Macroeconomic Outlook – Hit By The Crisis

Through the Backdoor                                                                     3

Quantitative Research – Small/Mid Cap Germany                      10

Mutual Funds Capital Flows                                                           18

German Market Recap                                                                    19

Focus: German Real Estate Market Trends                                 24

Focus: Solar Industry                                                                     32

Focus: Engineering – Waiting for a Downturn                             36

Focus: Automobiles & Parts Outlook                                           42

Focus: German Banks                                                                   46

Top Picks                                                                                         47

Company Snapshots                                                                       53

Appendix A-1                                                                                   177