Steffan Selbach

“With unemployment high but growth and inflation low, the Fed will expand its balance sheet again through quantitative easing for the next couple of quarters. We do not see a rise in official interest rates on the horizon and the risk of deflation is fairly low. Golden months are coming in Europe. The management increased European shares and reduced the cash position. The team expects the global recovery will continue to be driven by increased corporate spending and continued strong demand from emerging markets. Within the developed world, Europe offers the greatest exposure to emerging market growth.”