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Welcome to VanEck
VanEck is a global investment manager with offices around the world. To help you find content that is suitable for your investment needs, please select your country and investor type.
We are in a recession and expect the Fund to remain defensive over the immediate term as it continues to measure and adapt to the changing risks in the market.
RAAX has reacted to the COVID-19 pandemic by pivoting to its most defensive posture, based on falling prices, high volatility and extreme investor sentiment.
The Fund is adapting to the period of extreme risk by further reducing its exposure to equities to 29%. Based on the indicators that we follow, the market still faces significant challenges ahead.
The heightened risk regime is being well captured by the Fund’s model. At the beginning of March, the Fund reduced its equity allocation from 72% to 47% and increased its bond allocation from 28% to 53%.
As U.S. growth stocks continue to outperform U.S. value stocks, the Fund’s growth bias is now even bigger, with its large-cap growth allocation increasing to 27.2% and small-cap growth increasing to 7.9%.
Four Market Stages in Four Months
Improving Trend Following Performance
Defensive Stance Continues
Don’t Trust the Rally
Standing Tall with a Defensive Posture
Downside Risk Remains
Time to Get Defensive
Enjoy the Ride
Steady Start as Real Assets Stumble
Strong Finish for Real Assets in 2019
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