August was a good month for the fund, driven by falling spreads and strong current income. In a very active primary market during the second half of the month, we saw strong demand for Nordic bonds, particularly from foreign investors.
Geopolitics continues to shape the world, leading to fluctuations in individual factors that contribute to volatility in cyclical sectors. In our investment management, we aim to minimize such risks associated with individual factors, and we prefer companies that deliver results across business cycles, with predictable cash flows and skilled management.
Portfolio activity was low during August, and we primarily made portfolio adjustments to existing positions. The fund’s portfolio consists of solid companies acquired on attractive terms.
In today’s market, the relative pricing of risk is a key issue; it’s about having exposure to the companies that offer the best risk-adjusted returns. We will continue to exercise capital discipline.
As of the end of the month, the fund has a current yield of 8.17%* and an effective yield of 10.05%*.
*Before costs related to management. Will be subject to change from day to day, and is therefore no guarantee of the return in the period for which it is calculated.
Sincerely
Øivind Thorstensen & Simen Aarsland Øgreid
A good risk-adjusted return for you as a customer and investor.
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