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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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Nordic Corporate Bond Fund (Class I) advanced 1.83% during December. Since year-end, the NAV per share has consequently increased by 4.61%.
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 largest contributor of the month was Infrastructure Logistic AB, which made an early repayment of the company's only outstanding bond after entering into a bank financing agreement. In addition, fixed rate bonds developed well thanks to falling market rates. Especially strong performance was seen for capital-intensive companies such as Intrum and Balder, where the falling interest rates are also expected to contribute to cheaper funding going forward.
Real estate companies generally developed strongly with solid contributions to the result. This is even though Heimstaden Bostad was downgraded to BBB- by S&P, which by itself was not unexpected but the negative outlook was somewhat surprising. Samhällsbyggnadsbolaget i Norden announced that they will stop the coupon payments on all their hybrid bonds in order to preserve liquidity in the company.
The payment service provider Klarna Bank continued to develop positively after the company presented a quarterly report with sharply improved profitability thanks to reduced credit losses. Klarna continues to grow at a high rate, not least in the US, and revenue during the quarter was 30 % higher than during the corresponding period last year.
During the month subordinated bonds from SEB were added to the portfolio, the holding of bonds from Telia was reduced.
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Coeli Nordic Corporate Bond Fund
| Performance in Share Class Currency | 1 Mth | YTD | 3 yrs | Since incep |
| Coeli Nordic Corporate Bond Fund - I SEK | 0.41% | 4.86% | 9.63% | 23.96% |
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Gustav Fransson
Portfolio Manager of Coeli Nordic Corporate Bond Fund
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Fredrik Tauson
Portfolio Manager of Coeli Nordic Corporate Bond Fund
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Fund Overview
| Inception Date | 2014-06-18 |
| Management Fee | 0.5 % |
| Performance Fee | N/A |
| Risk category | 3 of 7 |
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Top Holdings (%)
| WHITE MOUNT FRN 17-22.09.47 | 4.2% |
| NORDEA HYP 1.0% 19-17.09.25 | 4.1% |
| SWEDBK 1.0% 19-18.06.25 | 3.7% |
| B2 HOLDING FRN 19-28.05.24 | 3.5% |
| LANSBK 1.25% 18-17.09.25 | 3.3% |
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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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