December turned out to be a difficult year for most equity markets. Major markets retreated between two and five per cent. In that context our Modelportfolio did well by just staying in positive territory. For the year 2015, we are satisfied with the Modelportfolio which returned about 6.55 per cent, with a relatively low volatility.
By the end of the year we are removing the 10 per cent position in Holberg Kreditt. The reason is the relatively high dependency of oil and oil-service in the Norwegian market, and the at times low liquidity in the Norwegian bond market. We are replacing it with 7.5 per cent in SEB High Yield NOK and 2.5 per cent in Nordkinn Fixed Income Macro Fund. SEB High Yield is a global, well diversified and conservative high yield fund. It is hedged into Norwegian kroner, so investors are not running any currency risk. We increase our holding in Nordkinn in our long term strategy to increase the alternative weight in the portfolio.
Modelportfolio:
| Investments |
Portfolio |
| Equities |
|
| JO Hambro European Select Values |
15% |
| Fidelity Asian Special Situations |
5% |
| Solsten Nordic Equities |
10% |
| JO Hambro Global Select |
10% |
| Solsten Norwegian Equities |
5% |
| Sum Equities |
45% |
| |
|
| Fixed Income |
|
| Carnegie Corporate Bond Fund |
10% |
| SEB High Yield NOK |
7,5% |
| SEB Dynamic Bond Fund |
10% |
| Sum Fixed Income |
27,5% |
| |
|
| Alternative |
|
| SEB Asset Selection |
10% |
| Legg Mason Martin Currie European Absolute Alpha |
10% |
| Nordkinn Fixed Income |
7,5% |
| Sum Alternative |
27,5% |
| Return |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
31.12.15 |
| SEB NAP |
-6,73% |
26,55% |
6,45% |
0,17% |
12,00% |
13,01% |
9,65% |
6,55% |
| MSCI World* |
-30,06% |
26,51% |
10,57% |
-4,96% |
16,42% |
29,57% |
27,14% |
14,96% |
*MSCI World in NOK