CAPÍTULO IV EVOLUCIÓN DEL DERECHO
4.7. EL CONCEPTO DEL “TRASPLANTE JURÍDICO” EN LA EVOLUCIÓN DEL DERECHO
4.7.1. Factores determinantes para la aplicación efectiva del trasplante jurídico
Launch date 10/09/12
Performance 30/06/14 31/12/13 31/12/12
net asset, seK thousands 1 202 706 690 865 86 780 share class a 1 185 545 675 370
share class b 17 161 15 495
naV a, seK 108.41 106.48 101.04 naV b, seK 108.10 106.48
number of outstanding units, thousands 11 094 6 488 859 share class a 10 935 6 343
share class b 159 146
dividend, seK per unit 0.31 0.00 0.00 annual return, %
share class a 1.8 5.4 1.0 share class b 1.8 0.3
nasdaQ omX Credit seK 1, % 3.1 2.8 1.9
Risk and growth
standard deviation, % - - - standard deviation benchmark, % - - - Credit duration, yrs 4.0 3.7 3.8 interest duration, yrs 0.2 0.2 0.2
Average annual growth
– 24 months, % - - -
– 5 yrs, % - - -
Fees/costs 2
managment fee, % 0.9 0.9 0.9 transaction costs, seK thousands 0 0 0 transaction costs, % 0.0 0.0 0.0 ongoing charges, % 0.9 0.9 0.3 sales and redemption fee, % 0.0 0.0 0.0 total costs
– for a single purchase seK 10 000 92 92 - – for monthly paymens seK 100 5 5 -
Turnover
turnover ratio 0.6 0.7 0.3 1)NASDAQ OMX Credit SEK is an index that has been based to reflect developments in corpo- rate bonds issued in SEK with high credit ratings, better known as investment grade. 2) Refers to the costs for the last twelve months.
Material risks
the greatest risk associated with the fund’s assets is the credit risk, which means the credit rating of one or more of the issuers deteriorates or an issuer becomes bankrupt. if the credit rating of the issuer changes for the worse, this means that the market value of the holding will be lower. if the issuer beco- mes bankrupt, this may, in the worst- case scenario, mean the holding is worthless. the credit risk in these types of funds is higher as the fund invests in
corporate bonds. the fund invests in both corporate bonds with a high credit rating (so-called investment grade) and in bonds with a rating lower than investment grade or bonds that do not have a credit rating. the fund reduces this risk by having a good diversification between different issuers and tranches. the average credit rating at mid-year was bbb-.
the interest rate risk is higher in this type of fixed-income fund, as the fund invests in securities with an average
to long-term duration, which means greater price volatility than is the case with a money market fund. the fund’s interest rate duration was less than one year, while credit duration was under five years.
the fund has not exercised, and does not intend to exercise, the op- tion of investing more than 35 percent of the fund’s value in debt issued or guaranteed by a government, municipal authority or the equivalent within an eea country.
relevant risk levels are continuously monitored and followed up and asses- sed with the help of regular stress tests. appropriate risk measures are used to assess the fund’s risk profile. follow-up of the fund’s concentration level and the degree of active management are also included as measures used to manage the fund’s risk exposures. the fund is deemed managed in accordance with the fund’s risk profile during the half year.
TOP HOLDINGS SEK THOUSANDS % OF NET ASSET Cloetta 85 288 7.1 intrum Justitia 68 694 5.7 danske bank 65 905 5.5 billerudKorsnäs 54 343 4.5 spp livförsäkring 50 745 4.2
balance sheet, seK thousands
30/06/14 31/12/13
Assets
transferable securities 1 156 276 627 007
Total financial instruments with
a positive market value (note 1) 1 156 276 627 007
investment in accounts with credit institutions 54 975 62 622
Total investments with a positive market value 54 975 62 622
prepaid expenses and accrued income 2 817 1 710
Total assets 1 214 068 691 339
Liabilities
accrued expenses and deferred income -875 -474 other liabilities -10 487 0
Total liabilities -11 362 -474
Total net asset (note 2) 1 202 706 690 865
note 1 see holdings in financial instruments below
note 2 Change in net asset
Net asset in the beginning of the year 690 865 86 780
unit issue 739 989 805 726 unit redemption -245 162 -216 717 net result according to income statement 17 014 15 076
Lannebo corporate bond
investments in financial instruments as at 30/06/14
