Swedish newspaper’s own fund beats local peers
Affärsvärldenfonden, the actively managed Swedish equity fund launched 31 December 2015 by business publication Affärsvärlden in partnership with fund manager Lundmark & Co has beaten all sector peers in the period to 29 April.
Morningstar Sweden data suggests the fund returned 3.7% year-to-date, versus -2% for the Morningstar Sverige sector, and -3.5% for the benchmark index, the MSCI Sweden NR SEK.
The outperformance comes despite a poor return in April, when holdings such as Byggmax, Betsson and Recipharm caused the fund to underperform the broader stock market, according to a monthly note from portfolio manager is Håkan Lundmark.
The newspaper’s stock market desk sits on the fund’s investment committee together with Lundmark, to discuss equities that are deemed worth buying according to Affärsvärldens’ own analysis model.
The fund’s KIID document suggests that it is a fairly concentrated portfolio of stocks. A minimum of 75% of assets are required to be invested in Swedish equity, with up to 25% avaialable for investments in other Nordic markets. The number of holdings is intended to be 25-30. Cash holdings or other interest paying assets can account for up to 20% of the fund. It is a fund with a 3-5 year investment horizon.
The fund is available for direct investments via Lundmark & Co, as well as via fund supermarkets Avanza, Nordnet and Fondmarknaden.se. It is also available on the PPM platform, operated by the Swedish Pensions Agency to allow long term savers self-select funds.
Top ten holdings according to the latest month-end report include: