Salus fund leads the laggards in Sweden’s PPM system

Austria domiciled Salus Alpha Managed Futures lost -33.3% over the past six months to make it the worst performing fund out of 789 listed on the website of Swedish PPM system regulator, the Swedish Pensions Agency (Pensionsmyndigheten).

The second worst performing fund over the period is the GustaviaDavegårdh Sol Vind & Vatten (Sun, Wind & Water) fund, down -22.4%.

However, the full list of the 10 worst performing funds over the period is dominated by funds linked to commodities, particularly mining and resources linked to precious metals.

In order they are: JPM Global Natural Resources (-22.1%), Amundi Funds Equity Global Gold Mines (-21.2%), BlackRock World Mining (-20.9%), BlackRock World Gold (-18.5%), First State Global Resources (-17.3%), UBS (Lux) Equity Sicav Brazil (-16.9%), FIM Brazil Placeringsfond (-16.2%) and Baring Global Resources (-15.7%).

(Source: Pensionsmyndigheten, SEK100 invested)

These funds are categorised by the regulator as “high risk” apart from one, which is listed as “very high risk” – the Amundi Funds Equity Global Gold Mines.

But while the “very high risk” category also contains funds that have delivered negative returns over the period, these returns are still far better in relative terms, chiefly from products invested in Russia.

Investors who picked even the worst performing “low risk” funds would have made a nominal positive return, the data show, often from short term interest rates via money market funds.


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