English to Polish Bus/Financial Finance (general) Fundusze inwestycyjne

Equity markets in the Eurozone were up by close to 5.00% in the six months to end September in Euro terms. They were nevertheless flat for the majority of the period as they suffered from the US credit/liquidity crisis which took place during summer and ended with the US Federal Reserve cutting short term interest rates by 0.5% in September.

***Cyclicals*** and utilities outperformed whereas financial and consumer stocks lagged. During the semester, the fund outperformed with stock selection adding to the relative performance of the fund.