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Portfolio Manager comment Coeli Likviditetsstrategi February 2019

Likviditetsstrategi advanced with 0.15 percent during February. Since year-end, the NAV per share has consequently increased by 0.28 percent. The atmosphere of the corporate bond market remained positive during the month, with increasing activity in the primary market with new issues from Klövern, Nobina, Volvo Cars and Kungsleden, among others. However, the issued volume during the year is so far clearly at a lower level than last year, which supports the prices in the secondary market.

The largest contributor of the month was the aquaculture company Marine Harvest, which presented their annual report showing a trend of stable earnings and continuation of very good cash flow. The company assesses the outlook for 2019 as good with anticipated growth in volume and continued favorable pricing.

Also, bonds of wind power company Arise developed well after the company revealed its results for 2018 – both sales and earnings improved significantly. At the end of the month Arise also announced that a part-owned wind farm will be divested during the first quarter, which will give the company the opportunity to significantly reduce its debt. The real estate company Kungsleden was another major contributor with its solid annual report and a new issue of bonds.

On the negative side we have the reinsurance company Sirius International, whose bonds fell slightly after the company’s majority owner reportedly had problems with liquidity. However, the owners’ alleged problems do not affect the creditworthiness of Sirius since the company is independent with an independent board and activities that are regulated by authorities mainly in Sweden, the US and Bermuda.

During the month, new investments were made in floating rate bonds from Stora Enso and commercial papers from among others the confectionery company Cloetta and the engineering consultant ÅF. Bonds with short maturities from Samhällsbyggnadsbolaget and Kungsleden were exchanged for ditto with approximately one year longer maturities. The maturity extensions that contribute to an increased risk in the portfolio were balanced by the increase in the proportion of corporate certificates. The fund’s risk utilization is considered to remain below average over the recent years.

In February it became clear the central banks have become more cautious in their comments regarding future rate hikes. The American Federal Reserve decided to pause its expected rate hikes and continues to stress the importance of patience going forward. Fed evaluate the global economy with a higher degree of uncertainty than before – lower growth in China and Europe, tensions in trading, a volatile stock market and further risks for a government shutdown in the U.S, are mentioned as examples of potential global risks. The dovish comments from the FED contributed to the S&P increasing by 11 percent so far this year.

During the month of February, the Swedish Riksbank left rates unchanged at -0.25 percent. The board notes how the economic trend has reached a phase with less economic growth, both in Sweden and globally. However, even if the growth rate in the economy is subdued, the level of economic activity is still strong and according to the Swedish Riksbank the expectations of inflation rates, close to 2 percent in the following years, has not changed.

From a Swedish perspective, GDP numbers for the fourth quarter of 2018 came in during the month. These figures showed a GDP growth of 2.4 percent compared to the same quarter in 2017, which is a considerable improvement than most analysts had expected. At the same time, the negative trend from previous quarters was broken. The Swedish Krona increased on these figures by approximately 6 SEKcents versus the Euro and 4 SEKcents versus the U.S dollar.

During the past month the credit rating agency Fitch announced the sovereign debt rating of Italy, which was left unchanged. However, there was continued negative outlook and a reservation for the considerable sovereign debt levels and the lower GDP growth rate. The Italian government is now continuing an expansionary fiscal policy to increase the growth rate.

The Nordic and European credit markets have started the year strong with decreasing credit spreads and increasing bond pricing; thus, the decline from the fourth quarter in 2018 has almost been completely erased. The value of long-term government bonds has also shown a rising trend in the beginning of the year, where a US 10-year bond now returns 2.75 percent, a decrease from the roughly 3 percent in November 2018.

Notable is also the 3-month STIBOR, which has gone from a level of -0.5 percent before the Swedish Riksbank’s rate hike in December, to a current rate of -0,07 percent. This clear increase is positive for Swedish floating rate notes and money market instruments.

Coeli Likviditetsstrategi

Performance in Share Class Currency1 MthYTD3 yrsSince incep
Coeli Likviditetsstrategi0.15%0.28%6.32%21.20%
Benchmark-0.04%-0.11%-2.26%1.83%

Gustav Fransson

Portfolio Manager of Coeli Likviditetsstrategi

Alexander Larsson Vahlman

Senior Analyst

Fund Overview
Inception Date2010-05-01
Management Fee0 %
Performance FeeYes
Risk category1 of 7
Top Holdings (%)
WHITE MOUNT FRN 17-22.09.473.1%
LANSBK 3.25% 13-16.09.202.9%
LANSBK 1.75% 14-15.09.212.9%
SAGAX FRN 17-15.02.222.8%
NORDEA HYP 1% 15-08.04.222.5%

DISCLAIMER. The information provided here does not constitute professional financial advice. 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. The key investor information document (KIID) and prospectus are available at www.coeli.se.

Portfolio Manager Mattias Eriksson

Mattias Eriksson

Portfolio Manager Coeli Sweden Fund

  • At Coeli since 2017
  • More than 18 years in the industry
  • Holds a Bachelor degree from Lund University and is a CFA Charter holder

Mattias has 18 years of experience in equity research. Prior to joining Coeli, Mattias was Head of Equites and Fixed Income Advice at Nordea. Mattias has also written a book about equities and equity valuation.

Portfolio Manager Carl Anderen

Carl Anderen

Portfolio Manager Coeli Norrsken

  • Managed the fund Coeli Norrsken since 2010
  • More than 27 years in the industry
  • Carl has a BS, Business Admin & Finance from USC, Los Angeles, CA

Carl has more than 25 years experience in global equity and commodity markets. For the past 12 years he has been managing the company’s event strategy, which is focused on the US Equity Market. He has been the key decision maker at Northern Light since its inception in 1994.

