Modelportfolio September 2015

Widening credit spreads and falling stock markets also made its impact on the Modelportfolio in September. The portfolio ended the month down 1.47 per cent. Within the equity space the worst performer was JO Hambro Global Select. The fund was down 7.98 per cent for the month. The large overweight in healthcare was the main reason for the weak performance. The sector was down more than 7 per cent in the US and 6 per cent globally. An example is Valeant, one of the funds long term positions. The stock fell some 20 per cent during the month as the drug maker was subpoenaed by the Democrats in the U.S. House of Representatives for documents relating to drug price increases, as the latest move by politicians is seeking to curb prices on acquired drugs.

The low liquidity and spread widening in high yield bonds also hurt the portfolio in September with Holberg Kreditt and Carnegie Corporate Bond down 1.63 per cent and 1.09 per cent respectively. It was the alternative side that had the best performance. SEB Asset Selection ended the month up 1.57 per cent followed by Martin Currie European Absolute Alpha Fund raising 0.38 per cent. We did not do any changes in the Modelportfolio during September.

 

Modelportfolio:

Investments Portfolio
Equities  
JO Hambro European Select Values 15%
Fidelity Asian Special Situations   5%
Solsten Nordic Equities 10%
JO Hambro Global Select 15%
Sum Equities 45%
   
Fixed Income  
Carnegie Corporate Bond Fund 15%
Holberg Kreditt 10%
SEB Dynamic Bond Fund 10%
Sum Fixed Income 35%
   
Alternative  
SEB Asset Selection 10%
Legg Mason Martin Currie European Absolute Alpha 10%
Sum Alternative 20%

 

Return 2008 2009 2010 2011 2012 2013 2014 30.09.15
SEB NAP -6,73% 26,55% 6,45% 0,17% 12,00% 13,01% 9,65% 2,85%
MSCI World* -30,06% 26,51% 10,57% -4,96% 16,42% 29,57% 27,14% 5,40%


*MSCI World in NOK