Modelportfolio December 2016

The Norwegian Modelportfolio (NAP) ended November basically flat. It was an eventful month, with both presidential election in the USA and the crucial OPEC-meeting. The best performers were SEB Asset Selection and SEB Norway Focus, rising 1.20 per cent and 1.00 per cent respectively. At the other end of the scale we find KLP AksjeEurope Indeks and Hermes Global Emerging Markets. Both were off in access of 1 per cent in November.  Year to date the Modelportfolio is up 3.15 per cent.

Due to the OPEC agreement, increasing trend in long bond yields, and several political elections in the Eurozone, we are doing two changes in the NAP this month. We are replacing SEB High Yield (NOK) with Holberg Kreditt. Contrary to SEB High Yield, Holberg Kreditt is mainly invested in floating rate bonds. In addition, the fund has a relatively large exposure to Norway. In light of the OPEC agreement and our generally positive attitude towards Norwegian securities, we believe Holberg Kreditt will perform well going forward.

We also include KLP AksjeGlobal Indeks in the Modelportfolio. It is substituting KLP AksjeEuropa Indeks as we see increased political uncertainty, moderate growth prospects and EU skepticism in many EU-countries. In addition, president elect, Donald Trump, plans to initiate several growth-promoting measures. He also appears to be business friendly. It is generally positive for equities. Furthermore, we welcome the Asian exposure including Japan a global product will give.

 

 

 

  Modelportfolio:

Investments Portfolio
Equities  
KLP Aksje Global Index NOK 10%
Arctic Nordic Equities 10%
SEB Norway Focus Fund 15%
Hermes Global Emerging Markets  5%
Sum Equities 40%
   
Fixed Income  
Carnegie Corporate Bond Fund 10%
Holberg Kreditt 10%
SEB NOK Liquidity 10%
JP Morgan Global Strategy 10%
Sum Fixed Income 40%
   
Alternative  
SEB Asset Selection 10%
Nordkinn Fixed Income 10%
Sum Alternative 20%

 

Return 2008 2009 2010 2011 2012 2013 2014 2015 2016
SEB NAP -6,73% 26,55% 6,45% 0,17% 12,00% 13,01% 9,65%   6,55% 5,30%
MSCI World* -25,56% 12,67% 14,12% -4,55% 8,67% 34,67% 29,39% 16,09%  5,65%


*MSCI World in NOK