Hans-Erik Ribberholt

“Due to the continued turbulence in the financial markets our portfolio was down 4 per cent in March. All fixed income products posted a positive return with Robeco Lux-o-rente being the best. The portfolio return was especially hurt by the exposure to emerging market equities, which declined 10 per cent during the month. We expect the turbulence to continue for at least the coming quarter, so lower the exposure to equities to 15 per cent. Because of a peg to the US dollar most of Asia has built up huge currency reserves, but inflation has become a concern and we expect the currencies to start rising. We placed the remaining 10 per cent in a money market fund until we re-enter the equity market.”