“During March, international stock markets recovered quite substantially. One reason for the rise of global stocks was the announcement of the Federal Reserve to buy up to $300bn of US Treasury bonds and around $850bn of mortgage-backed securities. In addition, Barack Obama signed a $787bn economic stimulus bill. In Europe, monetary policy also shows clear signs of loosening. In our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, bonds and cash were reduced in favour of equities and commodities bonds.”