“During July the positive trend at the international stock markets was sustained and even gained momentum towards the end of the month. The most recent economic data from the US indicated a stabilisation of the US housing market. Consumer confidence in Europe and Germany also rose for the third time in a row due to falling prices and the first hints of an economic recovery. Other contributing factors were better than expected quarterly reports. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, increased the stocks and commodity exposure during the last month.”