Modelportfolio December 2015

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