(expressed in seK thousands)
COUNTRY/ NOMINAL MARKET % OF NET CURRENCY VALUE VALUE ASSET TRANSFERABLE SECURITIES ADMITTED
TO TRADING ON A REGULATED MARKET
FLOATING RATE NOTES (FRN)
a.p. möller maersk frn180226 dK/seK 13 000 000 13 685 1.1 akelius residential frn180309 se/seK 25 000 000 25 044 2.1 aker frn190724 no/seK 43 000 000 44 186 3.7 arla foods finance frn180604 dK/seK 44 500 000 45 706 3.8 atrium ljungberg frn171115 se/seK 15 000 000 15 214 1.3 atrium ljungberg frn190319 se/seK 22 000 000 22 042 1.8 balder frn190312 se/seK 35 000 000 34 958 2.9 billerudKorsnäs frn180327 se/seK 52 000 000 54 343 4.5 Castellum frn180926 se/seK 11 000 000 11 220 0.9 Castellum frn190607 se/seK 35 000 000 35 079 2.9 Cloetta frn180917 se/seK 82 000 000 85 288 7.1 danske bank Call frn190605 dK/seK 57 000 000 59 690 5.0 danske bank frn160905 dK/seK 6 000 000 6 215 0.5 Getinge frn180521 se/seK 20 000 000 20 058 1.7 Hemfosa fastigheter frn170404 se/seK 38 000 000 38 079 3.2 Husqvarna frn171128 se/seK 8 000 000 8 354 0.7 iCa Gruppen frn180625 se/seK 31 000 000 31 929 2.7 iCa Gruppen frn190617 se/seK 15 000 000 15 023 1.2 intrum Justitia frn180628 se/seK 20 000 000 20 654 1.7 intrum Justitia frn190515 se/seK 48 000 000 48 040 4.0 Klövern frn180304 se/seK 14 000 000 13 918 1.2 landshypotek 1.875% obl170130 se/seK 30 000 000 30 462 2.5 meda frn180405 se/seK 10 000 000 10 506 0.9 meda frn190521 se/seK 40 000 000 39 852 3.3 mtGfrn180319 se/seK 46 000 000 46 101 3.8 nCC treasury frn160525 se/seK 2 000 000 2 064 0.2 nCC treasury frn170306 se/seK 4 500 000 4 616 0.4 nCC treasury frn190318 se/seK 10 000 000 9 867 0.8 sandvik frn200114 se/seK 49 000 000 49 158 4.1 sbab bank Call frn171116 se/seK 4 000 000 4 195 0.3 sff frn150824 se/seK 17 000 000 17 184 1.4 skanska financial services
frn180312 se/seK 21 000 000 21 864 1.8 skanska financial services
frn181022 se/seK 5 000 000 5 126 0.4 skanska financial services
Green bond frn190408 se/seK 22 000 000 22 012 1.8 sobi frn170626 se/seK 44 000 000 46 746 3.9 spp livförsäkring Call frn190527 se/seK 50 000 000 50 745 4.2 ssab frn190225 se/seK 38 000 000 38 020 3.2 stora enso frn170626 fi/seK 46 000 000 49 091 4.1 tele2 frn170515 se/seK 27 000 000 28 647 2.4 Volvo treasury frn171213 se/seK 8 000 000 8 177 0.7 Volvo treasury frn180226 se/seK 4 000 000 4 099 0.3 Volvo treasury frn190415 se/seK 19 000 000 19 018 1.6 1 156 276 96.1 TOTAL TRANSFERABLE SECURITIES ADMITTED
TO TRADING ON A REGULATED MARKET 1 156 276 96.1 TOTAL FINANCIAL INSTRUMENTS 1 156 276 96.1
other assets and liabilities. net 46 430 3.9
TOTAL NET ASSET 1 202 706 100.0
TOTAL EXPOSURE TO COMPANIES OR GROUP OF COMPANIES
intrum Justitia 5.7
danske bank 5.5
meda 4.2
skanska financial services 4.1
iCa Gruppen 3.9 Castellum 3.8 atrium ljungberg 3.1 Volvo treasury 2.6 nCC treasury 1.4 Accounting principles
the fund’s accounting principles are based on Generally accepted accounting principles and are, where appropriate, prepared in accordance with the swedish investment funds act (2004:46), the swedish financial supervisory authority’s regulations fffs 2013:9, the swedish financial supervisory authority’s guidance, the swedish investment fund associations guidelines and also the swedish accounting act.
Valuation of financial instruments
the fund’s financial instruments including liabilities and derivatives are valued at their current market value. the current market value is established using different methods, which are applied in the following order:
1. if the financial instrument is traded on an active market, the closing price on the balance sheet
date is used.
2. if the financial instrument is not traded on an active market, the current market value is
derived on the basis of similar transactions that have taken place under market conditions over the past period.
3. if methods 1 or 2 cannot be applied, or will be obviously misleading, the current market value
Performance 30/06/04– 30/06/14
The fund’s performance
assets under management decreased from seK 3.3 billion at the beginning of the year to seK 3.1 billion at the end of the period. the net inflows to and outflows from the fund were seK -200 million.
lannebo likviditetsfond increased during the period by 0.9 percent. omrX treasury bill index increased 0.3 percent.
