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Arctic Nordic Equities
Class B NOK
2 416,36
2017-03-31
1,15%
12,49%
Nav
Date
Year to date
Last 12 months
Comments to Equity Markets in March 2017
þÿInternational stock markets continued upwards in March albeit at a slower pace. We regard this as a sign of strength considering the prospects for rising interest rates in
several regions. However, we would not rule out that the low interest rate level in itself, plus still ample liquidity, continues to supply the stock market with up-drift. In light of
annual result presented by most international corporations, profitability and return on capital must be considered as good. There is, however, a trend towards higher debt
levels for large US corporations. We view this as a consequence of low interest rates, and we will monitor this development closely.
It looks as if investors now have taken a wait-and-see approach towards the much ballyhooed investments in infrastructure that followed with the election of Trump. This
might, in turn, explain the somewhat weak stock market performance of companies within cyclical industries like metals and mining. Additionally, energy and big
pharmaceutical companies were on the weak side. The latter must probably be seen in light of Trumps initial attempts to reform the US healthcare system, which recently
ground to a halt. Finally, the recapitalization of the Italian banking system continues. It looks as if the two largest banks, Intesa and Unicredit, have firm ground under their
þÿfeet. However, conflicting signals and rumors about possible solutions have spurred substantial stock market volatility, also for banks in other European countries.
Fund commentary
60
The largest positive contributions to return in March came from
Investor AB, SAAB and Stora Enso. In March, Investor held its first
Capital Markets Day in 7 years. We were particularly encouraged
by the management presentations from several of the unlisted
portfolio companies. Most notably, Mölnlycke Health Care
highlighted many growth opportunities, while a changing business
þÿmix is likely to support margins. Defense contractor SAAB s order
pipeline took important steps forward. Fighter jet procurement
programs in Belgium, Finland and India proceeded during the
month, with SAAB well-positioned. Moreover, the company was
awarded a SEK 3.2 bn contract for a next generation anti-ship
missile for the Swedish Armed Forces. Stora gained as pulp prices
continued to recover. Moreover, price hikes for several packaging
grades support earnings growth.
50
40
30
20
10
0
01-2013
01-2014
01-2015
01-2016
Arctic Nordic Equities Class B NOK
The most negative contributions to fund performance in March
came from Lerøy Seafood, Austevoll Seafood and Marine Harvest
Group. Lower salmon prices as well as fears of higher price
elasticity and increased global salmon supply from 2H17 are
...
Benchmark
ISIN
Ticker
Start date
IE00B8J4DT85
SA-SNCA
2012-07-06
Top 10 holdings
01-2017
Performance fee
Min. investment
0,95%
15%
10 Mill.
Sector allocation
Company
Weight
Investor AB
5,46%
Pandora A/S
4,94%
Eiendom
Amer Sports OYJ
4,26%
Energi
Valmet OYJ
4,21%
0
Forbruksvare
Aker BP ASA
3,92%
Forsyning
Novo Nordisk A/S
3,83%
Helse
SAAB AB
3,79%
Borregaard ASA
3,40%
Lerøy Seafood Group
3,38%
2
4
6
8
10
12
14
Finans
4%
Stora Enso OYJ
Annual management
fee
IT
Industri
Konsumvare
Material
Telekom
Address
Contact
Arctic Fund Management AS.
Postboks 1833 Vika,
N-0123 Oslo.
Phone: +47 21013100
Fax: +47 21014601
[email protected]
© 2010-2016 Arctic Fund Management AS. All rights reserved. Design and development by Oslo Market Solutions
16
18
20
22
Arctic Nordic Equities
Class B NOK
Distribution
Region
Norden
Distribution
100%
Return
Month to
date
Last 3
months
Last 6
months
Year to date
Last 12
months
Last 36
months
Last 60
months
Since
inception
Fund
1,17%
Benchmark
5,52%
1,15%
8,03%
1,15%
12,49%
57,20%
-
141,64%
6,73%
11,24%
6,73%
9,93%
43,81%
-
124,21%
Difference
-4,35%
-5,57%
-3,21%
-5,57%
2,56%
13,39%
-
17,43%
Monthly return
Year
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
2017
0,23%
-0,25%
1,17%
-
-
-
-
-
-
-
-
-
1,15%
2016
-6,71%
2,22%
2,15%
1,28%
4,22%
-4,21%
4,90%
-1%
-0,83%
0,75%
0,76%
5,21%
8,33%
2015
3,24%
2,41%
3,63%
0,79%
1,19%
-2,31%
4,78%
-1,79%
-0,47%
2,83%
4,07%
2,72%
22,90%
2014
-1,69%
3,86%
-0,56%
2,38%
2,73%
1,63%
-1,15%
-1,06%
0,62%
3,06%
4,26%
3,28%
18,52%
2013
6,30%
3,56%
-0,93%
-0,12%
3,55%
-0,69%
3,84%
4,21%
4,79%
2,22%
3,85%
2,97%
38,83%
2012
-
-
-
-
-
-
3,03%
-1,79%
2,82%
0,55%
2,22%
1,98%
9,05%
Key values
Standard deviance
Sharpe ratio
Tracking error
Information ratio
Arctic Nordic Equities
9,45%
1,75
5,97%
0,81
VINX Benchmark Net Index
NOK
0,11%
1,05
-
-
Attribution year to date
Contribution year to date
INVESTOR
AB-A SHS
SAAB AB-B
SCANDIC H
OTELS GRO
UP AB
STORA ENS
O OYJ-R SH
S
NOBIA AB
INVESTOR
AB-A SHS
STORA ENS
O OYJ-R SH
S
SAAB AB-B
SCANDIC H
OTELS GRO
UP AB
VALMET OY
J
0,37%
0,30%
0,30%
0,29%
0,28%
0,69%
0,55%
0,47%
0,40%
0,39%
LEROY SEA
FOOD GRO
UP ASA
AUSTEVOLL
SEAFOOD
ASA
AKER BP A
SA
MARINE HA
RVEST
VOLVO AB
-B SHS
LEROY SEA
FOOD GRO
UP ASA
AUSTEVOLL
SEAFOOD
ASA
MARINE HA
RVEST
AKER BP A
SA
KONGSBER
G GRUPPE
N ASA
-1,05%
-0,89%
-0,88%
-0,77%
-0,62%
-0,89%
-0,87%
-0,71%
-0,58%
-0,47%
Address
Contact
Arctic Fund Management AS.
Postboks 1833 Vika,
N-0123 Oslo.
Phone: +47 21013100
Fax: +47 21014601
[email protected]
© 2010-2016 Arctic Fund Management AS. All rights reserved. Design and development by Oslo Market Solutions