Boreas Capital from Iceland is continuing their spectacular performance advancing 2.18 pct in January 2010. The fund rose more than 97 pct in 2009.

- We increased our long exposure in Norway from 78 pct to 84 pct and in Sweden from 7 pct to 11 pct. We also concentrated our short exposure to Sweden and USA and now our short exposure in Sweden is 69% of total short positions and USA represents 31 pct.

Boreas Capital and Landsvaki decided to modify the rules regarding short positions of the fund.

- The following sentence has been taken out of the Investment Policy: "The total value of short positions cannot be in excess of 50 pct of the fund’s net asset value.", writes Boreas in their January comment.