Portfolio Manager comment Coeli Likviditetsstrategi July 2024

This is a marketing communication.

Before making any final investment decisionsplease read the prospectusits Annual Report, and the KID of the relevant Sub-Fund here

Note that the information below describes the share class (R SEK), which is a share class reserved for private investors. Investments in other share classes generally have other conditions regarding, among other things, fees, which affects the share class’ return. The information below regarding returns therefore differs from the returns in other share classes.

Likviditetsstrategi advanced by 0.61% during July. Since year-end, the NAV per share has consequently increased by 4.04%. During the month of July, market rates fell, not least in Sweden, where the market is now pricing in 4 interest rate cuts this year. This is twice as many as the Riksbank's own forecast. This is mainly due to lower inflation expectations, which has resulted in pressure on market interest rates and a weaker Krona. Should the market be right, the policy rate will land at 2 per cent at the end of 2025. As is well known, the ECB and the Fed have not yet started to cut rates, but expectations are now high that the cuts will come in September.

Credit spreads narrowed slightly during the month and were more or less unaffected by the correction/rotation that took place in the equity market. The Nordic credit market was characterised by a summer lull with few primary deals and limited trading in secondary markets.

Bonds from Hoist Finance developed positively after the company presented a strong report with a significantly improved result because of rising revenues and good cost control. During the year, Hoist intends to apply for the status of "specialized debt restructurer", which will improve the company's capital adequacy and place higher demands on long-term and stable financing. Securitas also offered a solid report with a somewhat stronger result than expected. The security company reported healthy growth in both services and technology/security solutions, operating margin improved in both segments. Securitas is judged to have good conditions to further strengthen margins through technology content and increased profitability focus in the service area.

The real estate companies reported generally in line with expectations, the value changes during the quarter were relatively small, while lettings were slightly better than expected with stable vacancy rates and no increase in rental losses. In addition, the sector benefited from falling interest rates and falling expectations about future interest rates.

During the month, bonds from Telia and Viaplay were divested.

 

Top Holdings (%)
SWEDBK 1% 18-18.09.24   3.8%
NORDEA HYP 1% 18-18.09.24   3.8%
ARJO 0% 21-11.05.22 CP   3.4%
LANSBK 1.5% 16-18.09.24   3.0%
LANSBK 1.25% 18-17.09.25   2.9%

 

IMPORTANT INFORMATION. This is a marketing communication. Before making any final investment decisions, please refer to the prospectus of Coeli SICAV I, its Annual Report, and the KID of the relevant Sub-Fund. Relevant information documents are available in English at coeli.com. A summary of investor rights will be available at https://coeli.com/financial-and-legal-information/. Past performance is not a guarantee of future returns. The price of the investment may go up or down and an investor may not get back the amount originally invested. Please note that the management company of the fund may decide to terminate the arrangements made for the marketing of the fund in one or multiple jurisdictions in which there exists arrangements for marketing.

Please indicate whether you are a private or institutional investor.

Coeli may, pursuant to law, market one or multiple funds in several jurisdictions. By choosing an option in the list below, you confirm that you belong to one of these.

Den sammanfattande riskindikatorn ger en vägledning om risknivån för denna produkt jämfört med andra produkter. Den visar hur troligt det är att produkten kommer att sjunka i värde på grund av marknadsutvecklingen. Indikatorn speglar framför allt upp- och nedgångar i de aktier fonden placerat i. Denna produkt innehåller inte något skydd mot framtida marknadsresultat. Du kan därför förlora hela eller delar av din investering. Förutom de risker som ingår i riskindikatorn kan andra risker påverka fondens resultat. Se fondens fondbestämmelse för mer information.

Morningstars fondbetyg (rating) är ett mått som går att använda för att se hur fonderna har presterat historiskt. Fonden får ett högre betyg om den har haft en bra avkastning i förhållande till fondens risknivå. En fond måste ha funnits i minst 3 år för att få ett totalt betyg. Har fonden funnits längre än 5 och 10 år får dessutom betyg för dessa tidsperioder. Morningstars hållbarhetsbetyg är ett mått på de ekonomiskt väsentliga riskerna inom miljö, socialt och ägarfrågor (ESG) i en portfölj relativt till liknande konkurrerande portföljer. Hållbarhetsbetyget beräknas för fonder, förvaltningsuppdrag och index globalt, med hjälp av Morningstars databas med portföljinnehav.