Steffan Selbach

“Given the sharp decline in stockmarkets worldwide, following the high uncertainty due to fears about the future economic development as well as the debt situation in the industrialised countries, the management decided to sell the whole equity position and to decrease the position in bonds with spread risks. At the same time, the portion of funds which invest in Bundesanleihen was raised despite the low interest rates. Even though we do not expect the US economy to drop into a recession, the portfolio risk was reduced significantly because of the high market volatility caused by external factors.”