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Catella Avkastningsfond

Investments in fund units are associated with risk. Past performance is no guarantee for future returns. The money invested in a fund can increase and decrease in value and it is not certain that you will get back the full amount invested. No consideration is given to inflation.

Catella Avkastningsfond is a fixed income fund whose target is to achieve stable return at low risk.

The fund invests in Nordic corporate and government bonds, with emphasis on investment grade corporate bonds. The fund applies negative screening for sustainability criteria and consequently avoids long positions in companies that produce tobacco, alcohol, commercial games for money, pornography, coal, oil or weapons. Derivatives are used in management to protect fund capital. Over time, the fund's returns will co-vary with the Nordic bond market. Investments are based on fundamental analysis of individual companies and traditional macroanalysis. Composition of the fund reflects Catella's outlook on the conditions for generating return in relation to risk in respect of credit and interest rate risk.

The main contributing factor to the strong development in March was falling market interest rates, but credits in the portfolio also developed positively.
Thomas Elofsson, 2019-03-31

Fund manager comment

The somewhat unusual combination of falling long-term interest rates, flatter yield curves and good risk sentiment continued in March. The question is how long this will continue. Rising commodity prices, rising stock prices and good development for credits are in contrast with falling interest rates. Our assessment is that the strong sentiment will persist as long as central banks do not signal less expansionary monetary policy, which would probably require stronger economic signals and higher expected inflation. Corporate financial reports in April will likely provide a somewhat subdued picture of the economic outlook, which we believe is fairly well priced into the market. Given the strong development of the capital markets one might think that risk sentiment in danger of deteriorating, but our view is that central banks affect capital markets more than corporate results and that the favourable environment will continue.

The fund’s net asset value rose by 0.41 % in March. The main contributing factor to the strong development in March was falling market interest rates, but credits in the portfolio also developed positively. The risk level of the fund was kept low and the duration was lowered in the wake of the falling interest rate levels, amounting to 0.5 at the end of the month. Otherwise, only minor adjustments were made to the portfolio.

Fund facts

Risk Indicator

The risk and reward indicator illustrates the link between risk and potential returns from an investment in the fund. The indicator is based on how the fund’s value has changed over the past five years. Category 1 does not mean that the fund is risk free. The fund may over time move towards the left or right of the scale. This is because the indicator is based on historical data which is not a guarantee of future risk and reward. For information about the risk classification of each fund, please refer to the fund’s key investor information document.

Fact

Catella Avkastningsfond is an actively managed fixed-income fund which invests in corporate bonds with rating investment grade, high yield as well as non rated bonds. The fund may also invest in derivative instruments to, for example, protect the capital in the fund, and may use currency derivatives, such as through the purchase or sale of foreign currency on a forward basis, in order to hedge its holdings. It has a history dating back to 1999, with low risk, consistent returns and positive annual returns in every year. In short, existing investors in the fund have received good rewards for their risk.

The fund is suitable for investors seeking an actively managed fixed-income fund that invests in both the money market and the bond market.

The fund is permitted to use derivatives and to have a larger percentage of the fund invested in bonds and other debt instruments issued by individual central government and municipal authorities and within the EEA than other securities funds, in accordance with Chapter 5, Section 8 of the Swedish Securities Funds Act (SFS 2004:46).

Historical development

Fund manager

Sweden

Thomas Elofsson

Head of Portfolio Management and Fund manager
Direct: +46 8 614 25 62
Sweden

Stefan Wigstrand

Fund manager
Direct: +46 8 614 25 58

Risk information

Investments in fund units are associated with risk. Past performance is no guarantee of future returns. The money invested in a fund can increase and decrease in value and it is not certain that you will get back the full amount invested. No consideration is given to inflation. The Catella Balanserad, Catella Credit Opportunity and Catella Hedgefond funds are special funds under the Swedish Alternative Investment Fund Managers Act (SFS 2013:561) (AIFM). Catella Sverige Aktiv Hållbarhet and Catella Småbolagsfond may use derivatives, and the value of the funds may vary significantly over time. The value of Catella Sverige Hållbart Beta may vary significantly over time. Catella Avkastningsfond may use derivatives and may have a larger proportion of the fund invested in bonds and other debt instruments issued by individual national and local authorities and within the EEA than other investment funds, in accordance with Chapter 5, Article 8 of the Swedish Investment Funds Act (SFS 2004:46). Catella Nordic Long Short Equity and Catella Nordic Corporate Bond Flex may use derivatives and may have a greater proportion of the funds invested in bonds and other debt instruments issued by individual national and local authorities and within the EEA than other investment funds. For more details, complete prospectuses, key investor information, and annual and half-yearly reports, please refer to our website at catella.se/fonder or phone +46 8 614 25 00.

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