In the Fund Check series, fund managers of selected funds look back on developments over the past year and give their assessment of what we can expect in 2026. (Note: Prognoses are not a reliable indicator of future performance. Please note that investing in securities involves risks as well as opportunities.)

Summary

Market environment:

  • Positive performance by equities and bonds despite elevated volatilities.

Allocation:

  • In the equity segment, our focus was on themes such as technology, green technology, healthcare, AI, defence and commodities.
  • In bonds, our focus was on corporate bonds with higher credit quality and emerging markets and high-yield bonds blended in.

Outlook:

  • In the equity segment, the focus remains on long-term megatrends (digitalisation, health, energy).
  • In the bond sector, our focus is on corporate and emerging markets bonds.
  • We have added the kind of commodities to the mix that are in particular demand for technological transformation.
  • We continue to expect higher volatility on the capital markets in 2026 but are confident that the positive factors will prevail for the asset classes in the ERSTE OPPORTUNITIES MIX.

Please note: Forecasts are no reliable indicator of future performance.

Fund manager Gerhard Beulig
(c) Samuel Kreuz

Fund & Performance

ERSTE OPPORTUNITIES MIX is an actively managed, global mixed fund that invests in selected investment themes. The fund offers investors a broadly diversified mix of different asset classes such as equities, bonds, listed private markets, commodities and currencies. In the course of stock selection, priority is given to stocks that are assigned to one or more of the following themes: Environment & Sustainability, Demographics, Digitalization and Global Transformation. In addition, medium-term opportunities from other themes may also be used.

Note: Please note that an investment in securities entails risks in addition to the opportunities described. Past performance is not a reliable indicator of future performance.

Performance since start of the fund (3.6.2024). 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 Gerhard Beulig

How did the fund perform in 2025?

The fund performed well despite challenging conditions, including trade disputes, a weak dollar, and economic challenges in Europe. Both the equity and bond components provided a positive contribution.

 

What were the fund’s main areas of focus in 2025?

The focus was on equities, particularly companies in the technology, green technology, healthcare, artificial intelligence, defence, and commodities sectors. In the bond sector, the focus was on corporate bonds with higher credit ratings, selected emerging markets and selective high-yield bonds.

 

What are the expectations of your fund management team with regard to global economic development and trends, among other things, for 2026?

We are optimistic due to the expected interest rate cuts, stable economic development, the infrastructure package in Germany, and further global investments in the expansion of digitalisation (keyword: AI). However, valuations have already advanced quite a bit in some equity market segments, which has increased the risk of an interim correction. In the bond sector, we expect moderate inflation, which will nevertheless remain above the Federal Reserve's targets in the United States. Interest rate cuts should still be implemented to a moderate extent, which should lead to a steeper yield curve.

 

What are your priorities in the fund, based on your expectations?

We continue to hold positions in the equity segment in areas of long-term megatrends such as digitalisation, healthcare, and energy. Recently, however, our focus has become somewhat more defensive. In the bond segment, there will be an increased focus on emerging markets and corporate bonds, with the duration remaining in the medium range. We have also added to various commodities that are in particular demand for technological transformation.

Disclaimer of the management company Erste Asset Management GmbH and its sales agent Erste Bank Group

This document is an advertisement. Unless indicated otherwise, source: Erste Asset Management GmbH. The language of communication of the sales offices is German and the languages of communication of the Management Company also include English.

The prospectus for UCITS funds (including any amendments) is prepared and published in accordance with the provisions of the InvFG 2011 as amended. Information for Investors pursuant to § 21 AIFMG is prepared for the alternative investment funds (AIF) administered by Erste Asset Management GmbH pursuant to the provisions of the AIFMG in conjunction with the InvFG 2011.

The currently valid versions of the prospectus, the Information for Investors pursuant to § 21 AIFMG, and the key information document can be found on the website www.erste-am.com under “Mandatory publications” and can be obtained free of charge by interested investors at the offices of the Management Company and at the offices of the depositary bank. The exact date of the most recent publication of the 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 other locations where the documents can be obtained are indicated on the website www.erste-am.com. A summary of the investor rights is available in German and English on the website www.erste-am.com/investor-rights and can also be obtained from the Management Company.

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Note: You are about to purchase a product that may be difficult to understand. We recommend that you read the indicated fund documents before making an investment decision. In addition to the locations listed above, you can obtain these documents free of charge at the offices of the referring Sparkassen bank and the offices of Erste Bank der oesterreichischen Sparkassen AG. You can also access these documents electronically at www.erste-am.com.

Our analyses and conclusions are general in nature and do not take into account the individual characteristics of our investors in terms of earnings, taxation, experience and knowledge, investment objective, financial position, capacity for loss, and risk tolerance. Past performance is not a reliable indicator of the future performance of a fund.

Please note: Investments in securities entail risks in addition to the opportunities presented here. The value of units and their earnings can rise and fall. Changes in exchange rates can also have a positive or negative effect on the value of an investment. For this reason, you may receive less than your originally invested amount when you redeem your units. Persons who are interested in purchasing units in investment funds are advised to read the current fund prospectus(es) and the Information for Investors pursuant to § 21 AIFMG, especially the risk notices they contain, before making an investment decision. If the fund currency is different than the investor’s home currency, changes in the relevant exchange rate can positively or negatively influence the value of the investment and the amount of the costs associated with the fund in the home currency.

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Please consult the corresponding information in the fund prospectus and the Information for Investors pursuant to § 21 AIFMG for restrictions on the sale of the fund to American or Russian citizens.

It is expressly noted that this communication does not provide any investment recommendations, but only expresses our current market assessment. Thus, this communication is not a substitute for investment advice.

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