Portfolio Manager comment Coeli Likviditetsstrategi January 2020

Likviditetsstrategi began the year with a positive performance and NAV increased by 0.26 percent in January. The strong trend from the end of last year continued into January. Demand was supported by continued inflows into corporate bond funds and generally increasing risk appetite. In the primary market, there was high activity with many transactions, most of which met with great demand and were over-subscribed several times.

Among the major contributors of the month were consumer credit company 4Finance, whose bonds maturing in 2022 were traded up a few percent. The bond has long traded cheaply in relation to the company’s bonds with shorter maturities. The valuation gap has now narrowed somewhat but, in our opinion, remains too large and the 2022 bond should therefore continue to strengthen in price.

Subordinated bonds from Samhällsbyggnadsbolaget i Norden also made a significant return contribution. The company was active in the primary market and issued both senior and subordinated bonds during the month. The issue of subordinated bonds was oversubscribed more than five times, resulting in a very attractive pricing for the company.

The seafood company Mowi, formerly Marine Harvest, was in the market and issued new five-year bonds. The fund participated in the issue and at the same time chose to divest some of the bonds with maturity in 2023 that were in the portfolio since before. The pricing of the new bonds became tighter than what was initially guided, which meant that the 2023 FRN traded up significantly.

On the negative side one primarily found Melin Group whose bonds declined further after a governmental working group presented a proposal for lower debt collection fees in Norway. The proposal, if implemented in its current form, is expected to lead to a loss of revenue for Melin Group, thereby reducing profitability. Melin presented an earnings-forecast for 2020 which, without considering the effects of the proposal, indicates some improvement over last year. Further information from the company is expected at the end of February in connection with the release of the report for the fourth quarter.

During the month new investments were made in bonds from the game developer Stillfront and the Norwegian shipping company Klaveness Combination Carriers. The pharmaceutical company Orexo left the portfolio when the bond was considered to be fully valued. In addition, bonds from Hemfosa were sold after the company now is fully controlled by Samhällsbyggnadsbolaget i Norden.

January was, to say the least, an eventful start to the new decade. The month began with an escalation in the Iran-US conflict, following a US-led drone attack on a prominent Iranian military commander. The increased tensions led to the rising price on Brent oil to USD 68.5 per barrel (from USD 66 per barrel the day before). At the time of writing, the price has fallen back to around USD 58, indicating somewhat dropping tensions in the conflict. Regarding the trade war between China and the U.S, a “Phase one” deal was signed on January 15th. The agreement is an opening for U.S companies to the Chinese economy, including a Chinese commitment to purchase goods and services worth USD 200bn by 2021.

During the latter part of the month, an outbreak of a Corona virus has affected mainly the Asian stock exchanges. China has tried to stop the spread of the virus by isolating several cities and closing down workplaces. Despite these efforts, the virus has spread to several countries outside Asia, so far without any known deceased.

Another step on the road to a complete Brexit was taken in January when the United Kingdom officially left the European Union. The focus now will be on negotiating a new trade agreement with the EU. The UK also stands without trade agreements with the rest of the world and must therefore negotiate these as well. In addition, within the UK, voices for Scottish independence has once again flared up after the Scottish party, SNP, had a strong election in December. Trade and independence discussions will thus be relevant in the UK in 2020 as well.

During the month, ECB launched a new strategic overview, which will last for the rest of the year. This comes at a time when strong voices are starting to rise within the monetary union about an update of the inflationary target. Among others, the head of Bank of France and the Dutch governor made public their opinion about more dynamic inflation targets. German inflation statistics in January showed rising prices of 1.6 percent , below the ECB’s target inflation of 2.0 percent . This is the ninth consecutive month where Germany has not reached target inflation. At the same time, EU harmonized prices showed declining prices of 0.8 percent , demonstrating some of the challenges facing the ECB.

The European and American credit markets showed rising credit spreads during the month, especially in the high-yield segment. The Nordic credit market, on the other hand, has been unaffected and has seen falling credit spreads during the month in the high-yield segment. Stibor 3-month was noted at 0.19 percent , which is a slight upturn from previous months closing. Stibor 3-month was noted at 0.02 percent in mid-December. The Swedish 10-year government bond, which ended the previous year at 0.14 percent , fell once again below 0.0 percent during the month and was noted at -0.04 percent on January 31st.

Coeli Likviditetsstrategi

Performance in Share Class Currency1 MthYTD3 yrsSince incep
Coeli Likviditetsstrategi0.26%0.26%4.46%22.62%

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 (%)
ARJO 0% 20-08.07.20 CP3.7%
WHITE MOUNT FRN 17-22.09.473.4%
CLOETTA AB 0% 19-24.04.20 CP2.9%
PANDOX AB 0% 20-20.08.20 CP2.5%
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

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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.