Steffan Selbach

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From Fund Selection 01 November 2008

By PWM Editor

“The pressure on the international stock markets continues. We maintain a conservative weight in equities with a broad regional diversification. On the bond side we see good value in Deka-ConvergenceRenten CF and Deka-Global ConvergenceRenten CF after a decent increase in spreads of emerging market bonds and a devaluation of certain currency pairs against the Euro. The same situation appears in investment grade and high yield European corporate bonds. Furthermore we prefer a high position in pure euro money market funds Deka-GeldmarktPlan TF and Deka-Institutionell Geldmarkt Garant TF (A).”

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