Portfolio Manager comment Coeli Likviditetsstrategi December 2019

Likviditetsstrategi advanced during December with 0.11 percent. Since year-end, the NAV per share has consequently increased by 1.19 percent. The year ended on a strong note in the corporate bond market as the strong risk appetite from November remained, bringing credit spreads somewhat tighter. Initially, activity in the primary market was high, but declined towards the end of the month.

Intrum was among the major contributors, which carried out a refinancing of parts of the company’s bank loans during the month. The new loan facility is larger and with a longer maturity than the previous one, which strengthens the company’s liquidity profile. Bonds from the consumer credit company 4Finance also developed well thanks to growing interest and demand from investors, which provided support for bond prices.

Bonds from Heimstaden Bostad were positively affected by news that Folksam and KPA Pension were entering as the new owners in the company through a private placement. In total, Heimstaden Bostad receives more than SEK 7 billion in the share issue and this can be seen as a step forwards towards the company’s ambition to achieve a higher credit rating.

On the negative side one found the Norwegian ferry company Fjord1, whose bonds fell somewhat after the principal owner acquired more shares in the company and announced its intention to merge the company with another company, which is fully owned by said principal. A merger could cause a deterioration of Fjord1’s financial position; also, the proposed transaction causes some concern about how the governance is exercised and whether the interests of minority shareholders and bond investors are best looked after. As a group, covered bonds made a minor negative contribution due to rising market interest rates.

During the month, a new investment was made in a covered bond from Svensk Hypotekspension, Sweden’s leading player in capital release credits. The real estate company Sagax issued new bonds with maturity in 2023 and parts of the fund’s holdings of bonds from the company with shorter maturities were exchanged for these. Mariefjärd, a wholly owned subsidiary of Klövern, left the portfolio when the bonds were early redeemed.

At the last meeting of the year the Swedish Riksbank chose to raise the interest rate by 25 bps to 0 percent. Thus, the Swedish economy saw an end to a monetary policy with negative interest rates, which the country has had since February 2015. The interest rate path was left unchanged. This means that the Riksbank is foreseeing the next rate hike at the end of 2022; i.e., almost three years with 0 percent interest rate. A comment made by the central bank states that the Swedish economy is leaving a business cycle that has been unusually strong to a more normal phase, but with continued growth.

During the month, the United Kingdom held a general election; it was Boris Johnson’s Tories with the slogan “Get Brexit done” versus Jeremy Corbyn’s Labour, which were more focused on the NHS and the welfare of the UK. Based on the votes, the Brits were undeniably tired of Brexit and voted for Boris Johnson by a wide margin. Tories are now promising to implement Brexit before January 31st. However, this means that nothing significant will happen immediately, the UK will continue to obey EU laws. New discussions between the EU and UK will commence in order to reach a Brexit deal. If no agreement is in place before the end of 2020, the country will leave the EU without a trade agreement, a so-called hard Brexit.

Similarly, the trade conflict between US and China has come closer to being solved as the two parties agreed on a phase one agreement. The agreement is planned to be signed mid-January 2020. The intention with the phase one deal is to annul the planned tariff increases from December and to reduce the tariff hikes from September 1st by half. Also, China undertakes to purchase US agricultural products over a two-year period. Continued discussions for a phase two agreement are thus awaiting.

Federal Reserve (Fed) chose to leave the interest rate unchanged at an interval of 1.5-1.75 percent, which was expected by the market. The head of Fed, Jerome Powell, commented that the US economy is well positioned and that the outlook remains favorable. Also, as expected the ECB chose to leave interest rates unchanged. ECB foresees interest rates on the same level or lower until inflation is closer to its target.

During the month, the Nordic and European credit markets had falling credit spreads in both investment grade and the high-yield segment. Stibor 3-month was noted at 0.15 percent at the end of the month. The Swedish 10-year government bond was noted by the end of the year at 0.14 percent after having been positive for the entire month.

Coeli Likviditetsstrategi

Performance in Share Class Currency1 MthYTD3 yrsSince incep
Coeli Likviditetsstrategi0.11%1.19%4.60%22.30%

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 (%)
CLOETTA AB 0% 19-24.04.20 CP2.8%
WHITE MOUNT FRN 17-22.09.47 2.8%
SWEDBK 1% 17-
KLOVERN AB 0% 19-11.02.20 CP2.2%
BRAVIDA HOL 0% 19-28.02.20 CP2.2%

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

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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.

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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 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.

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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.