Guenter Woinar

“In the second half of September, stock markets, especially in Europe and Japan, came under pressure caused by the strong appreciation of the yen and the euro against the US dollar. Many investors have used the high valuations of stocks to realise profits and wait for further signs of ongoing global recovery. As our portfolio is completely hedged against currency risk in the bond sector and since we were underweight in Japan, our portfolio did quite well and therefore remains unchanged.”

Amount (E) - Fund13,000 - DWS Vermoegensbildungsfonds I (global equity)

12,000 - Nordea I North American Value

11,000 - Fidelity European Growth

9000 - DIT Europazins (European bonds)

8000 - American Express Epic Global High Yield Euro

8000 - PM Fleming International Bond

8000 - Meinl European Land (Eastern European real estate)

6000 - American Express Epic Emerging Market Liquidity

6000 - Invesco Extra Income (global corporate bonds, focus BB rating)

5000 - Aberdeen Sovereign High Yield Bond (emerging markets bonds)

5000 - Griffin Eastern European (Eastern European equity)

5000 - Merrill Lynch US Small Cap Value

4000 - First State Global Emerging Markets Equity