Christian Jost

“During August, international stock markets were heavily influenced by fear of a worldwide recession. The US lost its AAA credit rating, cut by Standard & Poor’s on concerns about the government’s budget deficit and rising debt burden. The macroeconomic outlook also gives cause for concern – the Philly Fed index of current activity fell to -30.7 in August from 3.2 in July, indicating a contraction in activity. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, reacted to this market environment by reducing the equity exposure to below 10 per cent.”