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This material is marketing communication
Before making any final investment decisions, please read the prospectus, its Annual Report, and the KID of the relevant Sub-Fund here
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Likviditetsstrategi advanced by 0.13% during December. Since year-end, the NAV per share has consequently increased by 4.70%.
Market rates continued to fall in December. The Swedish and US 10-year rates have now fallen by more than 1 per cent in a couple of months. The sharp movements have boosted risk appetite and resulted in gains in riskier assets such as equities and corporate bonds.
There is now a large discrepancy between the market's expectations of interest rates and the Riksbank's communication. As far as Sweden is concerned, the market is pricing in cuts corresponding to 150 basis points in 2024. There is therefore a clear risk that the market has run away too far at the moment. That said, with inflation concerns behind us and a global economy that has shown very strong resilience, there are good prospects for a year with positive signs for corporate bonds.
The month's biggest contributors were covered bonds, which performed well thanks to falling market rates. Real estate companies generally developed strongly with good contributions to the result from, among others, Sagax and Balder.
Bonds from the credit management company Hoist Finance rose in value after Moody's at the end of November confirmed the company's credit rating while raising the outlook to positive.
During the month, bonds from the Danish bank Nykredit were added to the portfolio. The bank is appreciated for its conservative business model and strong capital position.
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Coeli Likviditetsstrategi
| Performance in Share Class Currency | 1 Mth | YTD | 3 yrs | Since incep |
| Coeli Likviditetsstrategi | 0.14% | 1.81% | 4.62% | 26.43% |
| Benchmark | 0.00% | -0.18% | -1.60% | 1.20% |
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Gustav Fransson
Portfolio Manager of Coeli Likviditetsstrategi
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Fredrik Tauson
Portfolio Manager of Coeli Likviditetsstrategi
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Fund Overview
| Inception Date | 2010-05-01 |
| Management Fee | 0 % |
| Performance Fee | Yes |
| Risk category | 2 of 7 |
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Top Holdings (%)
| SWEDBK 1% 18-18.09.24 | 3.8% |
| NORDEA HYP 1% 18-18.09.24 | 3.8% |
| ARJO 0% 21-11.05.22 CP | 3.4% |
| LANSBK 1.5% 16-18.09.24 | 3.0% |
| LANSBK 1.25% 18-17.09.25 | 2.9% |
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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.
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