“The most important driving factor of equity markets in 2009 was the quantitative easing policy adopted by international central banks. When market participants realised that a collapse of the global financial system was improbable, the demand for stocks started to increase and the value of equities rose. January 2010 started weaker than investors had expected. Possible reasons are, among others, the cooling of the Asian economy and concerns regarding the potential default of Greece. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, increased its cash and money market exposure during the last month.”