Christian Jost

“In spite of macro economical difficulties in the euro area, international equity markets had a positive development during March. Relatively moderate P/E valuations and the beginning dividend season seem to have provided financial markets with the needed support. Due to budget deficit problems in Greece and a substantial widening of the Greek credit default spreads, the euro came temporarily under pressure against the US dollar with a value of around $1.33. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, reacted to this by substantially increasing its equity exposure.”