Portfolio Manager comment Coeli Likviditetsstrategi August 2019

Likviditetsstrategi advanced with 0.13 percent during August. Since year-end, the NAV per share has consequently increased by 1.12 percent. Developments in the corporate bond market were initially pending with falling risk appetite among investors. During the last two weeks of the month the trading environment improved which contributed to tighter credit spreads. Weak economic signals weighed on sentiment but were balanced by growing hopes for easier monetary policy. The combination of the two contributed to globally falling long-term interest rates, which gave another push to prices for fixed-rate bonds.

The largest contributor in August was Samhällsbyggnadsbolaget i Norden which carried out a successful issue of Eurobonds, which raised the prices on existing bonds. In addition, the company announced that it extended its interest rate duration and that the entire debt portfolio is now hedged with an average maturity of about five years.

Bonds from consumer credit company 4Finance also made a positive contribution after trading weakly for most of the year. The company reported a somewhat falling net interest income and modest growth in the loan portfolio. Operating expenses were significantly lower, and the proportion of problem loans decreased. The company seems to be well on its way to adapting its operations to the regulatory changes that have taken place in some of its main markets.

On the negative side one mainly found Melin Group whose bonds declined prior to the quarterly report being presented at the end of the month. The report was rather weak as continued growth of terminals and invoicing services does not yet provide satisfactory financial results. Bonds from the credit management company B2 Holding also traded weak after the company issued a profit warning and a change of CEO was announced. During the second quarter, the company made a major write-down on its portfolio of secured loans in southeastern Europe.

Relatively few changes were made to the portfolio during the month. Among the Fund’s holdings of covered mortgage bonds, some maturity extensions were implemented at the same time as the exposure to Swedbank Mortgage was reduced in favor of a new investment in bonds from Realkredit Danmark. In addition, a commercial paper from NCC was added to the portfolio.

August was a month with continued focus on the trade war between China and the U.S. In the beginning of the month President Trump imposed new tariffs on goods valued at USD 300 billion. The conflict escalated further during the latter part of the month when China imposed tariffs on goods valued at USD 75 billion. The U.S answered by raising the fee on the already announced tariffs, as well as new tariffs on additional goods valued at USD 250 billion, with an announced starting date of October 1st. On the theme of trade wars, Japan has removed South Korea from export whitelist, which means hundreds of products classified as sensitive will be covered by stricter controls.

The recession fears once again flared as the yield curve in the U.S inverted in August, meaning a 10-year government bond trading at a lower yield than a 2-year. This brought down the Dow Jones Industrial Average to its biggest one-day decline in 2019. An inverted yield curve is common 12-18 months before a recession.

In Argentina the peso fell by 30 percent against the USD after the opposition dominated the primary election. Opposition candidate Fernandez has publicly stated willingness to change the deal with IMF regarding Argentina’s debt program, if he wins the election in October.

In the United Kingdom the new Prime Minister Boris Johnson managed to postpone the reopening of the parliament and as such there will be less time for the opposition to stop a no-deal Brexit. October 31st is the deadline for a Brexit and the British government has stated its intention to leave the EU by this date, with or without a deal.

CPIF inflation in Sweden showed an increase by 1.5 percent in July, which was higher than analyst estimates (1.4 percent) and the Swedish Riksbank’s own estimates (1.3 percent). Also, CPIF excluding energy was higher than expected with a reading of 1.7 percent. However, it should be noted the volatile prices in this month’s reading, for example food prices increased by 2 percent.

The Nordic and European credit markets showed somewhat rising credit spreads during the month, especially in the high yield segment of the market. Stibor 3-month rose once again to 0,0 percent during the month. Long-term government bonds showed a positive trend with falling interest rates. Most notable was the German 10-year government bond, where the yield fell to -0.71 percent and the U.S 10-year government bond which is now trading at 1.5 percent.

Coeli Likviditetsstrategi

Performance in Share Class Currency1 MthYTD3 yrsSince incep
Coeli Likviditetsstrategi0.13%1.12%5.40%22.21%

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 17-22.09.472.6%
BRAVIDA HOL 0% 19-30.09.19 2.6%
CLOETTA AB 0% 19-22.11.19 CP2.6%
LANSBK 2.25% 14-
SWEDBK 1% 17-

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

porträttbild man

Alexander Wahlman

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 Wahlman 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.

Coeli 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.

Coeli Andreas Brock

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.

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 portfolio manager of Coeli Altrua Macro and 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.

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.

porträtt man

Erik Lundkvist

Portfolio Manager Strategy Funds

  • At Coeli since 2004
  • More than 15 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.

Joel Etzler

Portfolio Manager Coeli Energy Transition

  • Joined Coeli in 2019
  • More than 13 years of  experience in the industry
  • MSc from the Royal Institute of Technology

Joel Etzler is Portfolio Manager and Founder of the Coeli Energy Transition fund and has more than 13 years in the industry, with investment experience from both the public and private equity side. Etzler joined Kalvoy at Horizon Asset in London in 2012 and spent five years before that within Private Equity at Morgan Stanley. Etzler started his investment career within the technology sector at Swedbank Robur in Stockholm, 2006.

Vidar Kalvoy

Portfolio Manager Coeli Energy Transition

  • Joined Coeli in 2019
  • More than 20 years in the industry
  • MBA from IESE, MSc from Norwegian School of Economics and Business Adm.

Vidar Kalvoy is the lead Portfolio Manager and Founder of Coeli Energy Transition. He has more than 20 years’ experience from portfolio management and equity research. For nine years, he was responsible for the energy investments at Horizon Asset in London, a market neutral hedge fund. Kalvoy also has experience from energy investments at another hedge fund in London and equity research within the technology sector in Frankfurt and Oslo.

Stefan Åsbrink

Fund Manager Coeli Multi Asset

Stefan Åsbrink is the lead Portfolio Manager and Founder of Coeli Multi Asset. He has more than 20 years’ experience from portfolio management and 15 years as Head of Asset Management and CIO. Before Coeli Stefan had Manager of Hedge fund mandates and Global Cross Asset Allocation mandates at major Nordic firms such as SEB, Skandia and DNB. Stefan has a Bachelor in Financial Economics and Econometrics from Uppsala University, PhL. (half PhD) in Dynamic Macro/Top Down Analysis from Uppsala Universty and a PhD in Option valuation, Portfolio optimization and Risk control from Stockholm School of Economics.