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 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.

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 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

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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 (%)
Öhman 28.0
Generation Investment Management 25.7
Captor 6.8
Skandinaviska Enskilda Banken 6.3
Enter Fonder 6.2
Skandia Fonder 5.8
Nordkinn Asset Management 5.8
First State/Stewart Investors 4.9
Lannebo Fonder 4.8
M&G Investments 1.5
Alder 0.7
LGT Capital Partners 0.7

 

Return

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%.

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  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%