Christian Jost

“During the month of April, stock markets continued the recovery that started in March. One reason is the fact that so far the earning season did not lead to any bad surprises that were not already priced in the market. The majority of the companies listed in the S&P 500 could exceed financial expectations for the quarter. In addition, the central banks expanded their ordinary monetary policy (interest rate cuts) through the quantitative easing measures. In our portfolio an alternative investment basket of 40 per cent was introduced at the expense of money market funds and cash.”