INTERVIEW - 1

Roland Neuwirth: "The crisis will dissolve into thin air"

Fund Manager of the Salus Alpha Special Situations Fund reveals his favorite stocks.

21.2.2012, Interview: Carolina Burger

#   The Greeks get money again. The second rescue package is passed. Is the crisis now finally over?

Neuwirth: The crisis dissolves into thin air. Greece or not. The markets have taken the attitude that the worst is over and now includes the actual economic data, which are not just bad. But the stock market rise since the beginning. 

# What did it start signal?

Neuwirth:  That was the end of 2011, the € 500 billion injection by the ECB.

# Do you have the equity exposure in their funds already screwed up?

Neuwirth:   No. The equity allocation in the Salus Alpha Special Situations is still at 40 percent. I still do not act as if the crisis would actually pass. No one is currently fully invested. Everyone is for sale in the stock market rally. I've thrown ten percent of my shares on the market. That was the learning process last year was regarded as the motto, and while the prices a bit, you need to control, because it then goes back down.

# Now the tide has turned, however?

Neuwirth:   Yes. Now the stock market go up in a bar and all the questions: Why is it goes up, it's all so negative? But the stock market is: extremely fast and extremely proactive.

# How long will the rally continue?

Neuwirth:  I expect a short-term consolidation. The ATX could fall in the next few weeks by about 150 points. The DAX I'm not sure if he comes back again to 6500 points. If I am right with what I say, you have to actually use the low prices to buy.

# At which shares would strike you?

Neuwirth:   Add to my favorites include: Polytec, RHI, Mayr-Melnhof and the large real estate stocks like Conwert, CA real estate and real estate finance.