Modelportfolio July 2013

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.

EquitiesModelportfolio
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 IncomeModelportfolio
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 %
Performance20082009201020112012YTD
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%