Historical yields are not a guarantee of future returns. A fund can both increase and decrease in value and it is not guaranteed that you will recover the entire invested amount. Note that a fund with risk level 5-7, as stated in the fund's fact sheet (KID), can vary greatly in value due to the fund's composition and management methodology. The prospectus, fund rules and KID are available under each fund. Summary of investors' rights.
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The risk indicator provides guidance on the risk level for this product relative to other financial products. It shows the likelihood that the product will decrease in value due to market performance. Risk level 1 represents a low risk and risk level 7 is a high risk.
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The fund has sustainable investments as its objective. Accordingly, the fund invests in companies with products and services that are considered as contributing positively to the direct fulfillment of one or several of the targets in Agenda 2030. Refer to the fund's prospectus for additional information. The fund is reported as an Article 9 fund pursuant to EU regulation on sustainability-related disclosures in the financial services sector (SFDR). Read more |
31.05.2024
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The sustainability rating is developed by the fund information company Morningstar. The rating measures how well the fund's investee companies manage sustainability risks relative to other funds within the same global Morningstar category. If the fund has invested in government bonds issued by sovereign states, the respective country's sustainability risk is included in the calculation. The analyzed funds can receive a sustainability rating between 1 and 5 globes, with 5 as the highest rating. The fund complies with the UN Principles for Responsible Investments. |
Rate 23.08.2024 | 1 week | 1 month | 3 months | 2024 | 1 year | 5 years | 10 years |
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114.24 SEK | 0.33% | 1.26% | 2.73% | 5.23% | 10.48% | - | - |
Portfolio manager comments — Q2 2024
Despite a number of challenges, fund performance was positive in Q2. Focus has been on the global inflation rate and the measures taken by the central banks. The US inflation has been more persistent than expected and has led the market to adjust its expectations for rate cuts from the US central bank, the Fed. Instead of the cuts that were expected at the beginning of the year, the market is now questioning whether there will be any cuts during the year.
This has led to rising interest rates and slightly weaker stock markets, while geopolitical risks are expected to remain significant going forward. Despite these challenges, the risk sentiment in the credit market has been positive. Issuing activity with the High Yield market was high, particularly for green and sustainable issues.
The fund has held a relatively neutral duration but has chosen to increase this slightly during the summer due to geopolitical risks and inflation outlooks. The credit risk in the fund has also risen with investments in new companies within renewable energy (Sunnova Energy Corporation) and real estate (CPI Property Group SA), where the pricing is considered to be attractive. These investments, together with the Danish energy company European Energy AS, were the strongest contributors to the fund’s positive performance. The Norwegian company BEWI ASA, which has a significant exposure to the new construction of real estate.