During 2009, we further developed our medium-term asset allocation model.  This asset allocation model is fully implemented from 2010. Our approach is known as dynamic asset allocation and involves dividing the portfolio into risk classes, on which we base our investment decisions. The main difference from before is that dynamic allocations are based on the underlying risk class of the assets. Our dynamic asset allocation model is described in more detail in the 2009 annual report >>.

The Fund’s total return, risk and exposure in respect of each risk class are shown in the diagram below. We focus on forecasted returns and risk when making asset allocations. Risk is shown as Value at Risk.