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