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Stocks Not Expensive in This Bull Market, $44 Billion Fund Says

  • Ilmarinen of Finland sees more value in Europe stocks vs U.S.
  • Pension fund is neutral on stocks as low rates persist
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ABN Amro's Duret Remains Overweight Equities

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Stocks aren’t expensive.

At least, not as long as earnings maintain their pace and interest rates don’t rise too much, according to Finland’s second-biggest pension fund. Ilmarinen Mutual Pension Insurance Co., which is merging with smaller rival Etera, said it’s matching equity weights with the benchmark in a 38.3 billion-euro ($43.7 billion) portfolio that’s more than 40 percent invested in stocks.