SEB deLuxe - Multi Asset Defensive Monthly Update (EUR) ‐ May 2015
A long only balanced fund investing in all markets. The target is to follow rising markets over time and limit negative returns in the short term.
Fund Facts Investment Comments Base Currency
EUR
Share Class
C (EUR)
ISIN­code
LU0122753667
Date of launch
02/01/2001
Value at launch (EUR)
50.00
Legal Structure
Fund Management Company
Fund Manager
UCITS IV
SEB Asset Management S.A.
Mårten Gabrielsson
SEB Investment Management AB
Employed in industry
Dividend
Minimum Investment (EUR)
8 years
Accumulated
­
Valuation Frequency
Daily
Trade Frequency
Daily
Costs Management Fee
Performance Fee
Entry Fee
Ongoing Charges
1.00
20.00
Max 5%
1.48
Key Figures (EUR) AuM (M EUR) (31 May 2015)
1543.5
Return 1 year
0.4
Annualized return in %*
2.1
Annualized standard deviation*
1.9
Sharpe Ratio*
1.1
Win/Loss Ratio*
2.3
Maximum drawdown*
­1.8
Recovery time*
7.0
All return figures in the investment comments are based on the Fund's closing price
- Bonds had a heavy month
- The Fed steers and sets the agenda
- Risk level maintained
Market update
Many topics that dominated the finance markets during the spring continued to set the tone also in May. When and by how much the
US Federal Reserve will raise its key interest rate played the principal role. Good American labour-market statistics in the beginning of
the month were interpreted positively in this regard, which led to stock markets moving upwards. Towards the middle of the month,
the global stock-market index, measured in US dollars, was up by close to 2 percent. Towards the end of the month, the head of the
US Federal Reserve, Janet Yellen, held a speech that was received negatively with regard to the pace of the interest-rate increase,
which in turn led to stock markets turning downwards. The month closed slightly positively in USD. The interest market has been a
little shaky with rises in rates, particularly in Europe, which pushed prices downwards.
Fund update
The portfolio developed negatively during the month. Positive contributions came primarily from High Yield, while other asset classes
mainly affected the portfolio negatively. Our holding in the SEB High Yield fund contributed most positively to the portfolio, while our
holding in the bond fund Robeco Lux-O-Rente IEUR had the most negative effect.
Strategy going forward
We slightly increased the portfolio risk level in April, and which was maintained in May. We believe that the US economy will recover, at
the same time as the anticipated American rise in interest rates will not create significant turbulence. However, credits within
emerging markets could be one area affected negatively. In view of this situation, we chose in May to start selling our holding in JP
Morgan Emerging Markets Debt and to instead slightly increase in the SEB Credit Multi Strategy hedge fund. The economic picture,
together with continued favourable interest rates, still provides support for a relatively high utilisation of risk in the portfolio, with
particular concentration on indirect equity market risk.
Performance (EUR) *Key figures calculated on 3 years Largest positions* Financial
Share of Total
Robeco Lux­O­Rente IEUR 12.4
Schroder Inter Sel Fund Euro Short Bond 11.8
Kames Capital Absolut Return Bond Fund C 11.8
Goldman Sachs Global Credit Portfolio 9.9
SEB HighYield 9.8
BSF Glob Absolute Ret Bond Fund I2 Hedge 7.9
Amundi ­ Index Global Bond EUR Hedged 6.4
Bluebay Inv Grade ABS Return BD I P 4.9
YTD
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Pimco Global Inv Ser Unconstrained Bond 3.9
2015
1.19
1.29
0.15
0.12
­0.09
­0.28
­
­
­
­
­
­
­
SKY US Short Duratikon High Yield 3.9
2014
1.50
0.70
0.81
0.04
0.39
0.38
0.26
­0.39
0.59
­1.04
0.34
0.04
­0.62
* Last updated 31 Mar 2015. Source: SEB 2013
0.77
­0.21
0.32
0.22
0.53
­0.59
­1.23
0.55
­0.24
0.51
0.88
­0.01
0.06
* Numbers are absolute, not relative 2012
3.22
0.67
0.35
0.03
­0.09
­0.54
0.59
1.34
0.19
0.58
­0.17
0.21
0.03
2011
­4.67
­1.11
0.48
­0.18
0.41
0.15
­1.36
0.19
­1.13
0.00
­1.05
­1.72
0.61
2010
1.88
0.35
0.24
0.26
0.02
0.26
­0.17
­0.53
2.47
­0.49
0.07
­0.65
0.07
Dec
SEB deLuxe ­ Multi Asset Defensive (FundEUR)
All performance details are based on NAV - NAV
Disclaimer All figures net of fees. This presentation has been prepared by SEB and contains general information in relation to financial instruments marketed, sold or solicitated by SEB. SEB is the global brand name for Skandinaviska Enskilda Banken AB (publ) and its subsidiaries and affiliates. Neither this document nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution may be unlawful. Although the information has been based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information nor for any loss, damage or claim arising from the use of this presentation. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates may affect the return on the investment. For funds with share classes which aims at hedging the returns from changes in currency exchange rates of the fund’s base currency, SEB makes no representation or warranty as to achieving the currency exchange rate hedge. Information on taxes (if any) has been based on in force as per the date of this presentation, and such rules may be subject to change thereafter. It should also be noted that information on tax have not been tailored on any individual circumstances of any individual unit holder and in order for an individual unit holder to understand the tax treatment of an investment the unit holder should obtain tax advice. The unit holder is fully responsible for any decision to invest in a fund, and this material may not constitute the sole basis for any such decision. Instead, any decision to invest in a fund should be based on the detailed information regarding the fund or the funds which is contained in their respective fact sheets, Key Investor Information Documents (“KIID”), fund regulations and full prospectuses, which materials can be obtained from www.sebgroup.lu/funds. For funds which are not managed by SEB’s fund management companies, the said information may be obtained free of charge from investment advisers within SEB. SEB assumes that any unit holder, prior to making a decision to invest, carefully reads the detailed information regarding the fund or the funds which is contained in their respective fact sheets, KIID, fund regulations and full prospectuses. For investment advice tailored to individual circumstances, you are kindly requested to contact your investment adviser within SEB. This document was generated as of Friday, June 26, 2015 12:27:45 PM .