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
| % | |
| 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
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%.
| 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% |