Steffan Selbach
“We have reduced the equity quote from 30 per cent to 25 per cent. We believe that the current earnings forecasts for 2009 are still too high. We have reduced exposure to the US, Europe, Japan and Emerging Markets. In the last months our biggest challenge - next to the development of the equity markets - was the exposure in the bonds border areas such as the emerging markets and high yield bonds. We would not have expected a diversified corporate fund to lose 40 per cent. But we are confident that these assets will pay us back some of the losses in 2009. The spreads against Goverment-Bonds are very attractive.”
AMOUNT (€) FUND
22,500 Deka-GeldmarktPlan TF (money market)
22,500 Deka-Institutionell Geldmarkt Garant TF (A) (money market)
7,700 Nevsky European Absolute Return Fund (European equity)
7,700 Robeco Lux-o-rente (European government bonds)
6,000 Evli Ruble Debt (Corporate Ruble debt)
5,500 Fidelity American Growth (US Equities)
4,850 Credit Agricole ASEAN (Equities ASEAN countries)
4,250 Danske Capital Balkan (Eastern European Equity)
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-PrivateEquity (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)
