December was another great month for equities
Emerging Market Local Currency Bonds B
The fund outperformed its benchmark in December. The fund’s currency underweights and asset allocation in Thailand and Romania, its overweights in Russia and Brazil as well as the fund’s bond picks in Mexico were the largest contributors.
Global Value Equities
December was another great month for equities. Predominantly European and Japanese equities performed well whereas emerging market equities had another difficult month.
Danish Bonds B
We project that the upward pressure on US interest rates in particular and European interest rates to a lesser extent will continue in 2017 as the financial policy announced by Trump will lead to increasing growth, higher inflation and tighter moneta
Far East Equities
The fund underperformed its benchmark. Particularly the overweight in India was a drag on performance. We are overweight in India. We are underweight in Korea, Taiwan and Hong Kong.