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SKAGEN Credit a Global Corporate Bond Fund

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SKAGEN Credit a Global Corporate Bond Fund SKAGEN Credit EUR A global corporate bond fund Status report February 2015 SKAGEN Credit EUR A – Key numbers Key numbers as of 31 January SKAGEN Credit Index EUR A (Euribor 3m) Return last month 1,4 % 0,0 % Return year to date 1,0 % 0,0 % Return since inception (30.05.14) -1,3 % 0,1 % Current yield* 3,1 % 0,0 % Average maturity (WAM) 1,1 0,25 Average life time (WAL) 3,5 N/A Average credit spread (OAS)** 360 bps N/A *Current yield changes from day to day and is no guarantee for future return 2 ** Average option adjusted spread on the investments, cash excluded Portfolio managers’ comments • After months of negative development, the market for credit turned in February. Compared to the summer of 2014, when almost all companies were priced highly, there is now more variation in the pricing after oil price decline and political unrest in Russia. For a fund like SKAGEN Credit there is more to gain when the variation in pricing increases. It provides opportunities in bonds that we believe are wrongly priced and thereby have great potential for future returns to our unit holders. • In February we included Norwegian Air Shuttle (NAS) in the portfolio. The company’s bond price has fallen due to weak results for 2014 and the general selling pressure in the Norwegian bond market. NAS benefits from lower oil prices and we therefore view it as a good opportunity to buy into the bond now when the pricing is low. The yield is approximately 6%, which can be considered very good at current interest rate levels and given the company’s risk profile. • All in all the fund delivered good returns during the month because the market turned and some of our holdings experienced a re-pricing due to the shift in sentiment. The average credit spread for the month was reduced from 380 to 360 basis points. 3 The SKAGEN Credit investment universe SKAGEN Credit picks bonds both from the investment grade and the high yield spectrum with a high risk adjusted return potential. Minimum 50% investment grade. 4 Country diversification Switzerland; 2% Developed markets: 57 % Russia; 5% Finland; 2% Cash; India; Emerging markets: 36 % 7% 6% Cash: 7 % United Brazil; Kingdom; 7% 10% Turkey; 6% Norway; 6% Czech Republic; 4% Denmark; 3% Greece; 2% Italy; 4% Nigeria; 2% Hong Kong; 3% France; 4% Canada; 7% Netherlands; 2% United States; 6% Sweden; 7% Portugal; 4% 5 Sector and rating distribution Telekom; 4% Cash; 7% Råvarer; 14% B; 15% AA (Cash); 7% Bank og finans; 20% Nyttetjeneste r; 7% Defensive konsumvarer BBB; 48% ; 5% BB; 30% Kapitalvarer, service og transport; 19% Energi; 16% Inntektsavhe ngige Defensive forbruksvare konsumvarer r; 7% ; 4% Investment grade: 55 % High Yield: 45% Average rating: BB+ 6 Interest rate duration and time to maturity Interest rate exposure and denominated currency of bonds (before currency hedge) Currency Bond denominated Interest rate duration USD 48% 1,0 years EUR 29% 1,7 years GBP 17% 1,2 years NOK 6% 0,1 years Sum Fund 100% 1,2 years Credit exposure - time to maturity profile on bonds 70% 59% 60% Average time to maturity: 3,5 years 50% 40% 30% 17% 20% 13% 10% 7% 5% 0% Cash 1-3 year 3-5 years 5-7 years 7+ years 7 Top 10 investments Company Country of risk Credit rating* Percent of fund Energias de Portugal Portugal BB+ 4,1 % Bank of Baroda India BBB- 4,0 % Fiat Italy BB- 4,0 % SSAB Sweden BB- 4,0 % Bombardier Canada BB- 4,0 % Braskem Brazil BBB- 3,9 % EP Energy Czech Republic BBB- 3,7 % Akbank Turkey BBB- 3,7 % Amlin United Kingdom BBB- 3,7 % Lafarge France BB+ 3,6 % Sum top 10 38,5 % 8 * Average bond rating SKAGEN Credit – Picking the best bonds from the global orchard Fact sheet for some portfolio holdings Lafarge World leader in building materials. Cement (no.1), concrete (no. 4) Domicile: France and construction aggregates (no.2). Plans to merge with Holcim in Sector: Construction materials 2015. Rating: BB+ Maturity: 2018 Position: 3,6 % Spread at purchase: 185 bps Current Spread: 158 bps Triggers: • Planned merger with Holcim will lead to investment grade rating • Sale of non-core assets to reduce debt level Risks: • Merger fails • Cyclical business segment 10 Braskem Braskem is one of the largest petrochemical companies in the Domicile: Brazil Americas. 