Steffan Selbach

“Influenced by the uncertain environment, we reduced our equity exposure and bought a Euroland Government Bond Fund. On balance, we are still overweight equities and, within equities, the Euroland position. We hold on to the currency stability of the US-equity fund, but perhaps currency developments indicate a new trend for the US dollar. For emerging markets we still expect a very good development in 2010 because of the stable economy. On higher levels of government yields we would think about increasing government positions, because we don’t see major inflation risks in the next months.”