“We did not change our positions this month. We still see the bulk of liquidity as a massive driver for all risky assets. We overweight the equity position and within it, the Euroland position. We hold on to the currency stability of the US-equity fund, because the latest currency developments did not indicate a new trend for the US dollar. In contrast, the upward trend in oil and gold confirms the downside-trend. On the current level of 3.3 per cent for the 10-year German government bonds, we still hold the duration below a neutral level. We would think about an increase of our government positions on a 3.5 per cent level.”