Monthly report September 2021 - HYOF

The High Yield Opportunity Fund continued to deliver good returns in September with a monthly result of plus 0.95 %, and a total of 5.04 % during the first 9 months of the year.
I consider it entirely possible to achieve a target return of 7% for the full year 2021.
There is still a shortage of materials in the primary market and great demand in the secondary market.
The market expects that new issues will take place during the last quarter of 2021, which may increase supply somewhat.
Credit spreads performed well during the stock market and interest rate turbulence at the end of September, which was primarily driven by higher inflation expectations in the US, which in turn drove up long-term interest rates and stock markets.
Regarding Evergrande in China, it has had a marginal impact on credit securities in the Nordic region.
In general, there is concern in the market for inflation in the US, higher energy prices in the world, and a shortage of semiconductors.
I estimate that we will have a continued good market and that we will achieve our goal of 7% return for the full year 2021

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Emma Westerberg

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