
Prognoses are not a reliable indicator of future performance.
The performance of ERSTE RESERVE EURO PLUS can be found here on the factsheet.
Die Wertentwicklung des ERSTE RESERVE DOLLAR finden Sie hier am Factsheet.
The performance of ERSTE BOND COMBIRENT can be found here on the factsheet.
The performance of ERSTE RESPONSIBLE BOND can be found here on the factsheet.
The performance of ERSTE RESPONSIBLE BOND EURO CORPORATE can be found here on the factsheet.
The performance of ERSTE BOND EURO CORPORATE can be found here on the factsheet.
The performance of ERSTE MORTGAGE can be found here on the factsheet.
The performance of ERSTE BOND CORPORATE PLUS can be found here on the factsheet.
The performance of ERSTE BOND USA CORPORATE can be found here on the factsheet.
The performance of ERSTE BOND DANUBIA can be found here on the factsheet.
The performance of ERSTE BOND CORPORATE BB can be found here on the factsheet.
The performance of ERSTE BOND EUROPE HIGH YIELD can be found here on the factsheet.
The performance of ERSTE BOND EUROPE HIGH YIELD can be found here on the factsheet.
The performance of ERSTE BOND EM GOVERNMENT can be found here on the factsheet.
The performance of ERSTE BOND EM CORPORATE can be found here on the factsheet.
The performance of ERSTE BOND EM GOVERNMENT LOCAL can be found here on the factsheet.
The performance of ERSTE BOND USA HIGH YIELD can be found here on the factsheet.
The performance of ERSTE RESPONSIBLE BOND GLOBAL HIGH YIELD can be found here on the factsheet.
Disclaimer
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 web site www.erste-am.com 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 fund prospectus or the Information for Investors pursuant to Art 21 AIFMG and the Key Information Document are available, and any additional locations where the documents can be obtained can be viewed on the web site www.erste-am.com. A summary of investor rights is available in German and English on the website www.erste-am.com/investor-rights 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.