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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 0.50% during November. Since year-end, the NAV per share has consequently increased by 4.56%.
Risk appetite took a big leap after the Federal reserve and several other central banks announced unchanged interest rates. This, together with continued falling inflation, has resulted in rapidly falling market interest rates and narrowing credit spreads. The US 10-year rate, which has been a leading baton for how risk appetite develops during the year, fell nearly 80 basis points in November to 4.20 percent. Credit spreads on European high yield bonds fell nearly 100 basis points down to 370 basis points. The sentiment shift in the market has been dramatic and the market is now pricing in five cuts in the US and Europe and 4 cuts in Sweden. Central banks are certainly softer in their language, but the message "higher for longer" is still the main line and there is dissonance with market pricing.
Although interest rates and credit spreads have been strong, yield levels are still historically high, especially in the Nordic region, and it remains challenging for many companies to refinance their debt. High yield levels provide a positive investment climate for corporate bonds at an aggregate level, while high financing costs combined with a softer economy increase risks in individual companies. All in all, an exciting environment for the active and selective investor.
Covered bonds were also this month the biggest contributors thanks to falling market interest rates. Fixed rate bonds from Sagax and Securitas also performed well. Sagax carried out a share issue, at a significant premium, which strengthens the company's finances and enables further acquisitions. Securitas released a quarterly report that showed an increased underlying profit and a slightly lower leverage.
Bonds from credit management company Hoist also performed well after Moody's affirmed the company's credit rating and changed the outlook to positive from negative. The decision was motivated by Hoist's credible strategy shift since current CEO Harry Vranjes joined the company, combined with improved efficiency and profitability.
Negative impact on performance came mainly from Viaplay after it postponing the publication of its quarterly report due to negotiations with its largest shareholders, lenders and bondholders regarding a potential recapitalization of the company. The report was published early on the first of December and the proposal to capitalize the company included, among other things, a larger equity issue, write-down of the nominal amount of the company's bonds and that the bondholders will be awarded shares as compensation for this.
During the month, bonds from Skanska and Getinge were added to the portfolio at the same time as the holding of Aker Horizon was divested.
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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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