“The most important shift to our portfolio is an increasing bond share. We bought for additional 22700 Euro the UniEuroRenta and so we are neutral regarding our duration. On the level of 3.6 per cent for 10-year German government bonds we see a real chance for capital gains. The important factor for this is that we do not see an inflation-risk for the next 12 months. At the beginning of the reporting season of the US-Companies we boosted our equity exposures because we expected higher profits. In the following bull-phase we sold the overweighted equity-funds and so on balance we are neutral on equities”