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Catella Sverige Aktiv Hållbarhet

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.

Sustainability is the objective of the Catella Sverige Aktiv Hållbarhet fund, which actively seeks to identify companies where sustainability is embedded in the business concept. 

Turnover is higher in active management than in traditional equity funds and the fund aims to deliver return that exceeds its benchmark over time. Investments are selected for the fund through a combination of financial and sustainability analysis. The investment process is based on the conviction that there is a connection between a sustainable business model and persistent profitability and growth over the long term, and that this is often underestimated by the market. Having a sustainable business model involves providing products and services that offer solutions to global environment, social and corporate governance challenges. The fund’s choice of companies is also limited by negative criteria, meaning that the fund does not invest in companies that violate any of the ten principles of the UN Global Compact. The fund is also permitted to invest in derivatives as an aspect of the investment strategy.

At the time of writing, the reporting season for the fourth quarter is underway. The general picture for the manufacturing companies has been good order intake and sales, while the margins have not really lived up to market expectations.
Martin Nilsson, 2022-01-31

Fund manager comment

Catella Sverige Aktiv Hållbarhets's NAV decreased by 11.0 percent in January. The fund's benchmark index fell by 9.9 percent during the same period. After a very strong stock market development in 2021, the beginning of the year has been weak. In the Nordic region, the Stockholm Stock Exchange and the Copenhagen Stock Exchange performed the worst, while the Oslo and Helsinki Stock Exchanges performed somewhat better. The weak development is due to monetary tightening, mainly from the US Federal Reserve to curb high inflation, as well as concerns about a Russian military attack on Ukraine. During this month's Fed meeting, the central bank announced that it intends to close its support purchases of bonds in early March. The policy rate was left unchanged, but with a clear indication of future increases. During the month, the US ten-year government bond yield rose by 26 basis points to 1.78 percent. After the end of the month, the interest rate has continued to rise and at the time of writing is 1.92 percent. The Swedish ten-year government bond yield has also risen sharply since the turn of the year. The main positive contributors to the relative return during the month were the holding in Intrum and the underweights in Storskogen and Truecaller. Intrum delivered a report for the fourth quarter that far exceeded market expectations. This is driven by both better earnings and lower costs. Negative contributors to the relative return during the month were the holdings in the industrial company Nibe and the pharmaceutical company Vitrolife, as well as the underweight in Lundin Energy. The company is excluded for sustainability reasons as the fund does not invest in fossil fuel producers.

At the time of writing, the reporting season for the fourth quarter is underway. The general picture for the manufacturing companies has been good order intake and sales, while the margins have not really lived up to market expectations. This is because the companies have found it difficult to raise prices in the short term to compensate for rising costs such as raw materials, semiconductors and logistics. In many cases, the companies' reports have resulted in negative price development. As always, there are exceptions. Both the technology company Ericsson and the industrial company Assa & Abloy are examples of holdings in the fund where the companies presented stronger reports than expected and were rewarded with rising share

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 Sverige Aktiv Hållbarhet offers a concentrated portfolio of carefully selected Swedish shares, which means the potential to obtain better returns than the index. The fund invests with a focus on large and medium-sized businesses.

The fund is permitted to use derivatives and the net asset value of the fund may fluctuate considerably. The fund is intended for investors seeking active management of Swedish equities and with an investment horizon of at least five to seven years.

Historical development

Fund manager

Sweden

Per Johansson

Chief Investment Officer
Direct: +46 72 353 12 46
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Sweden

Martin Nilsson

Fund manager
Direct: +46 8 614 25 64
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Sweden

Anders Wennberg

Fund manager
Direct: +46 8 614 2560
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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 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.com/funds or phone +46 8 614 25 00.

Investments in funds are subject to risk. Past performance is no guarantee of future returns. The money invested in a fund can increase and decrease in value and there is no guarantee that you will get back the full amount invested. Read more here