Modelportfolio May 2014

We did not change the allocation in the modelportfolio in May. The modelportfolio generated a positive return of 1.38% vs 1.34% for the benchmark and 2.34% for MSCI World.

The modelportfolio has 40% equity weight versus 50% in the benchmark. Thus we are satisfied by keeping pace with the benchmark since equities had a strong month in May. The mail contributions came from Fidelity Asian Special Situations which rose 3.6% in May and BlueBay Emerging Markets Debt up 2.5%. TreeTop Global Opportunities is still lagging, but we feel confident that when focus shift into mid-sized and smaller companies, and out of value and into cyclicals the fund is well positioned. 

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 10,0%
BlueBay Investment Grade 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 31.05.14
SEB NAP -6,73% 26,55% 6,45% 0,17% 12,00% 13,01% 1,85%
Benchmark** -12,77% 11,92% 6,01% -1,06% 8,23% 15,27% 2,63%
Outperformance 6,04% 14,63% 0,44% 1,23% 3,77% -2,26% -0,78%
MSCI World -30,06% 26,51% 10,57% -4,96% 16,42% 29,57% 4,34%