Steffan Selbach

head of funds of funds business, Dekabank

Based in: Frankfurt am Main, Germany

“The strengthening world economy, flow and return momentum and value favor aggressive overweigts of private-sector securities over public sector debt. We have a large overweight of equities over fixed income and non-financial credit over government debt. We kept our overweight positions in European stocks. Growth in emerging markets in 2011 will remain elevated. The favourites in the emerging markets region are Russia and Brazil. Bond yields are likely to rise, because of the improving growth prospects. Central banks in industrialised countries will maintain their expansionary policies