Christian Jost

“With regard to a potentially healthy correction in most of the global markets that have been performing extremely well over the last years, we allocated our portfolio following a more defensive style. We therefore reduced one global equities fund and built up a 10 per cent cash position. The largest weight this month is represented by the C-Quadrat Absolute Euro Bond, which replaced the Anglo Irish Active Income. It is a new open-end investment fund incorporated in Austria and investing in Euro-participating countries on an absolute return basis.”