The Model-portfolio was down during the month of June, with a net change of -1,11 % (+4, 30 % YTD) vs. the benchmark -1,18 %. Global equity markets (MSCI World) ended on a negative note (-2,31 %) for the month. Our underlying Emerging Market bond exposure (-6,51 %) as well as the BlueBay Investment Grade (-2,23 %) and BlueBay High Yield (-3,10 %) were the main contributors on the negative side. Worries about reduced quantitative easing caused bond yields to surge and we witnessed a technical sell-off in multiple markets, despite little change in fundamentals.
Positive contributions for the Model-portfolio came from our US equity exposure (+1,70 %) as well as our Norwegian High Yield corporate bonds. We continue to favour a balanced portfolio and believe that our focus on capital preservation is still the right approach going forward.
| Equities | Modelportfolio |
|---|
| Fidelity Asian Special Situations |
10,0 % |
| SEB Nordic Focus |
10,0 % |
| S&P Spyder |
15,0 % |
| East Capital Russland |
5,0 % |
| TOTAL EQUITIES |
40,0 % |
| Fixed Income | Modelportfolio |
|---|
| Corporates Bonds, Norway |
25,0 % |
| Ashmore Emerging Markets Dept |
10,0 % |
| BlueBay High Yield |
10,0 % |
| Muzinich Short Duration High Yield |
10,0 % |
| BlueBay Investment Grade Fund |
5,0 % |
| TOTAL FIXED INCOME |
60,0 % |
| Performance | 2008 | 2009 | 2010 | 2011 | 2012 | YTD |
|---|
| SEB Model |
-6,73% |
26,55% |
6,45% |
0,17% |
12.00% |
4,30% |
| Benchmark |
-12,77% |
11,92% |
6,01% |
-1,06% |
8,23% |
6,35% |
| Outperformance |
6,04% |
14,63% |
0,44% |
1,23% |
3,77% |
-2,05% |
| MSCI World |
-30,06% |
26,51% |
10,57% |
-4,96% |
16,42% |
12,07% |
| Risk / STD |
|
|
|
|
|
SI 2008 |
| SEB Model |
|
|
|
|
|
9,37% |
| Benchmark |
|
|
|
|
|
8,03% |
| MSCI World |
|
|
|
|
|
18,59% |