Michael Richter

“Our outlook for equities is still positive. Expecting a rather weaker than stronger dollar in relation to the euro we reduced our exposure to the US by partly selling the Nordea North American Value and the Merrill Lynch US Small Cap Value and increasing the Oyster FPP Emerging Markets by 2 per cent and the Griffin Eastern European as well as the Newton Japan Equity by 1 per cent.”

Amount (E) - Fund

11,000 - Fidelity European Growth

10,000 - DWS Vermoegensbildungsfonds (equity global)

8000 - American Express Epic Global High Yield Euro

8000 - JPM Fleming International Bond

8000 - Meinl European Land (real estate Eastern Europe)

8000 - American Express Epic Emerging Market Liquidity

7000 - Invesco GT Global Corporate Bond Fund (global corporate bonds, investment grade)

7000 - Newton Japan Equity

7000 - Oyster FFP Emerging Markets

6000 - Invesco Extra Income (global corporate bonds, focus BB rating)

6000 - Griffin Eastern European (Equity Eastern Europe)

5000 - Nordea I North America Value

5000 - Aberdeen Sovereign High Yield Bond (emerging markets bonds)

4000 - Merrill Lynch US Small Cap Value