“During early 2009, international stock markets underwent a heavy correction, followed by a broad technical recovery starting in March. The global economic pressure was mostly relieved through comprehensive liquidity supports from governments and central banks. However, the financial crisis should not be underestimated as the repercussions on the real economy will be felt well into 2010. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, increased its equity and bond exposure during last month.”