Steffan Selbach
“We still hold an equity exposure of about 25 per cent because the muddy outlook for the worldwide economic activity and the downtrend of the company earnings are still significant. We believe earnings forecasts for 2009 are still too high. In the last months a problem was the exposure in the bonds border area. We are sceptic about emerging markets and high yield bonds. We have seen a little comeback in these assets and see further potential. We are cautious about government bonds. The economic stimulus packages from the worldwide governments are very expensive and are toxic for a stable budget in the medium-term.”
AMOUNT () FUND
22,500 Deka-GeldmarktPlan TF (money market)
22,500 Deka-Institutionell Geldmarkt Garant TF (A) (money market)
7,700 Allianz-dit Rentenfonds - A EUR (Eurobond debt, medium term)
7,700 Swisscanto (LU) Bond Invest EUR A (Eurobond debt, medium term)
6,000 Franklin Mutual European Fund Class A (acc) (European equity)
5,500 Allianz RCM US Equity A EUR (US Equities)
4,850 Deka-ConvergenceRenten CF (European convergence bonds)
4,250 cominvest Fund Euro Corporate Bond (investment grade corporate bonds)
3,500 PF(LUX)-US Equity Selection-P Cap (US equity)
3,250 Threadneedle European High Yield Bond (high yield corporate bonds)
3,000 PF(LUX)-US Equity Selection hedged (US equity)
2,500 Deka-Private Equity (listed private equity)
2,250 Deka-Global ConvergenceRenten CF (global emerging market equity)
1,500 Comgest Growth PLC Emerg.Mkts (global emerging market equity)
1,500 DWS Aktien Strategie Deutschland (German equity)
1,500 JPMorgan Japan Select Equity (Japan equity)
