Management Commentary – December 3, 2025
General Development In November 2025, the fund price recorded an increase of 1.94 percent, marking the seventh consecutive month of positive performance. During the month, the fund price temporarily rose
General Development In November 2025, the fund price recorded an increase of 1.94 percent, marking the seventh consecutive month of positive performance. During the month, the fund price temporarily rose

General Development In October 2025, the fund price recorded growth of 16.08 percent, marking the sixth consecutive month of positive performance. The fund continues to rank first in terms of

Development since last month In September 2025, the fund price recorded a gain of 13.50%, achieving positive development for the fifth consecutive month. Meanwhile, the fund ranks first in performance

General Development In August 2025, the fund price recorded an increase of 0.31 percent, marking the fourth consecutive month of positive performance. Since the low point in April, the fund

General Development In July 2025, the fund price increased by 10.37%, significantly recovering from its year-to-date lows since April. During July, the fund price temporarily recorded an increase of over

General Development In June 2025, the fund price rose by 11.73 percent, thus recovering significantly from the previous year’s lows in April. In the short term, political developments in the

General Development In May 2025, the fund price increased by only 2.23 percent, although it temporarily recorded an increase of up to 10 percent during the month. Political developments in

General Development In April 2025, the fund price saw a 1.2% decline, after a short-term recovery of 13% from its low on April 9. For full performance details, please refer

In March 2025, the fund price recorded a decline of 6.34% after a brief recovery of 10% from the low on March 12. However, this recovery proved to be short-lived – by the end of the month, the gains had been lost. The pattern is reminiscent of

General Development In February 2025, the fund price recorded a decline of 5.18%, after initially rising by around 5% by mid-month. A development reminiscent of January: initially, generally positive corporate
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