Modelportfolio January 2015

The Modelportfolio rose 1.12% in January. The main contributors were Fidelity Asian Special Situations and SEB Nordic Focus rising 5.33% and 4.86% respectively.

As two of the bonds in the portfolio will reach maturity in just a few months’ time, we have decided to exit these. We are investing the proceeds with 10% in Carnegie Corporate Bond Fund and 10% in SEB Asset Selection. Both holdings are in NOK. SEB Asset Selection is a CTA UCITS registered hedge fund. The main reason to enter this position is to diversify the portfolio as SEB Asset Selection is uncorrelated with both stocks and bonds.

We are also exiting TreeTop Global Opportunities. The fund has underperformed for most of 2014, and we are replacing it with JO Hambro Global Select. We are also investing 5% of our holding in iShares S&P 500 in the same fund. 

Please see attached fact sheet for JO Hambro Global Select and SEB Asset Selection for further information.

Modelportfolio after implemented changes:

Investments Portfolio
Equities  
JO Hambro European Select Values Fund 10%
Fidelity Asian Special Situations 10%
SEB Nordic Focus 10%
Ishares Core S&P 500 UCITS 10%
JO Hambro Global Select 15%
Sum Equities 55%
   
Fixed Income  
Carnegie Corporate Bond Fund 20%
BlueBay High Yield Fund 5%
BlueBay Emerging Market Bond Fund 10%
Sum Fixed Income 35%
   
Alternative  
SEB Asset Selection 10%

 

Return 2008 2009 2010 2011 2012 2013 2014 31.01.15
SEB NAP -6,73% 26,55% 6,45% 0,17% 12,00% 13,01% 9,65% 1,12%
Benchmark** -12,77% 11,92% 6,01% -1,06% 8,23% 15,27% 15,49% 0,82%
Outperformance 6,04% 14,63% 0,44% 1,23% 3,77% -2,26% -5,84% 0,30%
MSCI World*** -30,06% 26,51% 10,57% -4,96% 16,42% 29,57% 27,14% 1,54%

**Benchmark: 50/50 MSCI World og STX1
*** MSCI World in NOK