Overview

Investment Objective

Taaleri Nordic Value is a unique value investment opportunity that focuses solely on the Scandinavian equity market. Value investing means identifying and investing in attractively valued companies and selling them once the company’s value has risen sufficiently. Scandinavia is a stable economic area which has produced countless successful businesses over the decades. We select the most compelling investment cases with a stock-picking method and meet a large number of companies on a regular basis. Seize the opportunity to buy cheaply and sell dearly in Scandinavia! "

Trailing Returns

Year to Date
1.26%
3 Years Annualised
2.52%
5 Years Annualised
9.48%
10 Years Annualised
-

Fund Benchmark

MSCI Daily Net Nordic Countries Euro (100%)
ISIN FI4000115506
Inception Date 11/19/14
Net Asset Value (NAV) 177.48 EUR (9/17/20)
Total Net Assets (mil) 39.03 EUR (9/17/20)
Risk Level 4/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return
Morningstar
Management Fee 1.20%

Fees and Expenses

Growth of 100 (EUR)

9/17/20

Portfolio Manager Review

During April the stock market recovered significantly after plummeting in March. For Nordic Value the month was good both in absolute terms as well as on a relative basis, Nordic Value +13,9 % versus index +8,8 %. Also, the Swedish and Norwegian currencies strengthened somewhat against the euro after a clear weakening in March.

The reporting season for Nordic Value is still ongoing, but so far the results have been at least satisfactory compared to the clearly lowered estimates. It is obvious that the results for Q2 will be exceptionally weak but that should be no news for the market. Investors are currently more focusing on Q3 and Q4 estimates and especially the speed of recovery during 2021. Large stimulus packages released around the world both by central banks as well as governments provides a good basis for recovery. Also, interesting to notice is that Nordic Value´s larges investment country Sweden (80 % of the portfolio) has a significantly different strategy when it comes to fighting the Corona virus compared to the rest of the western world. The strategy aims at establishing a herd immunity instead of closing down the society. Only looking from an economic point of view (and ignoring possible other implications) the Swedish economy will probably get through the Corona crisis with an economy clearly less hurt than the economy of many of its peers.

It is also seems likely, that the Swedish economy will recover faster post the Corona crisis compared to many other countries and from an investors point of view this might open up additional interesting investment opportunities in for example companies with a  large exposure to the domestic market. In addition, many companies are currently valued very attractively making it an exceptionally interesting period for stock pickers. We are very pleased with both the quality of the companies in our Nordic Value portfolio as well as the business perspectives for the coming years.

Performance

Trailing Returns

Year to Date
1.26%
3 Years Annualised
2.52%
5 Years Annualised
9.48%
10 Years Annualised
-

Risk Level 4/7

1 = Lower risk, lower expected return
7 = Higher risk, higher expected return

Return/Risk Analysis

Morningstar
Risk Measurement 1 Year 3 Years 5 Years
Standard Deviation 28.29 18.86 16.91
Sharpe Ratio 0.61 0.14 0.57

Portfolio

Asset Allocation %

Net
Stocks 99.48
Bonds 0.00
Money Market 0.52
Other 0.00

Country Distribution %

8/31/20

Fund
Sweden 83.42
Norway 11.67
Denmark 4.91

Top 10 Holdings

40.57% of total assets in the fund

  1. KNOW IT AB
    Sweden
    5.23%
  2. COOR SERVICE MANAGEMENT
    Sweden
    4.30%
  3. ENEA AB
    Sweden
    4.16%
  4. CIBUS NORDIC REAL ESTATE AB
    Sweden
    4.04%
  5. QLEANAIR HOLDING AB
    Sweden
    3.98%
  6. BYGGHEMMA GROUP FIRST AB
    Sweden
    3.91%
  7. JETPAK TOP HOLDING AB
    Sweden
    3.90%
  8. Securitas AB B
    Sweden
    3.88%
  9. Duni AB
    Sweden
    3.60%
  10. REJLERS AB
    Sweden
    3.56%

Fees and Expenses

Management Fee 1.20%
Performance Fee 20.00%

20 % of the yield exceeding the comparison index, calculated daily over 12 months.
Initial Charge 1.00%
Redemption Charge 1.00%

Purchase Details

Initial Investment 100.00
Additional Investment 100.00

Portfolio Managers

Viktor Lindell

Viktor Lindell

Portfolio Manager
Portfolio Management
Helsinki
+358 50 514 8487
Jonas Koivula

Jonas Koivula

Portfolio Manager
Portfolio Management
Helsinki
+358 50 500 4191

Filings

PRIIP Avaintietoesite Arvo Kruunu
Säännöt Arvo Kruunu
Taaleri Rahastoesite