Printable version: 
Fact sheet as of April 03, 2020
SEB Alternative Fixed Income
SEB Credit Multi Strategy, a hedge fund invested primarily in credit markets, aims to generate absolute capital growth over the long term.
Fund manager:  Örjan Pettersson, Jonas Molin
SEB Investment Management AB
Investment Philosophy

The fund management team strives to generate absolute capital growth over the long-term. The specific aim is to achieve an annual return of three percentage points above the risk free rate (after deduction of fund fees), during a three to five year period at a level of risk corresponding to maximum 5 percent volatility. The investment philosophy is focused on identifying and capitalising on valuation discrepancies in the credit markets, whether among issuers or among different instruments from the same issuer. Additionally, the fund management team uses macro-related strategies for fixed income markets and currency markets.

Key Facts
Base CurrencyEUR
Available Share ClassesEUR, SEK
Share ClassC (EUR)
Year of launch2013
Value at launch (EUR)9.96
Legal StructureUCITS
Fund Management CompanySEB Investment Management AB
The share class does not pay dividends; the return is reinvested
Management Fee0.90
Ongoing Charges*0.97
Performance Fee**15.00%
Entry FeeMax 1%
* The ongoing charges includes the management fee and constitutes payment for fund management, including marketing and distribution. The ongoing charges does not include transaction costs such as brokerage commissions on securities transactions.
** 3 months Treasury Bill as Risk Free Rate, HWM
Risk Measures
No risk measures are calculated due to insufficient history
Investment Process

Investment universe

The fund’s portfolio is invested in a range of instruments related to the credit markets, with a focus on European bonds and credit default swaps. The fund is invested in instruments related to corporates as well as financials, such as banks and insurance companies. The team may invest in regions outside of Europe if the investment meets the fund’s risk and return targets. The investment team uses a number of investment strategies, each with its own risk limit. These different risk buckets have a low correlation with each other. This enables the fund to generate a relatively stable return at a low level of risk. Further, because the fund is invested in credit default swaps, risk may be sold as well as bought. This reduces the fund’s vulnerability to dramatic market swings and makes it a suitable complement to traditional fixed income investments. The fund’s share classes are actively hedged against fluctuations in the fund's base currency, although some variations may occur.


The fund’s positions are derived from a combination of quantitative screening and fundamental credit analysis. Quantitative screening is used to identify pricing discrepancies in the credit markets. Fundamental credit analysis is then applied to determine whether the discrepancy is justified or if it represents an investment opportunity. All holdings are assigned profit targets and stop losses, and are continuously monitored. In addition, the portfolio’s overall composition in terms of credit ratings, sectors, regions as well as correlation between positions, are continuously surveyed.

Portfolio construction

The fund is primarily invested in corporate bonds and credit default swaps and aims for a well-diversified portfolio. The team may also use equity, currency and interest related strategies to manage the portfolio’s level of risk. The ability to sell as well as buy risk is a key feature of the fund, which is in contrast to a traditional long-only fund that can only buy risk. This enables the fund to generate positive returns regardless of the general market movements. For more information of the fund’s investment strategy and risks, kindly see the fund’s prospectus.

Investment team

Örjan Pettersson and Jonas Molin are lead portfolio managers for the fund. Additionally, members of the SEB Credit Fixed Income team work with investment analysis and portfolio selection. The team is based in Stockholm, Sweden.

Currency: EUR        |        NAV: 9.43 (4/3/2020)        |        AuM (M EUR) : 67.38 (3/31/2020)
 Fund EURBenchmark
Return % EURFundBenchmark
Accumulated since  
1 day0.0-
1 month-1.1-
3 months-1.5-
6 months-3.1-
1 year-3.5-
3 years-8.8-
5 years-8.0-
Year to date--
Average annual growth  
3 years-3.0-
5 years-1.7-
CurrencyAdd benchmark
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Largest Positions*
% of Total  
 % of Total
Sveriges Säkerställda Obligationer 1.250% 2206150.0
Swedbank Hypotek 1.000% 2206150.0
Bank of Ireland Group PLC 4.125% 2709190.0
Swedbank Hypotek 1.000% 2109150.0
Sveriges Säkerställda Obligationer 2.000% 2006170.0
Swedbank Hypotek 1.000% 2012160.0
* Last updated 31 Mar 2020. Source: SEB
* Numbers are absolute, not relative
Other Information

As of 2 November 2016, the fund´s Management company is SEB Investment Management AB.

This material is prepared by SEB and contains general information regarding financial instruments marketed, sold or solicited by SEB. SEB is the global brand name for Skandinaviska Enskilda Banken AB (publ), its subsidiaries and affiliated companies. Neither this material nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution is not allowed. The offering of shares or units in the funds may also be restricted in other jurisdictions. This document may not be used to make an offer or solicitation with respect to the sale of shares or units where such an offer or solicitation is unlawful. Although the information in this material is based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information or for any loss, damage or claim arising from the use of this material. Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. Any tax information in this material is based on regulations valid as per the date of this presentation and may be subject to change. Note that any tax information in this material is general. Kindly contact your SEB investment advisor for tax and investment advice appropriate for your situation. You are fully and solely responsible for your investment decision. This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, Key Information Document, fund regulations and prospectus. These are available on
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