SJB | Korschenbroich, 11.09.2023.
Die nordischen Märkte präsentierten sich im Juli schwächer, nachdem die erste Jahreshälfte recht positiv verlaufen war. Allein Norwegen konnte zulegen, während Finnland, Dänemark und Schweden nachgaben. In diesem angespannten Marktumfeld verzeichnete der DNB Nordic Equities Fund (WKN 987767, ISIN LU0083425479) eine um 0,8 Prozentpunkte schlechtere Wertentwicklung als der Vergleichsindex. Positive Performancebeiträge gab es durch Banken und Halbleiterproduzenten zu verzeichnen. DNB-FondsManager Øyvind Fjell berichtet im aktuellen Monatsreport, welche Veränderungen im Portfolio des Fonds vorgenommen wurden und wie er den Marktausblick einschätzt. Investoren erfahren hier alles Wichtige über die Entwicklung der Börsen aus dem hohen Norden.
The Nordic market continued to trade weaker in July, following very strong performance in the first four months of the year. Norway was the only market in the green, gaining 3.1%, while Finland, Denmark and Sweden dropped 5.5%, 5.2% and 3.3%, respectively. All returns measured in NOK.
The fund underperformed the index by 0.8% in July, driven by a combination of stockpicking effects and sector allocation effects. On a sector allocation level, the positive contribution from our overweight in banks and semiconductors, combined with an underweight in information technology, was largely offset by a negative contribution from our underweight in materials and overweight in household products. On a stockpicking level, the positive contribution from our overweight in Pandora, Humble Group and Infineon was offset by weakness in holdings like Essity and Note, dropping on the back of softer quarterly results. The green large caps in the portfolio also underperformed in July, with Ørsted and NKT falling on the back of weaker US offshore wind auction results. NIBE Industrier also underperformed the market, driven by uncertainty in the German heat pump legislation.
Heading into August we expect markets to continue to trade around the risk of a weaker economic outlook, offset by easing inflation and strong employment. Although we have yet to see a substantial slowdown in economic growth, we continue to see risk of a softer global economy driven by tighter credit conditions. As such we continue to see the benefit of having some defensive names in our portfolio. Despite the weak performance of green names so far this year, we remain optimistic on the prospects of stronger returns through 2023 on the back of lower commodity prices. Through July we have increased our position in DSV, Volvo and Danske bank adding to the cyclical risk of the portfolio. We have also increased our holding in Humble following a strong quarterly report and a rights issue which we believe will reduce balance sheet risk in the company. The changes have been funded by a reduction of ownership in Essity, as well as a lower weighting in the Swedish capital goods universe, on the back of very strong YTD performance.