Christoph Hott
“Since the summer, cyclical stocks in the US and the Eurozone have recorded a significant underperformance compared with defensive shares. Recently US cyclical stocks regained roughly one-quarter of the relative performance lost since July. In the Eurozone, cyclicals have remained depressed. The market is apparently factoring in the expectation that the expansionary monetary and fiscal policy in the US will turn the economy around and produce a strong rebound in the second half and in 2009. In Europe, the ECB is seen as continuing to concentrate on inflation risks, thus accepting a more prolonged slowdown in the economy.”
AMOUNT (E) FUND
15,000 eb.rexx Gov. Germany 1.5-2.5 yrs (euro bond, short term)
12,000 eb.rexx Gov. Germany 2.5-5.5 yrs (euro bond, medium term)
7,500 Allianz-dit High Dividend Discount (European Certificate Funds, alt investments) 7,500 MainFirst avant-garde (Europe equity, large-cap growth)
7,500 Schroder Euro (dynamic growth Europe equity, large-cap growth)
5,000 BlackRock Merrill Lynch US Growth (US equity, large-cap growth)
5,000 Nordea European High Yield Bond Fund (European high-yield bond)
5,000 OP Hedge Multi Strategies Plus (fund of hedge funds, alt invests)
5,000 OP Value European Equities (Europe equity, large-cap value)
5,000 UBS (Lux) European Opportunities (Europe equity, large-cap blend
5,000 UBS Emerging Economies-local currencies (emerging markets bond, short term)
4,000 DWS Bonuszertifikate (European Certificate Funds, alt invests)
4,000 HSBC Trinkaus Aktienstrukturen Europa (European Certificate Funds, alt invests)
2,500 AXA Rosenberg Japan Equ. Alpha (Japan equity, large-cap blend)
2,500 eb.rexx Gov. Germany 5.5-10.5 yrs (euro bond, long-term)
2,500 Janus Intech US Risk Managed Core (US equity, large-cap growth)
2,500 Templeton Asian Growth (Asian ex J. equity, large-cap value)
2,500 WIP Pramerica US Value (US equity, large-cap value)
