Steffan Selbach

“On the equity side we made small changes to the allocation. We sold the Japan-equity fund and a little of Euroland equity in favour of emerging markets funds, where we see more potential in 2010 because of the stable economy. On the current level of 3.4 per cent for the 10-year German government bonds, we still hold the duration below a neutral level but begin to reduce the under weightings. On levels of 3.6 per cent we would think about another increase of our Government positions because we do not see a major inflation risk in coming months. We increased our position in corporate bonds.”