Steffan Selbach

“After a strong performance of the equity markets in September we tactically decreased our exposure in equity funds. As we are now trading at the upper end of the trend channel, we expect a consolidation during the next weeks. But our overall view for stocks remains constructive. Even as we expect a moderation in the overall economic activity in the months to come we would like to use pullbacks as a buying opportunity. With a duration of 3 years we remain sightly underweight in German bonds. We hold on to our exposure in emerging market equities as well as in corporate and emerging market bonds.”