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
| % | |
| 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
| % | |
| 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%.
| 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% |