Modelportfolio July 2014

Our modelportfolio increased by 0.17% in July while the index decreased by -0.38%, an outperformance of 0.55% as such. The main contributor was Fidelity Asian Special Situations which increased 4.70% in value during the month. The worst performers were SEB Nordic Focus Fund and JO Hambro European Select Values down 2.94% and 1.4% respectively. For the year the modelportfolio is up 3.90%, while the benchmark has increased 3.12%.

Last month we introduced Carnegie Corporate Bond as a new holding in the modelportfolio. Later in the month we were informed that Stefan Ericson, who has been the lead manager of the fund, unfortunately had decided to pursue a career outside Carnegie. We are still positive towards the fund and its philosophy, but a change of lead manager is causing uncertainty. Thus we have decided to cut the holding to 5%. We will follow the fund closely, and are not ruling out that we will take it up to 10% weight at a later stage. We invest the 5% proceed in the SEB Liquidity Fund.

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 31.07.14
SEB NAP -6,73% 26,55% 6,45% 0,17% 12,00% 13,01% 3,90%
Benchmark** -12,77% 11,92% 6,01% -1,06% 8,23% 15,27% 3,12%
Outperformance 6,04% 14,63% 0,44% 1,23% 3,77% -2,26% 0,79%
MSCI World -30,06% 26,51% 10,57% -4,96% 16,42% 29,57% 5,02%