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Berenberg Annual Report 2013

35 Products and strategies In the reporting year we mainly broadened our product offerings for emerging markets, and now offer emerging market strategies in the equity and bond classes as well as for currency. Active management and a purely quantitative selection process make our stock selection successful. For bonds, we use a systematic selection process with ongoing risk monitoring. For emerging market currencies, currency protect overlay in active risk management can be used to systematically reduce currency risks, or as a strategy in its own right. In overlay management, we have aligned our offerings even more closely with the special targets of different investor groups, which prioritise either specific yield targets, or protection of existing risks, or control of the volatility level and its fluctuations. In currency overlay we currently manage 27 currency pairs, and have become one of Europe’s leading currency managers. Several Berenberg retail funds celebrated their third anniversary, and have now successfully built up an impressive track record. The BERENBERG EUROPEAN EQUITY SELECTION equity fund merits special mention. In its three years it has outperformed the EURO STOXX 50 TR index by more than 8%, with much lower volatility, confirm- ing the strategy of stock selection by means of purely quantitative criteria. The gold grading for the BERENBERG EURO MONEY MARKET (SGB) fund and the silver grading for the High-Discount Portfolio retail fund by S&P Capital IQ were again confirmed. We use various fairs and congresses for intensive dialogue and communication with institutional investors. One such event was the Institutional Money congress in Frankfurt, where we were an exhibitor. At the 25th Financial Symposium in Mann­ heim, the largest event for treasurers and financial managers in the German-speaking countries, numerous investors attended our workshops on »Interest Rate Overlay Management« and »Currency Protect Overlay«. We also presented our overlay strategy for currency risks to potential institutional investors in uk with the »How to Manage Currency Risk« presentation at the Local Government Pension Risk Conference in London. »Today we are one of Europe’s leading currency managers.« Report of the Managing Partners Performance of the Business Divisions