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 September 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.
The normal portfolio is composed of 40% equity funds, 40% interest-bearing funds and 20% alternative investments.
|Equity funds 40%||40%|
|Interest-bearing funds 40%||40%|
|Alternative investments 20% %||20%|
At 30 September 2020 the composition was 48.4% equity funds, 32,0% interest-bearing funds and 16,9% alternative investments, while liquid funds make up 2.7%. 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, September 2020
|Equity funds 48,4%||48,4%|
|Interest-bearing funds 32,0%||32,0%|
|Alternative investments 16,9 %||16,9%|
|Fund||Manager||Share of portfolio (%)||Change since 31 Dec. 2019 (SEK m)||Asset class|
|Generation IM Global Equity Fund||Generation||23.8||-14.3||equity fund|
|Öhman räntefonder *||Öhman||20.6||7.1||interest-bearing fund|
|Captor Dahlia Green||Captor||6,8||2.8||interest-bearing fund|
|Enter Select Pro||Enter||6.2||27.7||equity fund|
|Thule Real Estate Fund||Skandia||5.8||-1.7||real estate fund|
|Nordkinn Fixed Income Macro Fund||Nordkinn||5.8||6.8||hedge fund|
|Stewart Investors Worldwide Sustainability Fund||First State||4.9||6.9||equity fund|
|Lannebo Sverige Plus||Lannebo||4.8||2.4||equity fund|
|Öhman Global Hållbar||Öhman||4.3||-1.7||equity fund|
|Öhman realräntefond||Öhman||3.1||1.0||interest-bearing fund|
|Ownership Capital Global Equity||SEB||2.7||11.7||equity fund|
|SEB Microfinance Fund IV||SEB||1.9||-1.0||venture-capital fund|
|Lyxor SEB Impact Fund||SEB||1.7||3.6||equity fund|
|Generation IM Climate Solutions Fund II||Generation||1.6||-3.6||venture capital fund|
|M&G Impact Financing Fund||M&G Investments||1.5||-0.9||interest-bearing fund|
|Alder Fund I||Alder||0.7||2.6||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||2.9||venture-capital fund|
|Generation IM Global Credit Fund||Generation||0.0||0.2||interest-bearing fund|
|SEB Hållbarhetsfond Global Index IC SEK||SEB||0.0||-11.9||equity fund|
* Öhman FRN Hållbar, Öhman Företagsobligation Hållbar, Öhman Grön Obligation (‘Green Bond’), Öhman Kort Ränta, Öhman Obligationsfond, Öhman Räntefond Kompass Hållbar.
‘The economy and corporate earnings have near-term surprised positively which have supported equity markets. At the same time, the differences between sectors are significant where the “new economy” sectors such as digitalisation, work from home and electrification performs better than ever at the same time as travel and carbon based energy are going through a very weak period.
Commentary from Torbjörn Hamnmark, Asset Management Committee, October 2020
Mistra’s funds are managed (30 September 2020) by:
|Manager||Share of portfolio (%)|
|Generation Investment Management||25.7|
|Skandinaviska Enskilda Banken||6.3|
|Nordkinn Asset Management||5.8|
|First State/Stewart Investors||4.9|
|LGT Capital Partners||0.7|
In 2020 to date, the return on Mistra’s portfolio has been 1.4%. Equity funds have returned 2.0%, alternative investments 1.1% and interest-bearing securities 1.1%. Average return on the whole portfolio in the past five years has been 8.3%.
|Equities||Interest-bearing||Alternative investments||Total portfolio|
|Year to date||2.0%||1.1%||1.1%||1.4%|
|Past five years||14.9%||1.2%||6.9%||8.3%|