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 3.5 billion (30 June 2021).
  • 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 2021 the composition was 52.1% equity funds, 29.5% interest-bearing funds and 15.1% alternative investments, while liquid funds make up 3.3%. 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 2021

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  %
Equity funds 52.1% 52.1%
Interest-bearing funds 29.5% 29.5%
Alternative investments 15.1 % 15.1%

 

 

‘The new decade started in a volatile way, but there is currently hope that capital will be available for large investments in a sustainable transition needed for economies around the world. Short-term, there are significant economic and social challenges and “life support” keeps the economic machines going in large parts of the world economy.

Commentary from Torbjörn Hamnmark, Asset Management Committee, March 2021

 

 

Fund Manager Value (MSEK) Share of portfolio (%)
Captor Dahlia Green Captor 220 6.2
M&G Impact Financing Fund M&G Investments 50 1.4
Öhman realräntefond Öhman 102 2.9
Öhman räntefonder* Öhman 670 19.1
Total interest-bearing funds   1040 29.6
Enter Select Pro Enter 221 6.3
Generation IM Global Equity Fund Generation 1002 28.4
Lannebo Sverige Plus Lannebo 167 4.7
Lyxor SEB Impact Fund SEB 97 2.7
Ownership Capital Global Equity Ownership Capital 188 5.3
Öhman Global Hållbar Öhman 167 4.1
Total equity funds   1842 51.5
Alder Fund I Alder 12 0.3
Generation IM Climate Solutions Fund I Generation 9 0.3
Generation IM Climate Solutions Fund II Generation 61 1.7
Nordic Cleantech Private Equity Sub-Fund LGT Capital Partners 12 0.3
Nordkinn Fixed Income Macro Fund Nordkinn 192 5.4
SEB Microfinance Fund IV SEB 4 0.1
SEB Microfinance FundIXC2 SEB 51 1.0
Thule Real Estate Fund Skandia Fonder 194 5.5
Total alternative investments   535 14.6
Liquid funds   114 1.2
Total portfolio   3533 96.9

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

 


Return

In 2021 to date, the return on Mistra’s portfolio has been 9.5%. Equity funds have returned 18.3%, alternative investments 1.8% and interest-bearing securities 0.3%. Average return on the whole portfolio in the past five years has been 10.3%.

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  Equities Interest-bearing Alternative investments Total portfolio
Year to date 18.3% 0.3% 1.8% 9.5%
Past five years 18.2% 1.2% 9.3% 10.3%