Steffan Selbach

“The good performance of the equity markets at the beginning of the year and the ongoing uncertainty in the Middle East were the reasons to decrease the equity exposure in the portfolio. Even if the world economy is still in good shape, risks associated with a higher oil price increased. We are still overweighted as we believe that those tensions will not affect our positive strategic view in the long-term. In the bond portfolio we remain cautious and decreased the portfolio duration before the meeting of the European Central Bank at the beginning of March. We focus on German bonds with a lower duration.”