Modelportfolio September 2013

During September the Modelportfolio increased by 2,38% (benchmark +2,05%) and has now risen 8,52% year to date. During the month we made one change in the equity part of the portfolio by replacing some of the US exposure with Europe. Top performers during September was driven by our Russia exposure (East Capital Russia +7,50%), our holding in SEB Nordic Focus (+5,00%) as well as our new Europe holding (Alken European Opportunities +4,90%) For our other holdings the changes were minor, however all on the positive side. We continue to favour a balanced portfolio in terms of asset allocation (40% equities and 60% fixed income)

Europe still faces economic and political headwinds, but we can discern some optimism from forward looking indicators such as purchasing managers’ indices. Valuations are more attractive compared, for instance, to those in the US. Less focus on fiscal tightening policies will allow more room for economic growth. In light of this view we increase our European equity exposure by selling 10% of toltal 15% of the S&P Spyder contributing for a gain 26,5 % year to date (September 4th)

 

InvesteringerPortefølje
Aksjer  
Alken European Opportunities 10,0%
Fidelity Asian Special Situations 10,0%
SEB Nordic Focus 15,0%
S&P Spyder 5,0%
East Capital Russland 5,0%
Sum aksjer 40,0%
   
Obligasjoner  
Industriobligasjoner Norge 25,0%
Ashmore Emerging Mkt Debt 10,0%
Bluebay High Yield Fund 10,0%
Muzinich Short Duration HY 10,0%
Bluebay Investment Grade Fund 5,0%
Sum obligasjoner 60,0%

 

Performance20082009201020112012YTD
SEB Model -6,73%  26,55% 6,45% 0,17% 12.00% 8,54%
Benchmark -12,77% 11,92% 6,01% -1,06%  8,23% 10,11%
Outperformance 6,04% 14,63% 0,44% 1,23% 3,77% -1,57%
MSCI World -30,06% 26,51% 10,57% -4,96% 16,42% 19,03%
Risk / STD           SI 2008
SEB Model           9,37%
Benchmark           8,03%
MSCI World           18,59%