About the fund
Carnegie High Yield Select invests in bonds issued by Nordic companies. The fund focuses exclusively on high-yield corporate bonds, which have a slightly higher risk level and therefore a somewhat higher yield.
The investments are never made in a specific sector, country or currency and the analysis always starts with, and selects, companies that the portfolio managers want to invest in; companies that they have confidence in for the long term.
The average term to maturity of the Carnegie High Yield portfolio is 3-5 years, by may periodically be longer or shorter. The fund is traded on a daily basis and unit holders are not locked in. In order to always offer good liquidity, parts of the fund are invested in highly liquid assets. All holdings in foreign currencies are hedged against Swedish kronor so that unitholders avoid any currency risk.
Fees and trading
- Management fee/year
- Minimum deposit lump-sum/monthly
- Price listing
- Bankgiro number
Charge: 0.85 percent + performance fee of 20 percent of all returns in excess of Stibor 90 days + 2 percentage points. Stibor floor = 0. The performance fee is calculated daily and is deducted collectively from the fund. The total annual fixed fee and performance fee may not exceed 2 percent on the net asset value of the fund calculated on a rolling 12-month basis.
- Legal Seat
- Start date
- ISIN Code
- Morningstar rating
- Risk class
- Total risk
- Sharpe ratio
- 0.93 times/year
- Benchmark index
- Swing pricing
- Yes, partial
- Swing factor
The seven-point risk scale is common to funds in the EU. Risk category 1 represents the lowest risk but also the lowest possibility of returns. Seven is the highest risk with higher possibility of returns. The risk category is based on how the fund's value has fluctuated over the past five years.
A measure of risk that measures value changes. Stated as a percentage. The higher the percentage, the higher the volatility. Calculated as the standard deviation of monthly returns for the fund during 24 months, multiplied by the square root of the number of months during the year.
The Sharpe ratio is a measure of risk that compares the actual return on the portfolio, minus the risk-free interest rate, to the total portfolio risk. Portfolio risk is defined as the standard deviation of returns over 24 months. This can be said to illustrate the payment you receive for the risk you take.
Churn measures how many transactions are made by the fund manager. It is defined as the lowest of the sum of purchased and sold securities, divided by the average net asset value of the fund. Churn is expressed as an annual rate.
No benchmark index is used since there is no available index that corresponds well with the fund’s investment policy.
Swing pricing means that the fund’s NAV rate may be adjusted when the fund’s net flows (the sum of deposits and withdrawals in the fund) during a given day exceed a threshold value. The threshold value is an amount and is calculated by a percentage of the fund’s total value. This is called partial swing and is the method of swing pricing used by Carnegie Fonder. If the threshold value is exceeded, a swing factor is applied which is a certain percentage and which is judged to correspond to the costs of managing the net flows. The reason why swing pricing is used is that large transaction costs can arise with large net flows. In order for these costs not to affect other unit holders in the fund, they are instead charged to the unit holders who caused the flow by adjusting the NAV rate with the swing factor. The levels of the threshold and the swing factor are reviewed by Carnegie Fonder on a regular basis.