“During February, equity markets continued their volatile sideways movement. Towards the end of the month weaker than expected US consumer confidence data fuelled investors’ concerns about the markets, while the euro showed remarkable weakness against the US dollar. Two main reasons caused this: Greece’s budget deficit problems and the fact that the Federal Reserve increased its discount rate from 0.5 to 0.75 per cent. Our portfolio, which is allocated according to C-Quadrat Best Fonds Strategy, reacted to this rather difficult market environment by substantially increasing its commodity exposure throughout last month.”