{"id":2090,"date":"2022-05-13T10:28:33","date_gmt":"2022-05-13T08:28:33","guid":{"rendered":"https:\/\/kreditfonden.se\/?p=2090"},"modified":"2022-05-13T10:28:33","modified_gmt":"2022-05-13T08:28:33","slug":"manadsrapport-april-2022-nff","status":"publish","type":"post","link":"https:\/\/finserve.se\/en\/manadsrapport-april-2022-nff\/","title":{"rendered":"Monthly report April 2022 \u2013 NFF"},"content":{"rendered":"

NAV rate in April was 102.23, which gives an increase for the month of 0.54 (0.531 %). It is a stable and good month, the fund is moving according to plan.<\/p>\n

Inflow for the month of April is SEK 21 million, many thanks for that.<\/p>\n

The market<\/strong><\/p>\n

Inflation worries, central banks and covid in China are what are affecting risky assets and the bond markets right now. The war in Ukraine lurks in the background like an extra cloud of worry.<\/p>\n

FED members are competing to be the most hawkish member now, sending growth stocks straight into the basement. The FED put that used to exist is gone, now it is inflation control that applies to 100% and the Nasdaq has performed poorly so far this year.<\/p>\n

The Riksbank made a U-turn and I'm happy about that, because their interest rate path is probably a little too low, I think they need to raise it a little faster and a little more, but well done for changing their mind.<\/p>\n

Below you can see that the market has moved up the interest rates since last month and that the US will begin to ease monetary policy in about 18 months. That is, the FED raises too much too quickly.<\/p>\n

Covid in China risks messing it up for world trade again, hope that the bottlenecks that have arisen dissolve as soon as possible.<\/p>\n

There is nothing today to indicate that 2022 will be a quiet year on the financial markets.<\/p>\n

<\/p>\n

(source Bloomberg)<\/p>\n

Comparison<\/strong>
\nI can't help but make a comparison with a long Swedish bond fund since NFF started. It is challenging to justify putting money into a government bond fund when there are other options such as NFF.<\/p>\n

<\/p>\n

IFRS 9<\/strong>
\nThe reserves in this fund are very small, therefore we do not make a special table for this.<\/p>\n

Everything is in category 1 and the fund's collateral is over 30,000 invoices pledged in favor of the fund. These are rolled over in 30 to 90 days with credit insurance both with and without recourse. Furthermore, there is property insurance for an eventuality should false invoices appear.<\/p>\n

We look brightly at the possibility of growth for factoring in 2022, our partner is getting more and more assignments and that is positive. A bit of a bummer is that competition is increasing and thus pricing is getting tougher, so I think we will land closer to 6 % in 2022 than 7 % which was the case in 2021.<\/p>\n

Below you can see the fund's breakdown by industry and the share in the portfolio of these:<\/p>\n

<\/p>\n

ESG<\/strong><\/p>\n

Finserve Nordic, which is the fund's AIF manager, has in 2020 joined the company to the PRI network, Principles for Responsible investment. The network is independent but supported by the UN and encourages investors to invest responsibly by following the principles developed by the network.<\/p>\n

Finserve Nordic believes that the integration of sustainability risks is an important part of the funds' investment processes. Sustainability risks are defined as environmental, social, or corporate governance-related circumstances that could have a significant negative impact on the value of investments.<\/p>\n

Social aspects include e.g. human rights, labor rights and equal treatment. Environmental aspects are e.g. the companies' impact on the environment and climate. Corporate governance aspects are e.g. anti-corruption, shareholders' rights and business ethics<\/p>\n

All funds under Finserve's management follow the responsible investment process formalized in Finserve's Sustainability Risk Integration Policy. The policy is available on the company's website https:\/\/finserve.se\/viktig-information\/. Each fund's sustainability policy is available on the funds' websites<\/p>\n

When you do your analysis of the fund, you should primarily look at the credit risk and the liquidity risk in the fund. Are you comfortable with the credit risk that the fund's holdings generate? Furthermore, the assets are illiquid and it can take some time to get back your investment if many people want to withdraw deposited funds at the same time. The fund has a low market risk and has a low correlation with other asset classes.<\/p>\n

We emphasize that we are not stressed by non-loaned funds, but continue to work based on our models for credit assessment, all to ensure a good diversification of the portfolio in relation to the credit risk we take. If you need to sell your holdings, do it in the primary market, where you will get the best price. The official NAV rate is published on the first banking day of each month, what is shown during the month on NGM is not, I want to emphasize, not always the official NAV rate, as fund shares may have been traded in the secondary market at a different rate than the official NAV.<\/p>\n

Download PDF version with statistics<\/span><\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

NAV kurs i april blev 102,23 vilket ger en uppg\u00e5ng f\u00f6r m\u00e5naden p\u00e5 0,54 (0,531 %). Det \u00e4r en stabil och bra m\u00e5nad, fonden taktar enligt plan. Infl\u00f6de f\u00f6r april m\u00e5nad \u00e4r 21 miljoner kronor stort tack f\u00f6r det. Marknaden Inflationsoro, centralbanker samt covid i kina \u00e4r det som p\u00e5verkar riskfyllda tillg\u00e5ngar samt obligationsmarknaderna just […]<\/p>\n","protected":false},"author":8,"featured_media":627,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"view_count":"469","footnotes":""},"categories":[27],"tags":[],"class_list":["post-2090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manadskommentar-nff"],"_links":{"self":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/2090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/comments?post=2090"}],"version-history":[{"count":0,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/2090\/revisions"}],"wp:attachment":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/media?parent=2090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/categories?post=2090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/tags?post=2090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}