OTP Strategic EUR Bond Fund – EUR

The fund’s objective is to achieve return above the set minimum return target, while keeping volatility at modest levels. The fund aims to provide access to the euro hard currency fixed income universe; thus, the predominant risk exposure is the European Union. The fund is actively managed and its advantage is an unconstrained strategy to asset allocation, which enables the execution of an all-weather approach within the fixed income universe. The fund can take on leverage and may apply derivative positions. Monthly statement Macro Environment: June brought meaningful progress toward resolving the Iranian conflict. A ceasefire agreement was reached, restrictions on the Strait of Hormuz were lifted, and negotiations commenced regarding the suspension of Iran’s nuclear programme. Unlike previous episodes of geopolitical de- escalation, however, bond markets failed to stage a meaningful ral