Steffan Selbach

“In this uncertain environment, we reduced our equity exposure again. On the current yield-rates for German-Government bonds, we reduced our exposure in the euroland government bond fund. We bought an absolute-return fund as an alternative to the absolute cash position. On balance, we are now neutral in the equity position and here we overweight euroland. We hold on to the currency stability of the US-equity fund, but perhaps the latest developments indicate a new trend for the US-Dollar. We still see a very good development for emerging markets because of the stable economy in the region.”