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Arctic Norwegian Equities Monthly Report April 2021

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Arctic Norwegian Equities Monthly Report April 2021 Arctic Norwegian Equities Monthly Report April 2021 FUND COMMENTS Arctic Norwegian Equities gave 0.4% return in April -(I class) versus 1.9% for the OSEFX benchmark index. Year-to- date the fund is up 6.4% compared to 10.3% for the OSEFX index. Since inception the fund has returned 194% ver- sus 164% for the benchmark index. April was yet another good month for the equity markets, with gains across sec- tors. Commodity prices continued to rise in April. In April positive attribution for the Fund versus the benchmark index came from overweights in Atea and Rana Gruber, and underweight Scatec Solar. Atea is a large overweight for Arctic Norwegian Equities. The company deliv- ered quarterly results showing 11 percent topline growth year-over-year, and rising profits in all its regions. Den- mark contributed most significantly to improving results. Atea’s operating margin rose to 1.8 percent from 0.4 per- cent last year. The fund has a position in Rana Gruber. Iron ore prices rose 185.5 dollar per tonne in April. This com- pares to an approximate 70-dollar break-even level for Rana’s net result and cash flow. The fund is underweight in Scatec Solar. Year-to-date the stock has declined with other shares in the renewable space. In addition, the Scatec share got a lower weight in an important European renewables index. In April Scatec announced results for the first quarter which were in-line with market expectations. The company however announced a breach of financial cove- nants for non-recourse debt in Ukraine. The share reacted negatively to this news. In April negative attribution for the Fund versus the benchmark index came from underweights in Nordic Semicon- ductor and the Schibsted A-share, and overweight in Kalera. The fund is underweight in Nordic Semiconductor. The company delivered quarterly results which showed a doubling in sales year-over-year, to 143.2 million dollars. An order backlog of 803 million dollars indicates continued growth going forward. The fund is underweight in the Schibsted A-share, but is overweight in the B-share. This month Swedish real estate website Hemnet had its IPO in Stockholm, with a first-day return of 54 percent. The valuation of Hemet is higher than the implied pricing of parts in Schibsted. Schibsted has delivered better-than-expected results the last couple of quarters. Kalera fell this month. The company announced first harvest at its newly opened Atlanta facility, and a quicker ramp-up of produc- tion. Kalera is in a strategic review for possible US listing, where listing by special-purpose acquisition vehicle (SPAC) has been one possibility. SPACs as a group have fallen on US exchanges since February. Year-to-date positive attribution for the Fund comes from overweight in Atea and underweight in Scatec Solar. Negative attribution in 2021 comes from overweight in NRC Group and underweight in Nordic Semiconductor. Oslo, May 2021 Albert Collett Alexander Larstedt Lager Arild Huitfeldt CIO Portfolio Manager Analyst ABOUT THE FUND The investment objective is to achieve long-term capital appreciation primarily through equity investments in companies listed ro traded on markets in Norway. The Fund may be considered as a focused equity fund – a “stock picker”. Our investment team has long experience in challenging the market consensus and invests only in companies and sectors we have knowledge of and understand. We seek to achieve the investment objective through active portfolio management based on competence and analysis of companies, sectors, marketsand the macro-economic outlook. This results in selective company investments. There are no limitations of which sectors within the Norwegian stock market the Fund may invest in. The portfolio composition may deviate significantly from the reference index. The Fund’s reference index is the Oslo Stock Exchange Mutual Fund Index (OSEFX) which is a total return index. The Fund is a UCITS fund. 50% 46.5 %42.1 % 40% 30% 20% 11.2 %12.7 % 11.4 % 10.3 % 8.7 % 9.6 % 10.5 %9.5 % 10.2 % 10% 6.4 % 0.4 % 1.9 % 0% Month YTD 12m 36m p.a. 60m p.a. 120m p.a. Incep. p.a. Arctic Norwegian Equities Class I (15/11-10) OSEFX