Christian Jost

“October witnessed an acceleration of the current financial crisis, especially in Europe, where some governments initially reacted with stand-alone uncoordinated efforts to contain the crisis. EU governments finally launched concerted programmes to support the banking sector, which eventually led markets to cool down. The Euro government bonds market rallied, given the high inflows of capital that fled equity markets into their supposedly “safe haven”. In this market environment our portfolio maintained its bond and cash exposure in order to minimize losses.”