Hans-Erik Ribberholt

“Robeco Lux-o-rente was the best performing fund in January as ­government bonds rose amid the ­turmoil in financial markets. This fund uses a proprietary model to ­continually adjust the interest rate sensitivity to the ­economic ­outlook. The Senior Bank Loans suffered under the fallout from the credit markets and general risk aversion. Default rates are currently at a very low level and will most likely increase in 2008 but this scenario already seems to be more than priced in at current levels. The equity funds took a hit in January but we still prefer to overweight equities at the expense of bonds.”