In the 2009 annual report, we stated that we were optimistic at the start of 2010. We expected improvements in the companies’ results to form a basis for a continued upswing on the stock exchanges. At the same time, we wrote that the increased focus on the national debt in a number of countries could have pronounced effects on the markets. Unfortunately, the latter proved to be true. The focus on national debt in many European countries contributed to major fluctuations in the world’s stock exchanges during the first half-year.
We are entering the second half-year with major discounts on all of ODIN’s eleven equity funds – compared to their underlying values. We are aware of several factors which may lead to unrest on the stock exchanges but believe that the positive factors outweigh these. In our opinion, the recent fall in the stock exchanges should be used to increase investments in shares. We believe this will be very profitable over time for you as a unit holder.
NB: The text above is from the market comment in ODINs semi annual report 2010.
Content:
• Editorial: A market based on expectations
• Comments from ODIN’s Fund Managers
• The portfolio managers’ assessments
• Key Figures
