Hans-Erik Ribberholt
“The portfolio was up 0.5 per cent in December. We continue to see very poor value in bonds, especially as it appears we will get huge reductions in the US short-term rates, thereby increasing long-term inflation risk. We have removed some of the bond exposure and bought a listed absolute return fund – Dexion Absolute Ltd. On the equity side, we have reduced exposure to the ‘new’ EU member states, as we see increasing problems with inflation in certain countries, and have added Evli Greater Russia. The fund is exposed to the domestic Russian economy, which is growing rapidly because of huge infrastructure investments (financed by oil taxes). We expect the uncertainty in the financial markets to continue.”
AMOUNT (E) FUND
20,000 ING Senior Secured Loan (short-term secured loans hedged to Euro)
15,000 Nevsky European Absolute Return Fund (European equity)
10,000 Danske Fund Europe (European equities)
10,000 Dexion Absolute Ltd
10,000 Evli Greater Russia
10,000 Evli Rouble Debt (corporate Rouble debt)
10,000 Fidelity American Growth (US equities)
5,000 Credit Agricole ASEAN (equities ASEAN countries)
5,000 Danske Capital Financial and Investments (financial sector Eastern Europe)
5,000 Robeco Lux-o-rente (European government bonds)
