Strategy Defensive: Quality has its price

 For the first time in 2017, the Quint: Essence Strategy Defensive had a negative performance of -2.73% pa. This performance is a direct result of current central bank policy . The ECB negative interest rate on short-dated bonds of the highest credit quality (eg German government bonds with maturities of less than 5 years) automatically leads to a negative yield of such investments. 
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