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.”