Steffan Selbach

“Given the sharp decline in stockmarkets worldwide following the high uncertainty due to fears about the future economic development as well as on the debt situation in the industrialised countries, the management decided to reduce equity positions. At the same time, the bond portion was raised despite the low interest rates for Bundesanleihen. Though the economic expectations are getting lower, we do not expect the US economy to drop into a recession. The high volatility on the markets contains the risk that markets will drop further due to external factors. Due to this, the risk in the portfolio was reduced significantly.”