Steffan Selbach

“We still hold an equity exposure of about 25 per cent because the muddy outlook for the worldwide economic activity and the downtrend of the company earnings are still significant. We believe earnings forecasts for 2009 are still too high. In the last months a problem was the exposure in the bonds border area. We are sceptic about emerging markets and high yield bonds. We have seen a little comeback in these assets and see further potential. We are cautious about government bonds. The economic stimulus packages from the worldwide governments are very expensive and are toxic for a stable budget in the medium-term.”