Factsheet and Information Brochure
Factsheet
Target Market
Costs and charges
Fund rules (151 kB)
Prospectus (439 kB)
Periodic reports
Annual review (PF) (2121 kB)
Semi-annual report (PF) (190 kB)
Marketing material
Brief fund information
Handelsbanken Euro Obligation (A1 SEK)
Legal name: Handelsbanken Euro Obligation (A1 SEK)
Bond Fund Registered in Sweden (UCITS)
Bid
About risk
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.
The fund invests in interest-bearing financial instruments, denominated in EUR, that are issued or guaranteed by a state, municipality or by a governmental or municipal authority or by some intergovernmental agency in which one or several states are members, as well as in covered bonds. The fund's assets may also be invested in interest-bearing financial instruments with high credit worthiness, so-called Investment Grade. The average residual duration of the fund's investments is between 2 and 10 years.
The investment focus of the fund does not permit investments in corporate credits, which means that by definition controversial sectors are excluded. For further information, please refer to the fund's prospectus.
The fund is reported as an Article 6 fund pursuant to EU regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
The fund is reported as an Article 6 fund pursuant to EU regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Fund manager
Joakim Buddgård Experience in the fund industry 2006. Portfolio Manager since 1 March 2024.
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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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31.10.2024
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The rating shows which funds have historically posted the strongest performance in relation to risk. Ratings are denoted by a scale of one to five stars, with five as the highest rating. A fund must have a performance history of at least three years to receive a rating.
Read more about the fund's rating |
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Sustainability risks are integrated into investment decisions, but the fund does not promote environmental or social characteristics or have sustainable investments as its objective. Sustainability risks are managed primarily through engagement in the form of dialogues and active corporate governance. The fund also takes into account principal adverse impacts on sustainability factors. The fund is reported as an Article 6 fund pursuant to EU regulation on sustainability-related disclosures in the financial services sector (SFDR). |
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30.09.2024
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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. |
Graph
Performance
| Rate 20.11.2024 | 1 week | 1 month | 3 months | 2024 | 1 year | 5 years | 10 years |
|---|---|---|---|---|---|---|---|
| 4,276.01 SEK | 0.40% | 0.71% | 2.43% | 5.25% | 7.07% | -4.17% | 26.15% |
Portfolio 17.10.2024
Portfolio manager comments — Q3 2024
Fund performance was positive during Q3 and the fund rose close to 4% in SEK. Global rates fell sharply in the period, where concerns about a recession increased at the beginning of August as a result of weak economic data from the US labor market in particular. This led the market to begin to price in sharp cuts to key rates. Although the downturn in risk assets rebounded rapidly, the fixed income market continued to reflect a high risk for a recession. The central banks reacted by cutting key rates across a broad front. The European Central Bank followed up its rate cut in June with a further cut in September, while the US central bank (Fed) began its cycle of rate cuts by lowering rates by 50 bps in September.
Our baseline scenario during the year has been that there was a high risk for a recession and that we will be facing a weaker labor market. The fund has therefore been positioned for lower interest rates and steeper yield curves on bonds with durations between two and ten years, which was favorable for fund returns during the quarter.
Based on our view of the high risk for a recession and a vulnerable market sentiment, we were underweight in Italian government bonds relative to German. Italy is more affected by its high government debt and long-term structural challenges. However, the negative performance in this position as a result of the focus on Germany’s issues with low growth during the quarter had a negative impact on the fund. Lastly, we had an underweight in French government bonds relative to Spanish due to the political uncertainty in France after Macron made the decision to dissolve the National Assembly and called for a new election, at the same time the country is battling with a budget deficit of 6% of GDP. This positioning proved to be correct as the interest rate on a French 10-year government bond during the quarter was higher than an equivalent Spanish bond for the first time since 2007.
Portfolio distribution 31.10.2024
Geographic breakdown 31.10.2024
