“Market participants remain rather optimistic for risky asset classes. This statement is not based on surveys of investment views or aggressive positioning of investment managers but on the analysis of the respective price trends. Verbally, many participants are cautious but the price trends suggest something different. We believe that there are still significant risk premiums to earn in many areas, not least because equities realised a dreadful performance in the last decade. We trimmed the allocation to nominal government bonds by 6 per cent and increased inflation protected bonds and commodities by 3 per cent each.”