The Modelportfolio had a strong month in November and gained 3.95% during the month. The main contributor was iShares S&P rising 7.19% in NOK, with JO Hambro European Select close behind rising 6.7%. However, about half the gain in both were due to appreciation of USD and EUR against the NOK. The benchmark was up 2.5%, thus the Modelportfolio outperformed the benchmark by about 1.5% in November.
In the middle of the month we decided to sell our 5% share in SEB Liquidity Fund and added the 5% in our existing investment in iShares S&P 500, resulting in a total stake of 15%.
Going forward we will follow the markets very close. Our main focus for the Modelportfolio is capital preservation, thus it is unlikely for us to increase equity weights significantly from these levels.
We would also take the opportunity to wish all our readers a Merry Christmas and the best wishes for 2015.
Modelportfolio after implemented changes:
| 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% |
| Ishares Core S&P 500 UCITS |
15,0% |
| Sum Equities |
55,0% |
| |
|
| Fixed Income |
|
| Norwegian High Yield Bonds* |
20,0% |
| BlueBay Emerging Market Bond Fund |
10,0% |
| BlueBay High Yield Fund |
5,0% |
| Carnegie Corporate Bond Fund |
10,0% |
| Sum Fixed Income |
45,0% |
*Norwegian High Yield Bonds: Siem Offshore 2018, Color Group 2015 and Aker 2015
| Return |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
28.11.14 |
| SEB NAP |
-6,73% |
26,55% |
6,45% |
0,17% |
12,00% |
13,01% |
7,01% |
| Benchmark** |
-12,77% |
11,92% |
6,01% |
-1,06% |
8,23% |
15,27% |
11,54% |
| Outperformance |
6,04% |
14,63% |
0,44% |
1,23% |
3,77% |
-2,26% |
-4,53% |
| MSCI World*** |
-30,06% |
26,51% |
10,57% |
-4,96% |
16,42% |
29,57% |
20,04% |
**Benchmark: 50/50 MSCI World og STX1
*** MSCI World in NOK