The results of the Model Portfolios for the third quarter, 2004 (1 October 2004)
By Geir Linlkken, Head of Research

Investtech's Model Portfolios fell in the third quarter with, on average, 2.1 percentage points in relation to the reference index. In particular, the portfolios for Norway and Germany drew the average down by returns of 9.6 and 6.1 percentage points weaker than the index. The portfolio for Finland beat the index by 7.2 percentage points.

Stockholm +3.7% -0.5% -5.2% -2.0%
Helsinki +3.9%+11.8% +7.2% +22.9%
Amsterdam +13.0% +7.3% +5.7% +26.0%
Copenhagen +13.5% +5.1% -2.6% +16.0%
Oslo -6.1% -4.7% -9.6% -20.4%
London +3.8% -3.4% -3.6% -3.2%
Frankfurt/CDAX +15.6% -0.5% -6.1% +9.0%
Nasdaq -2.7%+14.5% -2.9% +8.9%
Average +5.59%+3.70% -2.1% +7.2%
*Excess returns for the portfolio in this quarter, before commission, in relation to the reference index. These are calculated as percentage point excess returns so far this year, minus excess returns for the previous period.

We believe the weak result for the last quarter is first and foremost due to statistical coincidences. The results so far this year have been good, with returns averaging 7.2 percentage points better than the reference index.

The strategy use previously is still considered to be good.

  • Stock picking, however, try not to deviate too far from the index, especially when the index is negative or neutral.
  • Buy stocks in increasing trends for medium-long/long term, or at a confirmed break in a formation, or break through resistance.
  • Use caution when buying at support within falling markets. Sell at resistance within falling markets. Use caution when selling at resistance within rising markets. Buy at support within rising markets.
  • Let the profits run, but cut losses quickly.


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