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Portfolio Manager comment Coeli Likviditetsstrategi January 2019

Likviditetsstrategi advanced with 0.13 percent during January. The corporate bond market began the year strongly with falling credit spreads in general when investors’ risk appetite strengthened. The activity in the primary market has been relatively limited so far, which provides further support for the prices in the secondary market.

The largest contributor of the month was the Norwegian shipping company Fjord1, which mainly operates road ferries across the Norwegian fjords. The company’s bonds were revalued in line with the Nordic credit market, despite not presenting any specific company news. Samhällsbyggnadsbolaget provided another positive contribution after the company carried out a voluntary repurchase of certain bonds with short maturities and carried out a new issue at attractive terms.

Stolt-Nielsen also made a positive contribution to the month’s results after the company presented its annual report. The fourth quarter was challenging with falling operating profit; however, the company reported reduced indebtedness and guides for market conditions to improve in 2019.

A couple of portfolio changes were made during the month. Among the fund’s holdings of real estate companies, bonds from CIBUS were sold in favor of increased exposure to Kungsleden. One third of the holdings of bonds from Icelandair were redeemed early on in accordance with the agreement reached by the company with the bondholders in December. In addition, the holding of hybrid bonds from Samhällsbyggnadsbolaget and bonds from Enea were divested, as the valuation of these bonds no longer appears attractive.

The month of December was difficult to navigate; however, we can summarize a positive January, both for the stock markets and the credit markets. In the US, S&P 500 rose 7.9 percent, which is the largest percentage increase in January since 1987. The Federal Reserve decided to leave the interest rate unchanged whilst presenting caveat wording in its statement regarding patience for future monetary policy decisions. The report was somewhat surprising for the market as the central bank’s tone has changed since the December hike decision. Although, the Fed seems somewhat concerned about the economy going forward; employment statistics were presented, which showed that the number of new jobs in the US economy in January increased by 304,000. This was nearly double the estimates. Thus, the US economy seems steady, despite some external problems.

The Brexit-discussions have continued in the UK. Parliament voted no for both the negotiated agreement and for an exit without an agreement. The British government, led by Theresa May, is now forced to seek concessions from the EU to modify the most, by British standards, controversial parts of the agreement. The request for renegotiation has so far not received any positive response from the EU. Thus, it looks like the UK is approaching the official date for the exit, less than two months’ away, without a withdrawal agreement. However, there is still time and the negotiations will most likely continue.

In Sweden, 131 days after the parliamentary election, a new government finally took office. Although, the extended process for government formation has not had any significant impact on the financial markets. The short Swedish market rates continued to rise in January and STIBOR 3 month is now quoted at levels around -0.10 percent. This is a marked increase from around minus a half percent that was in effect at the beginning of November last year.

In the credit markets, the bleak tone from previous months has been broken, with reduced credit spreads and rising bond prices for both investment grade and high yield bonds. Despite a significant shift in sentiment, the market is still somewhat hesitant with relatively few new issues and low volumes in the primary market.

Coeli Likviditetsstrategi

Performance in Share Class Currency1 MthYTD3 yrsSince incep
Coeli Likviditetsstrategi0.13%0.13%5.94%21.02%
Benchmark-0.07%-0.07%-2.25%1.86%

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 17-22.09.473.0%
LANSBK 3.25% 13-16.09.202.9%
LANSBK 1.75% 14-15.09.212.8%
SAGAX FRN 17-15.02.222.8%
NORDEA HYP 1% 15-08.04.222.5%

KEEP IN MIND. Fund investments are associated with risk. Past performance should not be seen as a guarantee of future returns. Investments can both increase and decrease in value and you may not get your full investment back.

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.

Man med vit bakgrund

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.