Our modelportfolio had a very strong month in March, and rose 2.80% during the month. The main contributors were Fidelity Asian Special Situation and JO Hambro Global Select rising 6.60% and 5.60% respectively.
After a period with a very strong development in S&P 500 ETF we take profit and sell the 10% exposure. We take the opportunity to reduce the equity risk somewhat by investing 5% in Holberg Kreditt and 5% in JO Hambro European Select Values. We are also selling the holding of 10% in SEB Likviditet and reducing Carnegie Corporate Bond by 5%. The proceeds from both holdings go into the newly registered SEB Dynamic Bond Fund.
SEB Dynamic Bond Fund is a flexible, NOK hedged bond fund. The fund invests in both investment grade and high yield bonds. It can have a maximum of 50% in high yield.
Modelportfolio after implemented changes:
| Investments |
Portfolio |
| Equities |
|
| JO Hambro European Select Values Fund |
15% |
| Fidelity Asian Special Situations |
10% |
| SEB Nordic Focus |
10% |
| JO Hambro Global Select |
15% |
| Sum Equities |
50% |
| |
|
| Fixed Income |
|
| Carnegie Corporate Bond Fund |
15% |
| BlueBay High Yield Fund |
5% |
| Holberg Kreditt |
5% |
| SEB Dynamic Bond Fund |
15% |
| Sum Fixed Income |
40% |
| |
|
| Alternative |
|
| SEB Asset Selection |
10% |
| Return |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
31.03.15 |
| SEB NAP |
-6,73% |
26,55% |
6,45% |
0,17% |
12,00% |
13,01% |
9,65% |
6,54% |
| Benchmark** |
-12,77% |
11,92% |
6,01% |
-1,06% |
8,23% |
15,27% |
15,49% |
5,87% |
| Outperformance |
6,04% |
14,63% |
0,44% |
1,23% |
3,77% |
-2,26% |
-5,84% |
0,67% |
| MSCI World*** |
-30,06% |
26,51% |
10,57% |
-4,96% |
16,42% |
29,57% |
27,14% |
9,57% |
**Benchmark: 50/50 MSCI World og STX1
*** MSCI World in NOK