Steffan Selbach

“After a strong earnings season in the US and Europe, a strong performance of stocks and an increased scepticism about the development of the global economy, we moderately decreased our equity exposure. We still focus our investments on Germany and Euroland. The US exposure, which represents a fourth of the portfolio, is hedged against $/E currency movements. Because of low interest rates for government bonds we have a low duration. The focus is on German Bunds with short maturities. We keep our exposure in Euroland and global convergence bonds as well as in investment grade and high yielding corporate bonds.”