Christoph Hott
“The recent weeks were dominated by volatile market movements that make it more difficult for fund selectors to closely monitor the relative performance of their invested sub-funds. One problem is the interpretation of short term volatility in relative performance (i.e. tracking error). In this market environment, there are some fund managers whose investment style is not rewarded, thus they underperform significantly. Therefore it is essential to fully understand the fund manager’s investment style and to keep a close contact to the manager.” Cut: One recent example is the MainFirst avant-garde fund, whose year-to-date underperformance has to be seen in the context of a good - if volatile - relative performance. We continue to appreciate Anko Beldsnijders investment approach even if his style has difficult times, too.”
AMOUNT (E) FUND
15,000 eb.rexx Gov. Germany 1.5-2.5 yrs (Euro bond)
12,000 eb.rexx Gov. Germany 2.5-5.5 yrs (Euro bond)
7,500 Allianz-dit High Dividend Discoun (European Certificate Funds)
7,500 MainFirst avant-garde (Europe equity)
7,500 Schroder Euro Dynamic Growth (Europe equity)
5,000 BlackRock Merrill Lynch US Growth (US equity)
5,000 Nordea European High Yield Bond Fund (European high yield bond)
5,000 OP Hedge Multi Strategies Plus (fund of hedgefunds)
5,000 OP Value European Equities (Europe equity)
5,000 UBS (Lux.) European Opportunities (Europe equity)
5,000 UBS Emerging Economies-local currencies (Emerg. Markets bond)
4,000 DWS Bonuszertifikate (European Certificate Funds)
4,000 HSBC Trinkaus Aktienstrukturen Europa (European Certificate Funds)
2,500 AXA Rosenberg Japan Equ. Alpha (Japan equity)
2,500 eb.rexx Gov. Germany 5.5-10.5 yrs (Euro bond)
2,500 Janus Intech US Risk Managed Core (US equity)
2,500 Templeton Asian Growth (Asian ex Japan equity)
2,500 WIP Pramerica US Value (US equity)
