SEB Global Climate Opportunity Fund
Fact sheet as of 18 April, 2024
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. Key Information Document and prospectuses are available on www.sebgroup.lu/funds.
The fund started 2001 but its objective and investment policy changed the 11th of October 2021. The performance before that date was hence achieved under circumstances that no longer apply.
INVESTMENT TEAM
The fund is managed by the Quantitative Equities team with lead portfolio managers Tom Santamaria Olsson and Mirella Zetoun. The team, based in Stockholm, employs a systematic and disciplined investment process.
risk measures 1
| Standard Deviation (Fund) | 20.0 |
|---|---|
| Standard Deviation (Index) | 14.9 |
| Tracking error | 7.94 |
| Sharpe Ratio | 0.18 |
| Information Ratio | -0.59 |
| Alpha | -4.71 |
| Beta | 1.26 |
| Active share | 96.92 |
Other information
2021-10-11 the fund changed its investment objective and name from SEB Global Chance/Risk Fund. As of 2 November 2016, the fund´s Management company is SEB Investment Management AB. SEB works actively with sustainability and follows the UN Principles for Responsible Investments. Read more at www.sebgroup.com
SEB Global Climate Opportunity Fund, 18 April 2024
Investment comment
- Global equity markets performed positively
- US inflation figures remain high, no signs of slowdown in private consumption and labour market
- China delivered new growth targets
Market Update
The global equity markets saw positive developments during the month, with some countries excluded, and bond yields were unchanged at slightly lower. Inflation figures in the United States remained high, and private consumption and the labour market showed no signs of slowing down. The Bank of Japan raised interest rates after a continued rise in inflation and a wage round that resulted in large pay increases. Despite small steps towards normalizing monetary policy, the yen weakened sharply, mainly against the US dollar. China delivered new, rather ambitious, growth targets for the year with no sustained signs of recovery so far. Statements from the US Federal Reserve (FED) towards the end of the month gave clear signals that interest rate cuts are not forthcoming. The European Central Bank (ECB) kept its key interest rate unchanged, however, with a lowered inflation forecast, paving the way for future cuts. Despite a clear reassessment of the pace of interest rate cuts by several central banks, led by the FED, the equity market climate maintained a positive tone during the period.
Fund update
The Fund performed positively during the period in absolute terms expressed in euros, outperforming its benchmark index. At the sector level, the overweight in the utilities sector contributed most to the relative performance, while the underweight in the energy sector had a negative impact. It was mainly exposure to currency-sensitive companies and sustainable companies that contributed positively, while exposure to companies that promote the UN's climate goals and companies with revenues from solar power had a negative impact. At company level, the overweight in Carlisle Cos Inc made the largest positive contribution, while the overweight in Erg Spa had a negative impact on the relative performance.
Strategy going forward
The Fund's objective is to make a long-term contribution to sustainable positive impact from a climate target perspective. To achieve this, the climate-related parts of the fund company's proprietary sustainability model are applied. The fund will invest in business models that actively contribute to climate change mitigation and adaptation.
Key Facts
| Year of launch | 2001 |
|---|---|
| Value at launch (EUR) | 1.00 |
| Benchmark | MSCI AC World Net Return Index |
| Fund Management Company | SEB Investment Management AB |
| SRI scale 1-7 | 4 |
| ISIN | LU0122113094 |
| Base Currency | EUR |
| Share Class | C (EUR) |
| Legal Structure | UCITS |
| Morningstar rating | |
| Turnover Ratio | 0.901 |
| Use of derivatives | Yes2 |
Dividend
Non-distributing share class
Fund costs
More information
Welcome to contact your financial advisor for more information or visit www.sebgroup.lu.
Important information
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 www.sebgroup.lu/funds. Friday, April 19, 2024 8:08:42 PM