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Spin-Off A

12 August 2022
39.72 kr
One day
+0.55%
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Spin-Off A
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About the fund

The graph above illustrates the performance for Carnegie Spin-Off A.

Carnegie Spin-Off is a unique fund focused on Swedish and Nordic investments in companies that have been, will be or are expected to be subject to a spin-off, either as a spun-off company or as a company conducting a spin-off.

The fund is managed by Simon Blecher and Mattias Montgomery.

The fund was started in 2007 but changed investment policy on October 21, 2019.

Fund manager

Simon Blecher

BSc Business Administration. Employed since 2006 and has worked in the industry since 2000. Star Manager of the year in 2011, 2013, 2014.

Mattias Montgomery

Employed since 2019 and has worked in the industry since 2014.

Buy Spin-Off A

Fees and trading

Management fee/year
1.02%
Management fee/year

Carnegie Spin-Off A also has a performance fee that may amount to a maximum of 20% of the daily return that exceeds the fund’s return threshold SIX Portfolio Return. The performance fee is calculated daily after deduction of the fixed charge. If the value growth of the unit class is below the return threshold, no performance fee will be charged until the previous relative underperformance has been offset. The total annual fixed and performance fees may amount to a maximum of 3% of the value of the unit class from 2019.

Minimum deposit lump-sum/monthly
50,000kr/0kr
Price listing
Daily
Bankgiro number
5432-6442

Basic facts

Legal Seat
SE
Start date
2007-09-28
ISIN Code
SE0002098442
Morningstar rating

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
19.70%
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
0.61
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
0.51 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
SIX Portfolio Return
Benchmark index

The benchmark index has been used as a basis for calculating Tracking Error and Active Share. The chosen benchmark is deemed to be relevant as it corresponds well with the fund’s investment policy.

Tracking error
5.22%
Tracking error

Tracking error measures the difference in returns between a fund and its benchmark. The lower the tracking error, the more correlated the returns are to the benchmark. The higher the tracking error, the more the returns deviates from the benchmark. Reported as a percentage.

Active share
92%
Active share

Active share measures how much the portfolio holdings differ from the benchmark index constituents. The higher the percentage, the higher the deviation is. Reported as a percentage.

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 2022-07-31

Largest holding

Ratos AB B
7.69%
Essity AB B Reg
7.20%
ABB Ltd Reg
6.36%
Autoliv Inc SDR
5.42%
Telia Co AB
4.90%
Other holding
68.44%

Geographic distribution

Sweden
73.94%
Finland
8.06%
Switzerland
6.36%
USA
5.42%
Other
6.22%

Nav distribution

Equities
97.85%
Cash and equivalents
2.15%

Articles

Blecher: “Experience suggests that the market turns before the economy”

Blecher: “Experience suggests that the market turns before the economy”

A global financial crisis that cannot be halted. The Covid-19 crisis is unique, and is fundamentally changing many parts of our society. But we are long-term owners of well-managed companies,...

Kristina Flintull 17 March 2020