Guenter Wolnar

“We think that the latest trouble around Yukos will only have a short term impact on the Russian equity market. We therefore leave our Russian exposure unchanged. According to our positive outlook for the Japanese market, we added the Newton Japan fund and reduced the DWS Vermoegensbildungsfonds by 3 per cent. In the bond sector we remain completely hedged to the euro as we think that the US dollar is likely to weaken against the euro.”

Amount (E) - Fund

12,000 - Nordea I North American Value

11,000 - Fidelity European Growth

10,000 - DWS Vermoegensbildungsfonds I (global equity)

9000 - DIT Europazins (European bonds)

8000 - American Express Epic Global High Yield Euro

8000 - JPM 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)

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

5000 - Griffin Eastern European

5000 - Merrill Lynch US Small Cap Value

4000 - First State Global Emerging Markets Equity

3000 - Newton Japan Equity