Alex Borer

“Our conservative tactical investment strategy recommended in November 2008 proved to be favourable. After the short-term capitulation move of the equity markets in late November we expect a base building process. Valuation is compelling, sentiment extremely negative. Accordingly, we increased the equity allocation by 9 per cent to 43 per cent (Asia + 4 per cent, US + 2 per cent, Emerging Markets + 2 per cent, Europe + 1 per cent). On the other hand, we reduced the government bond allocation after a very strong run of 4 per cent. We exchanged SVG Capital for the iShares ETF on listed private equity and sold Reichmuth Matterhorn hedge fund of fund (5 per cent).”