“In October stock markets suffered from increasing volatility. Research analysts identified weak economic figures and disappointing quarterly reports as the main reason. A substantial number of market participants are also worried by the rising number of bankruptcies in the banking sector. The economic recovery differs from region to region. Asia ex Japan, and most parts of the emerging markets, particularly South America, maintained an upward momentum. Central and Eastern Europe faced greater difficulties. Our portfolio, allocated according to C-Quadrat Best Fonds Strategy, increased its commodity exposure.”