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 (31 March 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 31 March 2021 the composition was 53.5% equity funds, 29.7% interest-bearing funds and 15.6% alternative investments, while liquid funds make up 1.2%. 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, March 2021

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  %
Equity funds 53.5% 53.5%
Interest-bearing funds 29.7% 29.7%
Alternative investments 15.6 % 15.6%

 

 

‘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 219 6.3
Generation IM Global Credit Fund Generation 1 0.0
M&G Impact Financing Fund M&G Investments 50 1.4
Öhman realräntefond Öhman 101 2.9
Öhman räntefonder* Öhman 669 19.1
Total interest-bearing funds   1040 29.7
Enter Select Pro Enter 240 6.9
Generation IM Global Equity Fund Generation 945 27.0
Lannebo Sverige Plus Lannebo 193 5.5
Lyxor SEB Impact Fund SEB 64 1.8
Ownership Capital Global Equity Ownership Capital 176 5.0
Stewart Investors Worldwide Sustainability Fund First Sentier Investors 95 2.7
Öhman Global Hållbar Öhman 163 4.6
Total equity funds   1875 53.5
Alder Fund I Alder 12 0.3
Generation IM Climate Solutions Fund I Generation 10 0.3
Generation IM Climate Solutions Fund II Generation 67 1.9
Nordic Cleantech Private Equity Sub-Fund LGT Capital Partners 25 0.7
Nordkinn Fixed Income Macro Fund Nordkinn 195 5.6
SEB Microfinance Fund IV SEB 46 1.3
Thule Real Estate Fund Skandia Fonder 193 5.5
Total alternative investments   546 15.6
Liquid funds   42 1.2
Total portfolio   3503 100.0

* 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 6.5%. Equity funds have returned 11.8%, alternative investments 3.3% and interest-bearing securities 0.0%. 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 11.8% 0.0% 3.3% 6.5%
Past five years 18.2% 1.2% 9.3% 10.3%