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Annual Report 2011 8 Five commandments for value investors It is not enough to just find companies that have low valuations 10 Worth its weight in gold Why good corporate governance is a sensible starting point in creating value for shareholders 12 Opportunities in crisis Portfolio managers buy when others are forced to sell PORT FOLIO M ANAGERS’ REPORT PAGE 24: 16 Behind the euro crisis A new sovereign debt crisis is brewing in the shadow of the ongoing euro crisis Synchronised markets Rarely have so many asset classes fluctuated as much – and in such a coordinated manner. And never before have government finances in the euro countries received as much attention from investors. Emerging markets once again suffered the effects of the flight to safety, which made 2011 a poor year for us. The art of common sense

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