Hans-Erik Ribberholt

“We have kept the allocation to traditional European bonds at an absolute minimum (15 per cent) as we do not find any value there. Instead we have included ING Senior Bank loans, an asset class that has suffered some beating lately despite its very low default rates in general. Another interesting asset class is rouble-denominated corporate bonds. In the equity allocation we have included funds investing in the new European countries and Asia. Chinese equities are currently experiencing a price bubble, but as the market’s liquidity remains plentiful, we think the bubble will inflate further before bursting.”