FUND COMPOSITION END OF MONTH Real Estate Real Estate Energy Energy Industrials Industrials Health Care Health Care Consumer Staples Consumer Staples Materials Materials IT IT Financials Financials Consumer Discr. Consumer Discr. Telecom Telecom Utilities Utilities 0% 5% 10% 15% 20% 25% -15% -10% -5% 0% 5% 10% 15% 10 largest positions 5 largest overweights +/- 5 largest underweights +/- DNB ASA 8.8 % Yara International ASA 4.5 % Atea ASA 5.4 % Equinor ASA -6.4 % Gjensidige Forsikring ASA 6.7 % Schibsted ASA 4.2 % Crayon Group Holding ASA 4.4 % Telenor ASA -2.8 % Atea ASA 6.3 % Telenor ASA 4.2 % Gjensidige Forsikring ASA 3.8 % Tomra Systems -2.5 % Mowi ASA 5.6 % Salmar ASA 4.2 % Vaccibody AS 3.0 % Schibsted ASA CL A -2.4 % Crayon Group holding AS 4.8 % Bakkafrost P/F 4.2 % Kahoot! AS 2.7 % Adevinta ASA -1.9 % FUND PERFORMANCE AND RISK FIGURES —CLASS I NOK Month 3 6 YTD 1 year 3 years 5 years Since Fund 0.4 % 8.7 % 30.2 % 6.4 % 46.5 % 28.4 % 69.7 % 170.5 % Benchmark 1.9 % 11.6 % 33.3 % 10.3 % 42.1 % 31.9 % 82.2 % 146.9 % Difference -1.5 % -2.8 % -3.1 % -3.9 % 4.4 % -3.5 % -12.5 % 23.6 % Vinx Nordic Net, NOK 3.0 % 7.3 % 14.9 % 7.3 % 29.8 % 58.6 % 77.5 % 159.8 % Euro Stoxx 600, EUR 2.2 % 11.4 % 29.2 % 10.6 % 31.4 % 22.5 % 46.1 % 114.5 % S&P 500 TR, USD 5.3 % 13.0 % 28.9 % 11.8 % 46.0 % 67.1 % 123.2 % 332.1 % MSCI AC World, LC 3.7 % 10.0 % 27.0 % 9.8 % 42.0 % 46.2 % 92.3 % 196.9 % 5 top contribut. Fund Fund Contri- 5 bottom contribut. Fund Fund Contri- year to date weight return bution year to date weight return bution Atea Asa 5.5 % 33.8 % 1.63 % Nrc Group Asa 2.2 % -44.4 % -2.56 % Dnb Asa 9.0 % 11.9 % 1.05 % Scatec Asa 1.4 % -33.9 % -0.60 % Norsk Hydro Asa 3.5 % 33.4 % 1.00 % Nel Asa 2.2 % -16.5 % -0.43 % Yara International A 4.5 % 22.1 % 0.91 % Elop As 1.2 % -16.7 % -0.22 % Salmar Asa 4.1 % 14.7 % 0.59 % Xplora Technologies 0.4 % -22.0 % -0.13 % Standard Sharpe Tracking Information Portfolio characteristics Deviation Ratio Error Ratio Arctic Norwegian Equities 18.2 % 0.4 5.2 % -0.2 Benchmark 17.7 % 0.5 *) Based on 36 months rolling performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2021 -2.16 % 5.66 % 2.49 % 0.43 % 6.40 % 2020 -2.83 % -12.08 % -16.06 % 8.63 % 6.80 % -0.43 % 3.44 % 4.32 % 2.26 % -4.09 % 13.08 % 8.19 % 7.27 % 2019 3.69 % 2.82 % -0.34 % 2.07 % -2.03 % 1.07 % 0.26 % -0.31 % 0.77 % 3.12 % 3.12 % 3.31 % 18.83 % 2018 -0.59 % 0.34 % -1.79 % 6.33 % 2.10 % 0.83 % 1.38 % 2.75 % 2.32 % -5.34 % -3.07 % -5.98 % -1.40 % 2017 -0.10 % -0.87 % -2.12 % 1.68 % 0.72 % -1.70 % 4.13 % 1.08 % 5.18 % 2.28 % -0.87 % 1.53 % 11.22 % 2016 -8.62 % 2.65 % 1.28 % 3.19 % 2.45 % -2.94 % 1.65 % 1.75 % 2.42 % 3.82 % 1.80 % 2.48 % 11.85 % 2015 4.11 % 0.12 % 1.53 % 3.45 % 0.94 % -1.80 % 1.84 % -5.80 % -2.34 % 3.05 % 2.87 % 2.23 % 10.19 % 2014 0.79 % 2.67 % -0.32 % 0.71 % 3.31 % 2.66 % 0.43 % 0.49 % 0.97 % -1.01 % -0.22 % 2.03 % 13.15 % 2013 4.40 % 5.27 % -0.66 % 2.24 % 3.70 % -3.49 % 3.93 % 0.44 % 1.46 % 6.51 % 4.29 % -0.03 % 31.37 % 2012 5.26 % 9.20 % 0.42 % 0.97 % -7.84 % 4.40 % 1.93 % 2.59 % 2.13 % -2.45 % -1.75 % 1.67 % 16.68 % 2011 -2.89 % 2.19 % -0.17 % -0.06 % -3.43 % -2.25 % -1.08 % -8.59 % -9.19 % 9.65 % -2.28 % 2.43 % -15.78 % 250.0 % Disclaimer: Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund man- 200.0 % ager’s skill, the fund’s risk profile and subscription and management fees. The return may become negative as a result of negative price develop- 150.0 % ments. Arctic Asset Management AS seeks to the best of its ability to ensure that all information given in this report is correct, however, makes reserva- 100.0 % tions regarding possible errors and omissions. Statements in the report reflect the portfolio managers’ viewpoint at a given time, and this view- 50.0 % point may be changed without notice. The report should not be perceived as an offer or recommendation to buy or sell financial instruments. Arctic 0.0 % Asset Management AS does not assume responsibility for direct or indirect loss or expenses incurred through use or understanding of the report. -50.0 % Employees of Arctic Asset Management AS may be owners of securities 11/10 11/11 11/12 11/13 11/14 11/15 11/16 11/17 11/18 11/19 11/20 issued by companies that are either referred to in this rapport or are part of Arctic Norwegian Equities Class I OSEFX the fund's portfolio.
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