Alex Borer

senior portfolio manager, Investment Management Balanced, LGT Capital Management

Based in: Pfäffikon, Switzerland

“The start into 2011 was strong for risk asset classes – equities, commodities and credit scored well. Long bond yields continued to move upwards alongside macro economic indicators that surprise positively for three months. Because the level of bond yields is still low in comparison to long-term history, equities are more influenced by better growth prospects. Risk appetite of investors is steadily increasing, but so far we see no irrational exuberance calling for a contrarian move. We lighten the allocation to goldmines by 2 per cent and increase global inflation protected bonds accordingly.”