Before making any final investment decisions, please read the prospectus, its Annual Report, and the KID of the relevant Sub-Fund here
Likviditetsstrategi advanced by 0.64% during March. Since year-end, the NAV per share has consequently increased by 1.83%. The month was characterised by sustained risk appetite, with gains in the stock markets in particular. We have had to get used to the fact that the US 10-year market rate has held the baton when it comes to risk appetite for risky assets. But despite the fact that interest rates have been in a rising trend since the start of the year, the rally on the stock markets has continued. The U.S. economy continues to surprise on the upside, with more robust growth and a stable labor market. In Europe and Sweden, inflation continues to fall, which means that we are now approaching interest rate cuts by the ECB and the Riksbank.
Credit spreads on corporate bonds were basically unchanged during the month. European credit indices show a credit premium of around 300bp for high yield bonds and about 50bp for investment grade bonds. The Nordic region continues to look more attractive with credit mark-ups of around 500bp on high yield and around 100bp on investment grade, which entails a elevated yield from a historical perspective. The issuance market for both high yield and investment grade is wide open and is largely characterized by refinancing.
Bonds from the insurer SiriusPoint were among the month's top contributors after the company announced a refinancing of its two outstanding dollar bonds. The announcement was interpreted as a sign of strength by proving access to the capital markets. Bonds from Danish ALM Brand continued their positive trend and thus contributed positively this month as well. Good development was also seen for the credit management company Hoist Finance, which issued new senior bonds during the month, and the company also received a final decision on its capital requirements, which until now had been an element of uncertainty.
In addition, real estate companies exhibited solid performance also this month, with contributions from Castellum, Sagax and Balder, among others.
During the month, the fund participated in issues from Hoist Finance, Lantmännen, Electrolux Professional. The proportion of money market instruments was slightly reduced in favor of increased allocation to corporate bonds with floating rate.
Portfolio Manager of Coeli Likviditetsstrategi
Portfolio Manager of Coeli Likviditetsstrategi
| Inception Date | 2010-05-01 |
| Management Fee | 0 % |
| Performance Fee | Yes |
| Risk category | 2 of 7 |
DISCLAIMER. This is a marketing communication.
Before making any final investment decisions, please refer to the prospectus of Coeli SICAV I, its Annual Report, and the KID of the relevant Sub-Fund. Relevant information documents are available in English at coeli.com. A summary of investor rights will be available at https://coeli.com/regulatory-information-coeli-asset-management-ab/.
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.