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Semiannual Report (Pdf) Semiannual report Mutual funds 2021 3 Pareto Aksje Norge Contents 9 Pareto Investment Fund 16 Pareto Global 23 Pareto Nordic Return 32 Fixed income funds 42 Ethical framework, returns and risk Pareto Aksje Norge Pareto Aksje Norge 4 Portfolio manager commentary The portfolio had a strong performance in the first supply growth, according to Kontali, indicate a tight and the gas price have almost doubled from the same half of the year. The upturn is broadly founded across market and high salmon prices. time last year. Equinor, like other companies in the oil sectors. A sharp improvement in the business conditions industry, has implemented sharp cost cuts since the for several of our companies and solid operational In February, we became co-owners of Sonans Holding downturn in 2015. It is expected that the company this performance contributed to improved earnings, which in in connection with the IPO. Our ownership period is year will generate approximately NOK 180 billion in cash turn contributed to the good returns in the first half of the relatively short, but the start has been good and we are flow from operations. This is the highest in the company’s year. We note that analysts have gradually begun to raise optimistic about the prospects for education in the post- history. In comparison, cash flow from operations in their estimates for the current year and next. COVID world. 2011 to 2013, with an average oil price of 110 dollars per barrel, was between 101 and 119 billion. All our bank investments could show improved return Our industrial companies account for just over a third of on equity in the first quarter of the year, driven by lower this year’s return. Our second largest investment, Yara, Investments have also fallen sharply, and for the current loss provisions and good operations. The return on has gone up by 33 per cent. Higher raw material prices year investments of approximately NOK 81 billion are equity ranged from 10 to 14.8 per cent, with Sparebank1 and good operations provide a solid earnings boost in expected. This is 35 per cent lower than in the peak Midt-Norge at the upper end and DNB at the lower end of our raw material-based industrial companies. Higher year of 2015. With an expected free cash flow of NOK the range. The signals from Norges Bank of an interest food prices improve the farmer’s economy, which in turn 99 billion before acquisitions and the like, this provides rate hike already in September and an additional 0.75% increases demand for Yara’s premium fertiliser products. good room for manoeuvring to reduce debt sharply and increase will improve conditions for our banks. distribute parts of value creation through dividends and Focus on sustainability and the environment has been repurchases. The rise in long-term interest rates over the past year strengthened through the pandemic. Our companies are contributes positively to the earnings of all our financial well positioned to take part in the business opportunities The oil service companies TGS NOPEC and Subsea 7 have investments, which make up almost a quarter of the that will manifest themselves in battery technology, green had a weak development so far this year. TGS reported a portfolio. This is particularly positive for Storebrand. The ammonia and electrification. free cash flow in the first quarter of 84 million dollars, guaranteed products tie up more than three quarters which is equivalent to six kroner per share. Investments of the company’s equity and provide a return on equity We became part owners of Elopak in connection with for the current year were reduced from $356 million of around three per cent, while the capital-light savings the IPO. The company has strong positions in fresh to $170 million, i.e. they are more than halved. This has products generate a return on equity of well over 50 per and aseptic packaging production. We see a significant weighed heavily on the share price last year and this cent. growth potential in both segments, as a consequence of year. We believe that the demand for seismic will pick up substitution of plastic for cardboard. Stable margins and through the second half of the year and into 2022. Our consumer companies have developed well good operations have resulted in good value creation over throughout the half year. Our largest single investment, time. The company can be acquired for less than 14 times Lerøy Seafood Group, has increased by 28 per cent so far this year’s earnings. this year. The reopening of society and HoReCa business (hotels, restaurants and catering) will be positive for Business conditions for the companies in oil and oil Portfolio management team the salmon demand. Expectations of 2.2 per cent global service have been