Christian Jost

“During October investors turned their focus once again on the European debt crisis. The summit of the EU leaders brought some positive surprises. European leaders agreed that bondholders will take a 50 per cent haircut on Greek debt and they expect to increase the EFSF’s leverage to E1,000bn. Other announcements, such as a bank recapitalisation plan and further agreements on austerity measures, were widely anticipated. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, reacted by reducing the equity exposure to below 5 per cent.”