Steffan Selbach

“We have reduced the equity quote from 30 per cent to 25 per cent. We believe that the current earnings forecasts for 2009 are still too high. We have reduced exposure to the US, Europe, Japan and Emerging Markets. In the last months our biggest challenge - next to the development of the equity markets - was the exposure in the bonds border areas such as the emerging markets and high yield bonds. We would not have expected a diversified corporate fund to lose 40 per cent. But we are confident that these assets will pay us back some of the losses in 2009. The spreads against Goverment-Bonds are very attractive.”