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Investment­ Grade A

23 May 2022
1,166.59 kr
One day
-0.11%
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Investment­ Grade A
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About the fund

Carnegie Investment Grade invests in bonds issued by Nordic companies. The fund focuses on corporate bonds with high credit ratings, known as investment grade.

Investments are never made in a particular sector, or any specific country or currency. The analysis is based on, and always chooses, companies that the portfolio managers want to invest in. Companies that they believe in for the long term.

The average maturity of the portfolio is around 3 years, but may at times be longer or shorter. The fund is traded daily, without any lock-in for the unitholders. All holdings in foreign currencies are hedged against Swedish kronor, in order for the unitholders to avoid currency risk.

Fund manager

Mikael Engvall

BSc Business Administration. Employed since 2012 and has worked in the industry since 1996.

Mona Stenmark

MSc Economics. Employed since 2003 and has worked in the industry since 2003.

Buy Investment­ Grade A

Fees and trading

Management fee/year
0.50%
Minimum deposit lump-sum/monthly
0kr/0kr
Price listing
Daily
Bankgiro number
606-9876

Basic facts

Legal Seat
SE
Start date
1985-11-01
ISIN Code
SE0000429847

Fund data

Risk class
1
2
3
4
5
6
7
Risk category

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.

Total risk
1.27%
Total risk

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.

Sharpe ratio
1.49
Sharpe ratio

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
0.35 times/year
Churn

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.

Benchmark index
-
Benchmark index

No benchmark index is used since there is no available index that corresponds well with the fund’s investment policy.

Swing pricing
-
Swing pricing

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.

Show holding
Updated 2022-04-30

Largest holding

Tomra Systems ASA FRN Sen Ser TOM02 19/14.11.24
2.19%
BKK AS FRN Ser BKK43 Sen 17/25.09.23
1.56%
Aktia Bank Plc FRN EMTN Ser 29 20/10.09.25
1.48%
Investment AB Latour FRN 21/16.06.27
1.45%
SKF AB FRN Sen 20/10.06.24
1.34%
Nordic Entertainment Gr AB FRN DMTN Sen 19/23.05.24
1.34%
Jyske Bank AS FRN EMTN Sen 18/07.09.23
1.34%
Epiroc AB FRN EMTN 20/18.05.26
1.34%
Vasakronan AB FRN EMTN Ser 71 20/08.12.25
1.32%
Telenor ASA FRN EMTN Sen Reg S 19/19.03.24
1.27%
Other holding
85.38%

Geographic distribution

Sweden
69.60%
Norway
13.69%
Denmark
8.01%
Finland
7.34%
Other
1.36%

Nav distribution

Fixed Income Securities
95.98%
Cash and equivalents
4.57%
Currency hedge
-0.55%

Articles

PEAB – new green bond
Carnegie Investment Grade

PEAB – new green bond

The first half of August was still influenced by holidays and quiet markets, but during the second half of the month things started to move and we saw increasing activity....

Mona Stenmark 3 September 2021
Holiday markets and a positive outlook
Carnegie Investment Grade

Holiday markets and a positive outlook

The summer doldrums arrived, and July was a quiet month on the credit markets, especially the primary market. However, there was dramatic movement in government bond yields, which fell quite...

Mona Stenmark 4 August 2021
Green, social and sustainability-linked
Carnegie Investment Grade

Green, social and sustainability-linked

There was intense activity in the primary market at the beginning of the month as companies sought to reach investors before the summer lull. This led in turn to slower...

Mona Stenmark 5 July 2021
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