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Carnegie Sverigefond A CARNEGIE SVERIGEFOND A MARKET COMMENT MONTHLY REPORT This bodes well for the long-term investor In July too. Strong reports, record-high margins, the the majority of the stock market is trading 30-40 JULY 2021 economy and the stock market steaming ahead, and percent above its historical multiples. interest rates down. The spring’s strong rise in long- term interest rates, both in the US and here at This bodes well for the long-term investor. While home, came to an end and rates instead took a dip. the stock market steams ahead every day and is setting new records, the world’s central banks This, of course, led the shares of cyclical companies continue to stimulate and at the same time push to stagnate/drop while interest rate-sensitive down world interest rates, the advance of the Delta companies and high-value companies surged ahead. variant is leading them to extend this even more (!) The exception was the banking sector, which is going with the result that liquidity is flowing into the stock somewhat its own way despite the fall in interest markets, causing them to rise in a self-propelling rates. Perhaps due to the simple fact that the ECB cycle. At some point, of course, this trend will come and soon the Swedish Financial Supervisory to an end, but it is really completely meaningless and SIMON BLECHER Authority will again allow dividends, which may mean impossible to speculate when. Manager since 2006. that 10-20 percent of the market value of our banks will end up with shareholders in the coming years It is more interesting to identify those companies Carnegie Sverigefond invests in Swedish Perhaps because bad debt losses are conspicuous by that will be able to deliver positive returns at listed shares and contains the country’s their absence and profits are therefore being kept reasonable risk. And preferably slightly more best and most stable companies. very good levels. The reports from companies such defensive ones. One of these is TeliaSonera, where Start date 08/01/1987 as Electrolux, Sandvik and Volvo were very strong we increased our holding after the report. For once, but initially led to large negative movements if this company is doing what it says and delivering Pricing Daily good numbers and providing the surplus to margins deviated by a tenth or management Morningstar rating ★★★ expressed slight caution. We need to remind shareholders. From here, it is hard to see how it ourselves that the valuation of these companies in could lose money in the long run. We also increased Risk level 6 of 7 terms of current balance sheets is quite cautious and our holding in the undervalued Astra Zeneca. ISIN SE0000429789 similar to historical multiples or even lower, while Ongoing charges 1.42 % Minimum initial 0 SEK investment Assets under 27 475 MSEK management Dividend No CUMULATIVE PERFORMANCE % NAV per share 4,240.96 SEK YTD 1 year 3 years 5 years 10 years Since inception FOR SWISS INVESTORS: The Company is established as a SICAV under 24,24 40,71 58,33 101,02 278,28 7 897,80 Luxembourg law and the Sub-Funds are authorised by FINMA. The Swiss representative is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 FIVE YEAR PERFORMANCE % Geneva. The Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors in Switzerland can obtain the documents of the Carnegie Sverigefond A 101,02 % Company, such as the Prospectus, the KIIDs, the 150 % Articles of Incorporation and the semi-annual and annual reports, each in their latest version as approved by FINMA, in German, and further 100 % information free of charge from the Swiss representative. 50 % 0 % -50 % Jan 2017 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 Jan 2021 Jul 2021 MONTHLY PERFORMANCE % Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full year 2021 2,14 1,11 8,28 2,37 1,72 1,55 5,08 24,24 2020 0,60 -9,08 -14,83 9,52 5,19 0,59 4,11 2,74 4,43 -5,52 12,23 -0,45 6,44 2019 7,69 1,84 0,68 9,68 -7,62 7,95 -0,89 0,29 3,20 4,87 0,90 3,48 35,64 Historical returns are no guarantee of future returns. Capital invested in the fund may both increase or decrease in value and there is no guarantee that you will be repaid all of your invested capital. Complete prospectus and fund statutes are available at www.carnegiefonder.se. The information in this document is proprietary to Carnegie Fonder and is intended only as general information. It should not be construed as investment advice or recommendation. The information may prove to be inaccurate, incomplete or out of date. Carnegie Fonder is not responsible for the damage, whether direct or indirect result of any defects or errors in the information. The information may not be copied, altered or further distributed without Carnegie Fonder’s consent. CARNEGIE SVERIGEFOND A LARGEST HOLDINGS SECTOR ALLOCATION KEY STATISTICS Investor AB B 8,6 % Number of holdings 31 Holmen AB Reg B 7,8 % Industrials Turnover rate, tms/year 0,35 Volvo AB B 6,8 % Financials Active share * 60 % Lifco AB 5,7 % Consumer Staples Standard deviation, 2 years 18,6 % ABB Ltd Reg 5,1 % Standard deviation, 3 years 19,3 % Materials Atlas Copco AB B Reg 4,9 % Standard deviation, 5 years 15,9 % Essity AB B Reg 4,9 % Technology Sharpe ratio, 2 years 1,22 Skanska AB B 4,7 % Healthcare Sharpe ratio, 3 years 0,88 Atrium Ljungberg B 3,9 % Sharpe ratio, 5 years 0,97 Real Estate Telefon AB LM Ericsson B 3,8 % Tracking error, 2 years * 3,4 % 0% 10% 20% 30% 40% Tracking error, 3 years * 3,7 % Tracking error, 5 years * 3,2 % STANDARD DEVIATION % * Benchmark: SIX Portfolio Return TOP CONTRIBUTORS YTD 20 % Investor AB B 2,8 % 15 % Lifco AB 2,2 % Getinge AB B 1,4 % 10 % Atlas Copco AB B Reg 1,3 % Nordea Bank Abp Reg 1,2 % 5 % BOTTOM CONTRIBUTORS YTD 0 % Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 NCC AB B 0,0 % Telefon AB LM Ericsson B 0,0 % AstraZeneca Plc 0,0 % DISTRIBUTION OF MONTHLY PERFORMANCE % Nordea Bank Abp Reg 0,0 % As of 01/08/2016 to 31/07/2021 Epiroc AB Redemption Share 0,0 % 16 GEOGRAPHICAL ALLOCATION 12 Sweden 92.7% Switzerland 5.1% Great Britain 8 2.2% 4 0 1 to 3 3 to 5 5 to 7 7 to 9 -1 to 1 -9 to -7 -7 to -5 -5 to -3 -3 to -1 9 to 11 -11 to -9 11 to 13 -11 to -13 CARNEGIE FONDER - SUSTAINABLE INVESTMENTS IN VALUE COMPANIES CONTACT INFORMATION Carnegie Fonder is an independent fund management company that was founded in 1988. Visiting adress: Regeringsgatan 56 Stockholm Our mission is to create long-term good returns for our unit holders. By combining modern Postal adress: Box 7828, 103 97 Stockholm Sweden sustainability analysis with traditional financial analysis, we identify undervalued companies Homepage: www.carnegiefonder.se that are properly equipped for the challenges of the future. We call these value companies. Phone: +46 8 12 15 50 00 Historical returns are no guarantee of future returns. Capital invested in the fund may both increase or decrease in value and there is no guarantee that you will be repaid all of your invested capital. Complete prospectus and fund statutes are available at www.carnegiefonder.se. The information in this document is proprietary to Carnegie Fonder and is intended only as general information. It should not be construed as investment advice or recommendation. The information may prove to be inaccurate, incomplete or out of date. Carnegie Fonder is not responsible for the damage, whether direct or indirect result of any defects or errors in the information. The information may not be copied, altered or further distributed without Carnegie Fonder’s consent..
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