The Modelportfolio has returned 4.78 per cent by the end of August. It fared relatively well during the volatility in the three summer months, and was off 2.90 per cent. The majority of the decline was in August when it was down 2.55 per cent. In the middle of August, we reduced our holding in Fidelity Asian Special Situations from 10 per cent to 5 per cent, and removed BlueBay High Yield NOKs 5 per cent weight from the portfolio. We invested the proceeds into Martin Currie European Absolute Alpha NOK (MCEAA). MCEAA is a European long/short equity fund that is currency hedged into Norwegian kroner. This is part of a long-term strategy to gradually reducing the risk of the Modelportfolio. That said, it does not rule out taking short term bets if we see good risk/reward opportunities.
Modelportfolio:
| Investments |
Portfolio |
| Equities |
|
| JO Hambro European Select Values |
15% |
| Fidelity Asian Special Situations |
5% |
| Solsten Nordic Equities |
10% |
| JO Hambro Global Select |
15% |
| Sum Equities |
45% |
| |
|
| Fixed Income |
|
| Carnegie Corporate Bond Fund |
15% |
| Holberg Kreditt |
10% |
| SEB Dynamic Bond Fund |
10% |
| Sum Fixed Income |
35% |
| |
|
| Alternative |
|
| SEB Asset Selection |
10% |
| Legg Mason Martin Currie European Absolute Alpha |
10% |
| Sum Alternative |
20% |
| Return |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
31.08.15 |
| SEB NAP |
-6,73% |
26,55% |
6,45% |
0,17% |
12,00% |
13,01% |
9,65% |
4,78% |
| MSCI World* |
-30,06% |
26,51% |
10,57% |
-4,96% |
16,42% |
29,57% |
27,14% |
7,77% |
*MSCI World in NOK