Our portfolio managers manage all of MEAG's interest-bearing investments and forex positions. They advise our clients and allocate funds to the market sectors, currencies and individual securities within the portfolios. They do so in specialist teams on the basis of high-income strategies for positionings in interest, credit standings, financial instruments and currencies. Additional earnings are generated by actively exploiting market opportunities. In the Buy-and-Hold portfolios of our personal insurance mandates, the focus is on selecting safe investments that are sustainable for the balance sheet over the long-term, with which the Group's insurance obligations can be entirely covered. Decisive here, in addition to the yield, is also minimising default risks and limiting the obligations per issuer entered into.