Steffan Selbach
“We reduced the equity exposure once more because of the muddy outlook for the worldwide economic activity and the downtrend with company-earnings. The temporary positive development of the economics sentiment indicators has proved to be wrong. We reduced over private equity because the outlook for the branch is still very dodgy. Given the current exchange rate of $1.25-Euro, we think that the potential for the US-currency is very limited. Therefore we adjusted the US-equity hedged position in relative terms. We still see high potential in the corporate bond market this year.”
AMOUNT () FUND
25,000 Deka-GeldmarktPlan TF (money market)
25,000 Deka-Institutionell Geldmarkt Garant TF (A) (money market)
7,700 Allianz-dit Rentenfonds - A EUR (Eurobond debt, medium term)
7,700 Swisscanto (LU) Bond Invest EUR A (Eurobond debt, medium term)
7,000 Franklin Mutual European Fund Class A (acc) (European equity)
4,850 Deka-ConvergenceRenten CF (European convergence bonds)
4,250 cominvest Fund Euro Corporate Bond (investment grade
corporate bonds)
3,500 PF(LUX)-US Equity Selection-P Cap (US equity)
3,250 Threadneedle European High Yield Bond (High yield corporate bonds)
3,000 PF(LUX)-US Equity Selection hedged (US equity)
2,250 Deka-Global ConvergenceRenten CF (global emerging market equity)
2,000 Deka-PrivateEquity (listed private equity)
1,500 Comgest Growth PLC Emerg.Mkts (global emerging market
equity)
1,500 DWS Aktien Strategie Deutschland (German equity)
1,500 JPMorgan Japan Select Equity (Japan equity)
