Hans-Erik Ribberholt

“The portfolio lost 1.8 per cent in July. Bond markets advanced and equities declined, especially emerging markets. The best fund in the portfolio was Pictet Asia Local Currency Debt, which rose 2.3 per cent. A reflection of the strong initiative seen from most Asian authorities, who have hiked short term interest rates and lowered subsidies to primarily fuel and food. The will to make these unpopular decisions bodes well for the asset class going forward. In anticipation that equities are nearing the end of their correction we have put 5 per cent back into US equities – Fidelity American Growth. We have removed money from ING Senior bank loans, which have recovered well over the past five months.”