38 industrial plants spread across Brazil, the US, Sector: Chemistry Argentina and Germany. Rating: BBB- Maturity: 2021 Position: 3,9% Spread at purchase: 290 bps Current Spread: 380 bps Evaluation: • Diverse customer base and strong distribution capabilities • Dominant position in the petrochemical market • Declining debt levels Risks: • Rating downgrade of Brazil • Volatile raw material prices – impact earnings 11 SSAB Swedish steel manufacturer with a niche position within special Domicile: Sweden steel. Bought Finnish Rautaruukki in 2014. Production plants in Sector: Metals and mining Sweden, Finland and the US. Rating: BB- Maturity: 2019 Position: 4,0% Spread at purchase: 325 bps Current Spread: 358 bps Evaluation: • Strong position within its niche segment • Good geographical diversification • Synergies (Rautaruukki) improve profitability Risks: • Rather high leverage • Volatile demand in Europe 12 Energiaas de Portugal EDP - Energias de Portugal is a well-diversified energy producer and supplier in Portugal, Spain, Brazil and the US. Committed to increasing its renewable energy mix towards 2017 and beyond. Domicile: Portugal Sector: Utility Utility Result by country (EBITDA) Product mix Rating: BB+ Maturity: 2017/2019 Position: 4,1% USA; 9% Coal; Spread at purchase: 160/193 bps 13% Current Spread: 77/159 bps Hydro; Brasil; 17% 34% Portugal; Nuclear; 45% 17% Wind/so Spain; 25% lar; 35% Evaluation: • Low volatility, stable business • Better market climate in Portugal/Spain • Good leverage situation, possible IG rating? Risks: • Rating influenced by Portugal – external risk • Regulatory price limitation on energy 13 The portfolio managers The portfolio managers draw on their expertise in the fixed income markets, as well as SKAGEN’s equity fund managers’ long experience of successful stock-picking. They have long-standing and complementary experience ranging from fixed income management to company analysis, risk management and trading. Ola Sjöstrand Ola Sjöstrand has worked in SKAGEN since 2006 as portfolio manager of SKAGEN’s fixed income funds. He launched and has been responsible for running the SKAGEN Krona fund amongst others. Before joining SKAGEN Ola worked as portfolio manager at the Swedish Soya Group. A combination of strong analytical skills and investment experience applying SKAGEN’s investment philosophy puts Ola in a strong position to find good investment cases for the fund. Ola holds a BSc in Business Administration and Economics. Tomas Nordbø Middelthon Tomas Nordbø Middelthon has worked in SKAGEN since 2010, both as a risk manager and more recently as portfolio manager of SKAGEN’s fixed income funds. Before that Tomas worked within financial services in Statoil implementing financial risk management tools worldwide. Tomas holds an MBA within Finance and is a Certified Financial Analyst. He has strong analytical skills and a background from financial risk management. The combination of risk management and technical expertise is valuable in the screening and analysis of corporate bonds and portfolio construction. 14 For more information please visit: Latest Market report Information about SKAGEN Credit EUR on our website Unless otherwise stated, all performance data in this report relates to class A units and is net of fees. Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skill, the fund’s risk profile and subscription and management fees. The return may become negative as a result of negative price developments. SKAGEN seeks to the best of its ability to ensure that all information given in this report is correct, however, makes reservations regarding possible errors and omissions. Statements in the report reflect the portfolio managers’ viewpoint at a given time, and this viewpoint may be changed without notice. The report should not be perceived as an offer or recommendation to buy or sell financial instruments. SKAGEN does not assume responsibility for direct or indirect loss or expenses incurred through use or understanding of the report. Employees of SKAGEN AS may be owners of securities issued by companies that are either referred to in this report or are part of the fund's portfolio. .
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