The NAV rate in October was 104.67, which gives an increase for the month of 0.57. An excellent month that is above the target for rolling twelve-month figures of at least 6 percent after fees.
Inflow of SEK 28 million, thank you very much for that.
New lending in September was approximately SEK 35 million. The fund is fully invested and everything you invest now will be put into work immediately.
"Sell on the rumors buy on the facts". That was really the theme before, during and after the US election.
The last week of October was the worst for risky assets since March this year. Stock markets went straight down despite good reports and credit spreads on "high yield" bonds fell apart with price declines as a result.
The vote count is in full swing, but there has been a strong positive turnaround for risky assets over the past week. Regardless of who wins, great stimuli will need to be added to the economy. The escalating spread of infection naturally contributes to the uncertainty in the United States and globally. However, it seems that most countries "only" close down activities that make social distancing more difficult. It is good. It is not possible to shut down the economy as in the spring, in the end money has no value and then we get other problems that are much worse. The vaccine tests seem to be going well, so a launch in Q1 seems very likely.
I have been looking at how the stock market has reacted to surprising news lately. Why am I coming back to the stock market? Yes, it affects sentiment in large parts of other asset markets, even though it is far from the largest.
Below you see Affärsvärlden's general index and Citi's surprise index. The relationship between surprising statistics and how the index works is relatively weak over the past 5 years, with two exceptions in particular and one in particular. It was in the spring when everything went out of control. We do not see that today, even though it is a similar case in the index. In my opinion, this depends on the stimulus measures that central banks provide and those that take place and will take place through fiscal policy. So my conclusion from this is that it will be worrying but we will get through this too, a number of experiences richer. In an environment like this, I want to be invested in uncorrelated assets that are not thrown between hope and despair.
Below you see the same index but for the USA against the S&P index, it shows a similar pattern as in Sweden.
Below you can see the fund's return since the start. It is a very nice curve with a high risk-adjusted return since the start. We are very pleased with that. This again shows that the fund is a very good investment in a well-diversified portfolio, where the fund acts as an 'airbag when it swings in other investments.
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Issues a maximum of SEK 100,000,000