Christian Jost

“During the month of May, international investors turned their focus to the development of the commodity markets. The oil price reached a new all-time-high of above $130 per barrel. The main reason for the sharp price increase is the OPEC’s repeated refusal to increase oil production. It remains to see how much of an impact the recent hike in the oil price and the increased volatility in the commodity markets will have on the global economy. We therefore have increased the bond exposure in our portfolio in order to partly avoid the increased volatility in the equity markets.”