Steffan Selbach

“We increased our equity position by about 5 percentage points and we changed our fund choices in Germany and the US. We hold on to 50 per cent on currency stability of the US-equity fund, but perhaps the latest currency developments indicate a new trend for the dollar. On the current yield-rates for German-goverment bonds, we hold on to the slim exposures in Euroland goverment bond fund. We see furthermore chances in the high-yield segment. We reduced our absolute-return fund and on balance, we are now slightly over our neutral equity position. We are still very cautious on government bonds.”