Mistra’s portfolio

Objectives and starting points for Mistra’s asset management

Mistra’s portfolio

The objectives and starting points for Mistra’s asset management, and its portfolio composition and development, are as follows:

  • Assets under management: SEK 3.2 billion (30 June 2020).
  • Asset depletion is permitted.
  • Long-term return target: risk-free interest rate1 plus a risk premium of 2 percentage points.
  • Investment in funds with a clear sustainability profile.
  • Cooperation with managers who share Mistra’s basic values.

Detailed information about Mistra’s investment policy is available here.

1 Measured as interest on three-month Swedish government bonds.

Fund holdings

The normal portfolio is composed of 40% equity funds, 40% interest-bearing funds and 20% alternative investments.

Normal portfolio

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  %
Equity funds 40% 40%
Interest-bearing funds 40% 40%
Alternative investments 20% % 20%

At 30 June 2020 the composition was 47.4% equity funds, 30,5% interest-bearing funds and 17.2% alternative investments, while liquid funds make up 4.9%. This composition deviates from that of the normal portfolio mainly because of the favourable trend of Mistra’s equity funds, and thus the rise in the proportion of the portfolio consisting of these funds.

Whole portfolio, June 2020

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June 2020

  %
Equity funds 47,4% 47,4%
Interest-bearing funds 30,5% 30,5%
Alternative investments 17,2 % 17,2%

Fund Manager Share of portfolio (%) Change since 31 Dec. 2019 (SEK m) Asset class
Generation IM Global Equity Fund Generation 23.3 -41.1 equity fund
Öhman räntefonder * Öhman 20.6 -0.1 interest-bearing fund
Captor Dahlia Green Captor 6,8 -0.7 interest-bearing fund
Thule Real Estate Fund Skandia 6.0 0.7 real estate fund
Enter Select Pro Enter 6.0 -7.7 equity fund
Nordkinn Fixed Income Macro Fund Nordkinn 5.9 4.7 hedge fund
Lannebo Sverige Plus Lannebo 5.0 -19.0 equity fund
Stewart Investors Worldwide Sustainability Fund First State 4.8 -1.0 equity fund
Öhman Global Hållbar Öhman 4.2 -5.7 equity fund
Ownership Capital Global Equity SEB 2.6 8.3 equity fund
SEB Microfinance Fund IV SEB 2.0 0.3 microfinance fund
Generation IM Climate Solutions Fund II Generation 1.7 -1.1 venture-capital fund
Lyxor SEB Impact Fund SEB 1.6 -1.0 equity fund
Öhman realräntefond Öhman 1.6 0.7 interest-bearing fund
M&G Impact Financing Fund M&G Investments 1.5 -1.2 interest-bearing fund
Alder Fund I Alder 0.7 -0.2 venture-capital fund
Nordic Cleantech Private Equity Sub-Fund LGT Capital Partners 0.7 0.6 venture-capital fund
Generation IM Climate Solutions Fund I Generation 0.3 3.9 venture-capital fund
Generation IM Global Credit Fund Generation 0.0 0.3 interest-bearing fund
SEB Hållbarhetsfond Global Index IC SEK        

* Öhman FRN Hållbar, Öhman Företagsobligation Hållbar, Öhman Grön Obligation (‘Green Bond’), Öhman Kort Ränta, Öhman Obligationsfond, Öhman Räntefond Kompass Hållbar.

 

Digitalization of economic activity and money has laid the foundation for a rapid recovery in the financial markets. Digitalization is also the foundation of the transformation that must take place when tough real economic challenges take over.

Commentary from Torbjörn Hamnmark, Asset Management Committee, July 2020

 

Mistra’s funds are managed (30 June 2020) by:

Manager Share of portfolio (%)
Öhman 26.4
Generation Investment Management 25.3
Captor 6.8
Skandinaviska Enskilda Banken 6.2
Skandia Fonder 6
Enter Fonder 6
Nordkinn Asset Management 5.9
Lannebo Fonder 5
First State/Stewart Investors 4.8
M&G Investments 1.5
Alder 0.7
LGT Capital Partners 0.66

 

Return

In 2020 to date, the return on Mistra’s portfolio has been -2.1%. Equity funds have returned -4.6%, alternative investments 1.9% and interest-bearing securities -0.1%. Average return on the whole portfolio in the past five years has been 6.8%.

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  Equities Interest-bearing Alternative investments Total portfolio
Year to date -4.6% -0.1% 1.9% -2.1%
Past five years 11.4% 1.0% 7.2% 6.8%