Global Value Equities outperformed the fund’s benchmark in November
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.
Global EM Equities
The fund’s duration is in line with that of its benchmark. Inflationary pressures and thus interest rate levels vary significantly from country to country, which is reflected in the differences in country positions.
Danish Bonds B
The yield spread between Danish mortgage bonds and Danish government bonds widened in November to the disadvantage of mortgage bonds.
Emerging Market Local Currency Bonds B
The fund outperformed its benchmark in October. The fund’s underweights in RON and PLN, its currency and bond picks in Poland as well as its overweights in Ghana and Zambia were the greatest contributors.