Modelportfolio April 2016

The NAP (Norwegian advisory portfolio) gained close to 1 per cent in April, and is unchanged year to date. The best contributor was Solsten Norwegian Equities which rose 5.2 per cent. The weakest fund was JO Hambro European Select. It was down 1.30 per cent in April. It is important to keep in mind international funds with open currency exposure were hit by the appreciation of the Norwegian krone. It rose 1.80 per cent and 2.60 per cent against the euro and US dollar respectively. 

The belief that the worst part of the earnings downgrades for the oil industry is behind us, and the risk of further Norwegian krone appreciation, did that we decided to remove our holding in JO Hambro Global Select Fund, and invest the proceeds in SEB Norway Focus Fund. We are also switching the existing Norwegian equity exposure from Solsten Norwegian Equities to SEB Norway Focus.

SEB Norway Focus is a new fund based on the long and strong historical performance of SEB’s Norwegian Model Portfolio. The new fund is managed by SEB Investment Management in close and regular dialog with our equity strategist in Norway. The fund will have between 20 and 30 holdings, and the fund manager will not make any index considerations in his stock selection. We are strong believers in SEB Norway Focus, as it is an example where we combine SEB Investment Managements comprehensive and proven investment process with the knowledge, experience and strong track record of SEB’s Markets. 

 Modelportfolio:

Investments Portfolio
Equities  
JO Hambro European Select Values   15%
Solsten Nordic Equities   15%
SEB Norway Focus Fund    15%
Sum Equities   45%
   
Fixed Income  
Carnegie Corporate Bond Fund   10%
SEB High Yield NOK   10%
SEB Dynamic Bond Fund   7,5%
Sum Fixed Income 27,5%
   
Alternative  
SEB Asset Selection    10%
Legg Mason Martin Currie European Absolute Alpha    10%
Nordkinn Fixed Income   7,5%
Sum Alternative 27,5%

 

Return 2008 2009 2010 2011 2012 2013 2014 2015 30.04.2016
SEB NAP -6,73% 26,55% 6,45% 0,17% 12,00% 13,01% 9,65%   6,55%  0,24%
MSCI World* -30,06% 26,51% 10,57% -4,96% 16,42% 29,57% 27,14% 14,96% -7,10%


*MSCI World in NOK