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Before making any final investment decisions, please read the prospectus, its Annual Report, and the KID of the relevant Sub-Fund here
Note that the information below describes the share class (R SEK), which is a share class reserved for private investors. Investments in other share classes generally have other conditions regarding, among other things, fees, which affects the share class’ return. The information below regarding returns therefore differs from the returns in other share classes.
Likviditetsstrategi advanced by 0.58% during May. Since year-end, the NAV per share has consequently increased by 2.92%. The month of May was characterized by calm markets with low volatility but continued high risk appetite. The US 10-year yield, which is so important for risk appetite, fell back slightly during the month after inflation figures came in in line with expectations instead of higher as earlier this year. As we have written about earlier, economic development in the United States has been surprisingly resilient compared to Europe. Now some indicators show a slightly weaker macro in the US but a brightening in Europe. For example, the purchasing managers' index for the manufacturing industry has risen, and in Sweden, SEB's Corporate Indicator showed increased optimism among companies.
Credit spreads on corporate bonds fell slightly during the month. European credit indices show a credit premium of around 290bp for high yield bonds and about 50bp for investment grade bonds. This is just below its historical averages. The Nordic region continues to look more attractive with credit premiums of about 450 - 500bp on high yield and 50 -100bp on investment grade. The relatively short duration in the Nordic region with many bonds linked to variable interest rates also results in higher coupons, which of course hurts the companies but benefits bondholders. The high-yield and investment-grade issuance market is wide open and is still largely characterised by refinancing.
Among the month's biggest contributors was the consulting company ÅF, which issued new bonds. Similar to the majority of issues from other creditworthy Swedish companies that were in the market during the spring, demand was high and the company was able to borrow money with a lower spread than was initially indicated. The fund also participated in issues from Hexagon and ICA Gruppen, both of which issued new five-year bonds, where the same pattern of strong appetite from investors and favorable pricing for the issuer was seen.
With generally rising markets and a good risk appetite, good development was seen for bonds from real estate companies where, among other things, the fund's holdings of Catena and Castellum developed well. The sector benefited from falling interest rates and the fact that several companies have shown that they have access to the capital markets through issues at reasonable pricing.
The lower market interest rates contributed to good development for fixed-rate bonds, where above all the fund's holdings of covered bonds rose in value. In addition to the aforementioned primary transactions, the fund also participated in an issue from the specialty pharmaceutical company SOBI.
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.
Please note that the management company of the fund may decide to terminate the arrangements made for the marketing of the fund in one or multiple jurisdictions in which there exists arrangements for marketing.