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Artikel publicerad i Bloomberg Apr 08, 2021. Skriven av Love Liman.

Swedish asset manager Captor is creating a new fixed-income fund that will let clients keep their exposure to krona debt without taking on the risks lurking in the country’s corporate bond market.

Daniel Karlgren, who will manage the fund along with William Sjoberg, says the model addresses a key limitation that investors such as pension funds have grappled with. “A Swedish local currency investor that wants exposure to credit market risk has to choose between a domestic market where liquidity risks drying up in times of stress, or take their money elsewhere,” he said. “But if you invest in foreign corporate bonds, much of the expected return will get lost in the cost for currency hedging

Captor has criticized the Riksbank for adding corporate bonds to its 700 billion-krona ($82 billion) quantitative-easing program, which the bank said was needed to tackle the fallout from the pandemic. The fund manager says the expanded QE plan came after credit markets had already recovered, and that the purchases only added risk by shrinking the pool of assets available to other investors.

The new fund, called Aster Global Credit, will combine a portfolio consisting of Swedish sovereign and mortgage bonds along with Swedish interest-rate swaps, as well as U.S. and European credit-default swaps. It will target an annual return of around 3.5%. Captor has secured 200 million kronor in seed capital from a combination of existing and new clients. The asset manager’s Iris bond fund, which has a similar setup but without the credit overlay, was named best fixed-income fund for two consecutive years by Sweden’s largest fund trading platform, Fondmarknaden.se

To contact the reporter on this story:
Love Liman in Stockholm at jliman1@bloomberg.net