Steffan Selbach

“In anticipation of a strong earnings season for US and European companies, we moderately increased our equity exposure. In the equity segment we focus our investments on German and Euroland companies. The US market exposure is 50 per cent hedged against the $/E currency movements. Because of low interest rates for government bonds we have a low duration, focusing on German Bunds with short maturities. Euroland bonds are selectively added. We kept our exposure in Euroland and global convergence bonds as well as in investment grade and high yielding corporate bonds.”