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.”
AMOUNT (E) FUND
20,000 ING Senior Secured Loan (short term secured loans hedged to EUR)
15,000 Nevsky European Absolute Return Fund (European equity)
10,000 Dexion Absolute Limited
10,000 Danske Fund Europe (European equities)
10,000 Evli Ruble Debt (corporate Ruble debt)
10,000 Money Market Fund, 4.25% p.a.
5,000 Credit Agricole ASEAN (equities ASEAN countries)
5,000 Evli Greater Russia
5,000 Fidelity American Growth (US equities)
5,000 Pictet Asian Local Currency Debt
5,000 Robeco Lux-o-rente (European government bonds)
