Callander Fund - Central Europe & Callander Fund South Eastern ...

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“Like Phoenix from its ashes”: You don´t need credit to recover! Sources: Calvo, Izquierdo, Talvi (2006), in: Zarazaga (2006), working paper, Dallas FED 34
So what are the lessons for Central Europe / South Eastern Europe? • Don´t worry, if capital inflows do not reach pre-crisis levels! • Embrace the fact that sustainable growth comes via productivity gains! • Try to channel capital inflows into productive sectors and watch for the composition of inflows! • Create a “productivist”economic policy! • Be market friendly, create stability and confidence in the local banking sector! • Utilize the banking sector as an ally in your push to allow ressources to move easily! • Check, whether monetary policy is appropriate! • Check, whether the exchange rate regime is appropriate! • Make better and more use of EU-funding initiatives (European Development Programme etc)! 35
Page 1 and 2: Presentation of the Callander Fund
Page 3 and 4: Agenda • Gutmann Kapitalanlage AG
Page 5 and 6: Gutmann Kapitalanlage AG & Bank Gut
Page 7 and 8: 7 The Team
Page 9 and 10: 9 Fund Concept
Page 11 and 12: Our strategy • Allocating accordi
Page 13 and 14: 13 Investment Process
Page 15 and 16: Investment Process I database scree
Page 17 and 18: Investment Process III How we make
Page 19 and 20: 19 Performance review
Page 21 and 22: Our CE-strategy: a difficult start
Page 23 and 24: 23 Macro Overview
Page 25 and 26: Almost each market back to pre-cris
Page 27 and 28: How not to enter a credit crunch! C
Page 29 and 30: Pre-crisis growth of credit, the cu
Page 31 and 32: The threat of (excessive) capital i
Page 33: How we should see growth • Struct
Page 37 and 38: Current allocation: Callander Fund
Page 39 and 40: What makes us cautious ? • Potent
Page 41 and 42: Why invest in Callander Funds Centr
Page 43 and 44: 43 Portfolio Callander Fund - Centr
Page 46 and 47: For further information about the C
Page 48 and 49: Custodian and promotor » Banque a
Page 50: www www.callanderfund.com callander

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