Modelportfolio November 2015

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