April ended with an upswing on the world’s stock exchanges – despite variable key figures, a record-high oil price and a result season without any clear direction. In the USA, the S&P 500 Index rose by 4.9 per cent, in Europe, the MSCI Europe Index rose by 6.2 per cent, while in the Nordic region, the MSCI Nordic Countries Index rose by 4.5 per cent. The Oslo Stock Exchange Mutual Fund Index rose by a huge 11.5 per cent (all measured in local currency).

Challenging times for ODIN Europa
On 24 November 2004, ODIN took over the management of ODIN Europa from Swedbank Robur. From the takeover date and until the temporary peak on 1 July 2007, the fund rose by 132 per cent. That is a huge amount in a short time – and very pleasant for that reason. In comparison, the fund’s benchmark index (MSCI Europe) rose by 58 per cent during the same period. From the temporary peak in July until the end of 2007, the value of ODIN Europa fell by 32 per cent. The fund’s benchmark index fell by 11 per cent during the same period. What happened?