“This month we didn’t make any change to the portfolio and no changes have been made in the sector and geographic allocation.

The best contributor to this month performance was Tom Stubbe Olsen, manager of Nordea European Value Fund. Other good performances came from Vontobel US Value Fund, Franklin Mutual Global Discovery Fund and Vontobel Global Value ex US.

The bond portion of our portfolio remains invested in pure Government bond funds, as we maintain our conservative approach.”