Steffan Selbach

“Despite higher volatility in equity markets, our equity position was increased towards the end of 2011 but remains underweight. The economic situation in the US has improved, but the eurozone remains fragile. Depending on further steps towards a solution, we expect ongoing high volatility in the stockmarkets with downside risk for the coming months. The overal situation still leads to a high demand for German bunds where interest rates remain at a very low level. Therefore in the fixed income portfolio we prefer corporate and emerging market bonds which still have an attractive spread.”