Our Modelportfolio rose 0.86 per cent in November. Year to date it is up 6.54 per cent. The main contributors in November were Solsten Nordic Equities and JO Hambro European Select Values. They gained 2.43 per cent and 1.81 per cent respectively. On the fixed income side Holberg Kreditt delivered a strong month by climbing 1.26 per cent.
We make two changes in the portfolio by the end of November. We are reducing JO Hambro Global Values by 5 per cent points. The proceeds are invested in Solsten Norwegian Equities. We have been heavily underweight our home market for a long time, and believe it is time to start increasing the exposure gradually. In addition, we see the value in reducing the currency exposure which has served us good for more long time. We are also reducing Carnegie Corporate Bond Fund with 5 per cent. The cash is invested in Nordkinn Fixed Income Macro (NOK). By doing this we are increasing our alternative investment exposure. Nordkinn is a low risk fund with virtually no correlation to stocks and bonds. We consider this a neutral return move, but with a risk reducing effect due to lower risk and the close to zero correlation with the rest of 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% |
| Holberg Kreditt |
10% |
| SEB Dynamic Bond Fund |
10% |
| Sum Fixed Income |
30% |
| |
|
| Alternative |
|
| SEB Asset Selection |
10% |
| Legg Mason Martin Currie European Absolute Alpha |
10% |
| Nordkinn Fixed Income |
5% |
| Sum Alternative |
25% |
| Return |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
30.11.15 |
| SEB NAP |
-6,73% |
26,55% |
6,45% |
0,17% |
12,00% |
13,01% |
9,65% |
6,54% |
| MSCI World* |
-30,06% |
26,51% |
10,57% |
-4,96% |
16,42% |
29,57% |
27,14% |
14,91% |
*MSCI World in NOK