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.”
AMOUNT (E) FUND
15,000 ING Senior Secured Loan (short term secured loans hedged to EUR)
10,000 Blackrock Absolute Return Strat (BARS)
10,000 Danske Fund Europe (European equities)
10,000 Dexion Absolute Limited
10,000 Evli Ruble Debt (corporate ruble debt)
10,000 Fidelity American Growth (US equities)
10,000 JPMorgan, Global Convertibles, EUR
10,000 Pictet Asian Local Currency Debt
5,000 Credit Agricole ASEAN (Equities ASEAN countries)
5,000 Evli Greater Russia
5,000 Robeco Lux-o-rente (European government bonds)