Comments to the fund’s perfor- mance
both long and short- term market rates fell during the first six months of the year. the swedish five-year government bond fell by over 0.8 percentage points during the period to about 0.95 percent. the three-month stibor fell by 0.19 percen- tage points to 0.75 per cent.
the swedish repo rate remained un- changed at 0.75 percent until mid-year, but was surprisingly lowered an entire 0.50 percentage points to 0.25 percent during riksbank’s meeting on July 2nd. the decline in inflation has been broad, and the underlying inflationary pres- sures are expected to be significantly lower than forecast in april. the interest rate and the interest rate path therefore needed to be even lower for inflation to rise towards the target. another reason for the rate cut was the forecast for inter- national interest rates has been revised downward.
activity on the corporate credit market remained high and many companies continued to seek the capital market for financing, where there were several new issuers to the market. among others, the
fund participated in the issues of media group mtG, engineering group sandvik and the construction company skanska, which issued its first ”green corporate bond”. the issue was part of skanska’s sustainability initiative where the focus is on lower environmental impact and reduced energy consumption, which is something that we view very positi- vely. the bond will exclusively finance investments in environmentally certified building projects.
Credit spreads, the difference between the risk-free interest rate and the rate on corporate loans, continued to converge somewhat during the period. this contri- buted positively to the fund’s longer-term corporate bond returns.
no major changes were made to the fund during the period, and the fund’s share of corporate certificates increased slightly from 11 to 14. the proportion of the fund’s assets invested in bonds, mainly frn’s, loans with floating interest rates, decreased from 84 to 81 percent.
the interest rate duration, which mea- sures the fund’s sensitivity to a change in market interest rates, remained unchan- ged and amounted to 0.2 years at the end of June. as the interest rate sensitivity of the fund is low the fund gained only limited advantage of falling interest rates. Credit duration, which measures the fund’s sensitivity to a change in credit spreads, was unchanged at 1.7 years at the end of the period. interest rates on the frn loans are in most cases three months but normally provide higher returns than certificates with the same
interest rate period. in order to create higher returns with limited risk, the fund invested in fixed income instruments issued by companies with high credit ratings.
the fund’s five largest issuers as of mid-year were Volkswagen finans sverige ab, Volvo treasury ab, skanska financial services ab, sbab bank ab and landshy- potek bank.
Volkswagen Finans Sverige AB is a credit company, which provides finan- cing of vehicles within the Volkswagen Group. the company is a wholly owned subsidiary of europe’s largest provider of vehicle financing, Volkswagen financial services aG, which in turn is owned by Volkswagen aG, listed on the frankfurt stock exchange, among others. Volkswa- gen has an official rating of a (-) by s&p.
Volvo Treasury AB is part of the Volvo Group and serves as the Group’s internal bank. Volvo treasury ab coordinates the Group’s global financial strategy and infrastructure. Volvo ab is listed on the stockholm stock exchange and the group is one of the world’s leading ma- nufacturers of trucks, buses, construction equipment, as well as systems for marine and industrial applications. Volvo has an official bbb rating with a negative outlook by s&p.
Skanska Financial Services AB is part of the skanska Group and is responsible for the Group’s treasury operations. skanska is sweden’s largest construction company, with operations in building and civil construction, as well as deve- lopment of residential and commercial
properties. skanska has no official ra- ting. the company has a strong market position, diversified product portfolio, high profitability and satisfactory debt, and as such, the market assessment of skanska’s creditworthiness corresponds to a bbb segment.
SBAB Bank is part of the sbab bank group, and is 100 percent owned by the swedish state. the group consists of the parent company sbab bank and two subsidiaries. sbab bank provides loans, savings and other banking services to both private individuals and corporates. the company has an official a rating with a negative outlook from s&p.
Landshypotek Bank was founded in 1836 and is a nationwide cooperative with a focus on the agriculture and fo- restry industry. the bank is owned by its existing customers and promotes a lively urban development. all operations are conducted in landshypotek bank ab and its subsidiary landshypotek Jordbruks- kredit ab. the company has an official a-rating from s&p.
Investment policy:
the fund is a short-term fixed income fund that focuses on investments in swedish fixed- income securities.
the credit duration and interest-rate dura- tion of the fund is a maximum of two years.
Fund Manager:
Karin Haraldsson
Lannebo LikviditetSfond
The return during the recommended one-year investment horizon has been 2,4 percent.
Management report
95 100 105 110 115 120 125 130jun-04 jun-06 jun-08 jun-10 jun-12 jun-14 Index