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How has Varma’s investment strategy changed during 2009?
We have reviewed our investment policy. We want to have a diversified portfolio and will continue with that policy, but we have adjusted our allocation to different asset classes. Further-more, we have been aggressive in the management of the overall risk level during last 12 months.
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Risto Murto |
Where do you see the greatest opportunities?
We have been very active in old-fashioned instruments and the current market situation has been an opportunity for us to increase the real estate portfolio. This year will be a record year for direct real estate. We have €3.5bn invested in direct real estate, which will increase by €0.5bn by the end of the year. But we have been concentrating solely on the Finnish market.
Which asset classes have not performed this year?
International real estate especially, but also private equity. There’s been a huge difference in the performance of old-fashioned direct real estate and international property funds – about 40-50 per cent difference in returns.
Are you still interested in indirect real estate?
We will be more critical in choosing providers and strategies. At present, when we are increa-sing our real estate exposure quite a lot, all the money has gone into direct domestic real estate.
