Christian Jost

“Global stock markets ended the month of May inconsistently due to uncertainties worldwide. The macroeconomic outlooks are fairly positive as the OECD forecasted a growth rate of 2.3 per cent for its members in 2011 and 2.8 per cent in 2012. On the other side the monetary policies conducted by the ECB and the US Federal Reserve (Fed) are quite heterogeneous. The ECB will probably increase rates during Q3 of 2011, while the Fed will wait for the aftermath of QE2, which ends in June. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, reacted with an increase in equity exposure.”