In May, global stock markets rose broadly and closed near records. At the same time, long-term interest rates reached their highest levels in many years and inflation in Europe picked up again. 

The stock market priced in peace and falling prices. Central banks priced in a supply shock and the ECB is expected to raise interest rates on June 11. We are meeting this environment with active risk control. 

When a rally is driven by a few companies and volatility is low despite unresolved geopolitics, we hold downside protection and maintain room to maneuver. We don't rely on the market to be right about a calm that is not yet secured.

For the saver, this means a smoother journey for the portfolio and lower sensitivity to a quick setback, without us needing to predict exactly when it will come.