Modelportfolio August 2014

The modelportfolio had a weak August, after a two good months in June and July. SEB modelportfolio was down 0.47%, while the benchmark rose 0.25% during the month.

In August the NOK appreciated by 1.28%, 3.21% and 2.94% versus USD, euro and yen respectively. These movements weakened the overall performance as some of the holdings are in local currency. The worst performers were JO Hambro European Select declining 2.99% and SEB Nordic Focus with a negative return 2.11% in August. The main positive contributor in the portfolio in August was BlueBay Emerging Market Bond Fund NOK rising 1.76%. The MSCI World was up 0,40%.

We kept our modelportfolio unchanged throughout the month.

Investments Portfolio
Equities  
J O Hambro ' European Select Values Fund 10,0%
Fidelity Asian Special Situations 10,0%
SEB Nordic Focus 10,0%
TreeTop Global Opportunities 10,0%
Sum Equities 40,0%
   
Fixed Income  
Norwegian High Yield Bonds* 25,0%
BlueBay Emerging Market Bond Fund 10,0%
BlueBay High Yield Fund 10,0%
Muzinich Short Duration High Yield 5,0%
Carnegie Corporate Bond Fund 5,0%
SEB Liquidity Fund 5,0%
Sum Fixed Income 60,0%

 *Norwegian High Yield Bonds: Siem Offshore 2018, Color Group 2015 and Aker 2015

Return 2008 2009 2010 2011 2012 2013 31.08.14
SEB NAP -6,73% 26,55% 6,45% 0,17% 12,00% 13,01% 3,61%
Benchmark** -12,77% 11,92% 6,01% -1,06% 8,23% 15,27% 4,22%
Outperformance 6,04% 14,63% 0,44% 1,23% 3,77% -2,26% -0,61%
MSCI World*** -30,06% 26,51% 10,57% -4,96% 16,42% 29,57% 7,55%

**Benchmark: 50/50 MSCI World og STX1
*** MSCI World in NOK