Hans-Erik Ribberholt
“Only Government bond investments made via the Robeco Lux-o-rente fund was up in September. The collapse of Lehman Brothers caused the credit markets to fall significantly. Convertible bonds fell a lot, and this asset class is now yielding 15-18 per cent with an option to convert into equities in the future. We see great potential in this asset class, and add another 5 per cent to the JPMorgan Global Convertibles fund. High Yield bonds fell further. A typical High Yield bond fund now yields 18 per cent. In our opinion that more than covers the coming defaults, so we introduce ING High Yield into our portfolio. We sell the Evli Ruble Debt and scale down Fidelity American Growth to finance the purchases.”
AMOUNT (E) FUND
15,000 ING Senior Secured Loan (short term secured loans hedged to EUR)
15,000 JPMorgan, Global Convertibles, EUR
10,000 Blackrock Absolute Return Strat (BARS)
10,000 Danske Fund Europe (European equities)
10,000 Dexion Absolute Limited
10,000 ING Global High Yield bond fund, EUR
10,000 Pictet Asian Local Currency Debt
5,000 Credit Agricole ASEAN (Equities ASEAN countries)
5,000 Evli Greater Russia
5,000 Fidelity American Growth (US Equities)
5,000 Robeco Lux-o-rente (European government bonds)