significantly improved. The oil price Einar Løvoll, Besim Zekiri, Eirik Andresen (analytiker) Pareto Aksje Norge 5 Performance history Performance by periods Name 30.06.2021 2020 2019 2018 2017 2016 Typically invest in sectors where Pareto Aksje Norge A1 15.6% 1.7% 12.6% 1.0% 12.4% 25.9% Norwegian companies have global Pareto Aksje Norge B2 16.1% 1.3% 13.6% 0.8% 13.3% 26.5% Pareto Aksje Norge C 16.5% 2.1% 14.4% 1.5% 14.2% 27.4% competitive advantages. Long Pareto Aksje Norge D 16.8% 2.6% 15.0% 2.0% 14.7% 28.0% term, actively managed, based on Pareto Aksje Norge I 16.9% 2.9% 15.3% 2.3% 15.0% 28.4% fundamental advantages. Oslo Børs Mutual Fund Index 14.6% 7.3% 19.2% -2.2% 17.0% 11.5% Annualised return Inception date: 06.09.2001 Name Startdato 3 years 5 years 10 years From start Benchmark: Oslo Børs Mutual Fund Index (OSEFX) Pareto Aksje Norge A1 09.09.2002 7.0% 13.3% 7.0% 11.8% Legal structure: UCITS Pareto Aksje Norge B2 31.12.2005 7.1% 13.8% 7.1% 6.7% Dealing days: all Norwegian banking days except 31.12 Pareto Aksje Norge C 13.07.2015 7.9% 14.6% - 11.2% Pareto Aksje Norge D 13.07.2015 8.4% 15.2% - 11.8% Pareto Aksje Norge I 06.09.2001 8.7% 15.5% 8.7% 12.6% Oslo Børs Mutual Fund Index 10.2% 13.8% 10.6% 1 2 3 4 5 6 7 Lower risk Higher risk Other information Typically lower rewards Typically higher rewards Name Minimum initial subscription amount (NOK) ISIN Bloomberg Pareto Aksje Norge A 500 NO0010160575 POAKTNY NO The risk indicator was calculated using historical data and may not be a reliable indication of the future risk profile of the fund. Pareto Aksje Norge B 500 NO0010297898 PRVERDI NO Pareto Aksje Norge C 20 million NO0010740590 PAAKNOC NO Pareto Aksje Norge D 50 million NO0010740608 PAAKNOD NO Pareto Aksje Norge I 100 million NO0010110968 POAKTIV NO 1Returns until 13.07.2015 are achieved in Pareto Aktiv. The fund continues as unit class A in Pareto Aksje Norge. 2Returns until 13.07.2015 are achieved in Pareto Verdi. The fund continues as unit class B in Pareto Aksje Norge. Pareto Aksje Norge 6 Units issued and management fees NAV and units issued as at 30 June 2021 Management fee Subscription fee* Redemption fee Management fee Unit class A Unit class A Up to 1.00% Up to 0.50% 0.00–3.00% p.a. Number of units 114 730.71 Unit class B Up to 1.00% Up to 0.50% 2.00% p.a. Net asset value 8 387.38 Unit class C Up to 1.00% Up to 0.50% 1.25% p.a. Redemption price after maximum fee 8 345.44 Unit class D Up to 1.00% Up to 0.50% 0.75% p.a. Unit class I Up to 1.00% Up to 0.50% 0.50% p.a. Unit class B Number of units 232 745.92 *The Board of Directors of Pareto Asset Management AS may decide that the charges shall increase by Net asset value 2 747.25 up to 5.00 per cent of the subscription amount. The difference between 1.00 per cent and the adopted increased subscription fee of up to 5.00 per cent shall accrue to the fund. The Board may set an increased Redemption price after maximum fee 2 733.52 subscription fee for a certain period with the possibility of extension or shortening by board resolution. Unit class C Number of units 190 953.25 Net asset value 1 886.01 Redemption price after maximum fee 1 876.58 Unit class D Number of units 323 068.88 Net asset value 1 942.61 Redemption price after maximum fee 1 932.89 Unit class I Number of units 348 080.38 Net asset value 10 473.30 Redemption price after maximum fee 10 420.93 Pareto Aksje Norge 7 Pareto Aksje Norge 1/2 Securities portfolio as at 30 June 2021 Securities Listing Number of shares Cost price Market value Unrealised Share in % (NOK) (NOK) gain/loss of portfolio Energy Bonheur ASA Oslo 719 290 109 035 060 175 147 115 66 112 055 2.8 Equinor ASA Oslo 1 398 933 211 736 205 254 857 614 43 121 409 4.1 Subsea 7 SA Oslo 2 548 775 229 341 355 210 681 742 - 18 659 613 3.4 TGS ASA Oslo 2 379 545 375 164 280 261 155 064 - 114 009 216 4.2 Total Energy 925 276 900 901 841 535 - 23 435 365 14.5 Financials DNB Bank ASA Oslo 327 189 37 901 052 61 380 656 23 479 605 1.0 SpareBank 1 Nord-Norge Oslo 3 344 231 154 478 416 285 262 904 130 784 488 4.6 SpareBank 1 SMN Oslo 2 619 766 179 660 920 312 276 107 132 615 188 5.0 SpareBank 1 SR-Bank ASA Oslo 2 740 221 179 442 514 311 563 128 132 120 614 5.0 Sparebanken Møre Oslo 246 214 54 122 540 90 606 752 36 484 212 1.4 Sparebanken Vest Oslo 1 742 562 103 111 479 155 959 299 52 847 820 2.5 Storebrand ASA Oslo 3 361 321 230 478 591 262 183 038 31 704 447 4.2 Total Financials 939 195 512 1 479 231 884 540 036 374 23.7 Industrials AKVA Group ASA Oslo 1 623 672 108 995 645 142 883 136 33 887 491 2.3 Elopak ASA Oslo 3 931 000 110 068 000 106 137 000 - 3 931 000 1.7 GC Rieber Shipping ASA Oslo 1 544 443 30 029 116 11 197 212 - 18 831 904 0.2 Multiconsult ASA Oslo 488 400 82 133 251 87 179 400 5 046 149 1.4 Odfjell SE ser.
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