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Alexander Larsson Vahlman

Senior Analyst Coeli Likviditetsstrategi & Coeli Nordic Corporate Bond Fund

  • Worked at Coeli since 2018
  • Worked in the finance sector since 2014
  • MSc from Rotterdam School of Management and Bachelor from Mercyhurst University

Alexander Larsson Vahlman is Senior Analyst for the funds Coeli Likviditetstrategi and Coeli Nordic Corporate Bond Fund. Before Coeli, Alexander worked at Danske Bank with business funding and och business analysis.

Portfolio Manager Gustav Fransson

Gustav Fransson

Portfolio Manager Coeli Likviditetsstrategi & Nordic Corporate Bond Fund

  • At Coeli since 2009
  • More than 10 years in the industry

Gustav has more than 10 years’ experience from the financial industry from various roles within asset management and corporate banking. Prior to joining Coeli in 2008 he worked as a real estate finance analyst at Royal Bank of Scotland, Nordic Branch.

Portfolio Manager Henrik Milton

Henrik Milton

Portfolio Manager Global Select

  • At Coeli since 2016
  • More than 17 years in the industry
  • Master of Science in Finance from Lund University

Henrik Milton has extensive experience from analyzing equity and portfolio management. Previously, Henrik has worked as portfolio manager at Capinordic Asset Management responsible for the Global Opportunities fund and the BRICA fund until 2010. Both of the funds were given top ratings (five stars) by Morningstar.

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Andreas Brock, CFA

Portfolio Manager Coeli Global Select

  • At Coeli since 2014
  • More than 10 years in the industry
  • MBA at London Business School, Bachelor degree from Lund University and is a CFA Charter holder

Andreas has long experience of equity research and investments and invested globally during his time with Capital Group in London, but his formative years as an investor dates back to his days with ABB’s M&A department in China. Andreas is a CFA Charterholder.

Portfolio Manager James Bannan

James Bannan

Portfolio Manager Coeli Frontier Markets

  • At Coeli since 2017
  • More than 12 years in the industry
  • Chartered Accountant (CA) from the Institute of Chartered Accountants, Australia

James Bannan has been investing in Frontier Markets for over 10 years, including as co-lead at BankInvest’s global Frontier Markets listed equities funds from May 2011. Prior to that James lived in Ho Chi Minh City, Vietnam for 5 years, working for BankInvest’s Private Equity New Markets funds, which was rated as the best performing fund in Asia with 2006 – 2010 vintage by Prequin, generating returns of over 50%. Before his time in Vietnam, he worked with M&A at KPMG in Sydney and Copenhagen, where he completed several deals in several in Frontier Markets. In 2018 Coeli Frontier Markets was awarded the prestigious Thomson Reuters Lipper Fund Award for best fund in its category.

Portfolio Manager Hans-Henrik Skov

Hans-Henrik Skov

Portfolio Manager Coeli Frontier Markets

  • At Coeli since 2014
  • More than 12 years in the industry
  • Holds a Master of Science in Finance from Copenhagen Business School, graduating as top two of his class

Having managed listed equities in global Frontier Markets since May 2007, Hans-Henrik Skov has one of the longest experiences in this investment universe. He was at BankInvest Asset Management from May 2007 to February 2014, as co-lead on BankInvest’s Frontier Markets listed equities funds. Hans-Henrik previously worked at Barclays Capital and at JP Morgan, both in London. In 2018 Coeli Frontier Markets was awarded the prestigious Thomson Reuters Lipper Fund Award for best fund in its category.

Portfolio Manager Filip Kozlowski

Filip Kozlowski

Portfolio Manager Coeli Altrua Macro

  • At Coeli since 2018
  • More than 15 years of experience in trading with financial instruments
  • Holds a M.Sc. in Finance from Stockholm School of Economics

Filip Kozlowski is co-portfolio manager of Coeli Altrua Macro together with Namik Immelbäck. During the last 15 years he has held several roles with focus on trading and risk management of financial instruments. Early in his career Filip worked five years for Deutsche Bank in London as a portfolio trader and recently before joining Coeli he was investment manager at a family office in Monaco focussing on portfolio protection strategies.

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Namik Immelbäck

Portfolio Manager Coeli Altrua Makro

  • Joined Coeli in 2018
  • 12 years of experience in global macro investing
  • BSc London School of Economics, MSc Bocconi

Namik Immelbäck is together with Filip Kozlowski co-portfolio manager of Coeli Altrua Macro responsible for investment strategy and research. Over the last 12 years Namik has held various roles as economist, investment strategist and trader at well-known global macro hedge funds such as Comac Capital, Tudor and Millennium in London and New York.

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Mikael Petersson

Portfolio Manager Coeli Absolute European Equity

  • Joined Coeli in 2018
  • More than 25 years of  experience in finance industry
  • BSc from Lunds University

Mikael Petersson is the responsible portfolio manager for Coeli Absolute European Equity and has many years of experience in portfolio management. Mikael has been an employee for some of the most successful hedgefund coorporations in Europe, such as Lansdowne Partners and Kairos Investment Management in London. He has also started his own business i Zug, where Coeli previously was an investor.

Portfolio Manager Erik Lundkvist

Erik Lundkvist

Portfolio Manager Strategy Funds, Coeli Multistrategi & Coeli Multistrategi 2xL

  • At Coeli since 2004
  • More than 13 years in the industry
  • Erik holds a M.Sc. in Economics from Örebro University and CEFA from Stockholm School of Economics

Erik is responsible for Coeli Asset Management Solutions products and has 10 years of experience from asset management in roles such as Portfolio Manager, manager selector and economist.