Christian Jost

“International equity markets have shown light signs of recovery during the month of April 2008. Investors around the world turned their focus yet again to the United States, where the FED cut the key interest rate by 0.25 percentage points. The rate cut is in line with a series of cuts amounting to 3.25 per cent to date since September 2007 in response to the subprime crisis. We reacted to this market environment by building a European real estate position in the equity part of the portfolio, which performed better than global equities on a year-to-date basis.”