Carbon report SEB Hållbarhetsfond Sverige Index
|
|
- Jonathan Hunter
- 5 years ago
- Views:
Transcription
1 Carbon report SEB Hållbarhetsfond Sverige Index Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive and indirect emissions, e.g. from suppliers, are based on reported data or estimates of emissions. The metric says nothing about how the portfolio contributes to a low-carbon society. For further information about the metric, see
2 Contents Executive Summary 3 Sector weighthing and relative carbon footprint 4 Relative Carbon Footprint Comparison 4 Sector Analysis & Stock selection 4 Attribution Analysis 5 Summary of 10 largest absolute contributors 6 Summary of 10 largest portfolio companies 6 Scope 3 overview 7 Company sector & breakdown Carbon Barometer & Carbon Ranking Carbon Report - SEB Hållbarhetsfond Sverige Index 2
3 Carbon Report SEB Hållbarhetsfond Sverige Index Report created on: Feb 27, 2018 Holdings Date: Dec 31, 2017 : SBX Ethical Currency: SEK Industry Classification: GICS Company Breakdown Metrics: carbon intensity (tco2e / Mio. Value: 11'570'071' SEK Fund Management Company: SEB Investment Management AB Executive Summary Carbon emissions Scope 1-2 Total carbon emissions incl. Scope 3 Relative Carbon Footprint (kgco2e / SEK 1'000 invested) Carbon Intensity (kgco2e / SEK 1'000 Weighted Average Carbon Intensity (kgco2e / SEK 1'000 Disclosing Titles by Weight (market value) 57' ' % 94.8% 56' ' % 94.9% Total carbon emissions - measure the carbon footprint of a portfolio considering Scope 1-2 as well as Scope 3 emissions. *) - SEB Hållbarhetsfond Sverige Index is associated with greenhouse gas emissions of 57'745.0 tons per year. Relative carbon footprint - is a normalized measure of the portfolio's contribution. - It enables comparisons with a benchmark between multiple portfolios, over time and regardless of portfolio size. Carbon intensity - allows investors to measure how much carbon emissions per SEK of revenue are generated. - It therefore measures the carbon efficiency of a portfolio per unit of output. This report analyses the portfolio of securities in terms of the carbon emissions and other carbon related characteristics of the underlying portfolio companies, and compares this data to the performance of a relevant respectively chosen market benchmark. The portfolio s intensity is 1.7% higher than the benchmark The Sectors Materials, Industrials and Consumer Discretionary (per GICS classification) in the portfolio make up 48.1% of the weight vs. 90.0% of the contribution to emissions % Sector Weight 5.6% 33.3% 21.4% Contribution to 10.0% 5.1% 63.6% Materials Industrials Consumer Discretionary All other Sectors 0.0 Carbon Intensity Carbon 9.2% 5 smallest contributors to the emissions of the fund are: emissions % of total Relative carbon footprint (kg CO2e / SEK 1'000 Invested) Industriv rden A % 0.0 Fingerprint Cards % 0.0 Investor B % 0.0 Biogaia % 0.0 HANSA MEDICAL % largest contributors to the emissions of the fund are: emissions % of total Relative carbon footprint (kg CO2e / SEK 1'000 Invested) SSAB B 15' % SCA B 7' % 49.5 SSAB A 7' % SAS Sverige 3' % Boliden 2' % 13.2 *) Scope 1 emissions are directly generated by company's operations, whereas indirect Scope 2 emissions are related to the company's energy consumption. Scope 3 emissions include other indirect emissions including e.g. business travel, use of company's products sold, investments, and goods and services purchased. Carbon Report - SEB Hållbarhetsfond Sverige Index 3
4 Sector weighting and relative carbon footprint Weight Rel. Carbon Footprint tco2e / Mio SEK invested vs. Materials 5.62% 5.58% % Industrials 33.32% 33.28% % Consumer Discretionary 9.19% 9.17% % Telecommunication Services 3.94% 3.93% % Financials 26.39% 26.41% % Consumer Staples 1.50% 1.51% % Health Care 4.05% 4.12% % Others 3.66% 3.73% % Information Technology 6.32% 6.31% % Energy 0.83% 0.82% % Relative Carbon Footprint Comparison Materials Industrials Consumer Discretionary Telecommunication Services Financials Consumer Staples Health Care Others Information Technology Energy Sector Analysis & Stock Selection The graph below shows how the carbon allocation in the portfolio differs from the average of each sector. Sectors have been defined using the GICS classification at the Supersector/Industry Group level. 50% 40% 30% 20% 10% 0% Airlines Aluminum Building Products Diversified Metals & Mining Electrical Components & Equipment Construction Machinery & Heavy Trucks Forest Products Household Appliances Oil & Gas Exploration & Production Others Paper Packaging Paper Products Specialty Chemicals Steel Wireless Telecommunication Services GICS Sub-Industry, Average GICS Sub-Industry 4
5 Attribution Analysis The two principal reasons why the carbon exposure of the portfolio may differ from the benchmark are due to sector allocation as well as stock selection decisions. Sector allocation decision will cause the carbon intensity of the portfolio to diverge from the benchmark where the sectors are either carbon intensive or low carbon. If the portfolio is overweight in carbon intensive sectors the portfolio is likely to be more carbon intensive than the benchmark. However, if the stocks within a carbon intensive sector are the most carbon efficient companies, it is possible that the portfolio may still have a lower carbon footprint than the benchmark. Sector Allocation Sector Selection Sector Allocation Contribution to Out/ Underperformance Sector Allocation Contribution to Out/ Underperformance (%) Stock Selection Contribution to Out/ Underperformance Stock Selection Contribution to Out/ Underperformance (%) Energy % % Materials % % Industrials % % Consumer Discretionary % % Consumer Staples % % Health Care % % Financials % % Information Technology % % Telecommunication Services % % Others % % Total % % Explanation: The Underperformance of the portfolio is based on the effect of over/underweighting certain sectors and selecting more/less carbon intense stocks within each sector for each of the underlying holdings. A positive number indicates that the effect increased the greenhouse gas emission (in tons of CO2e) and a negative number indicated a decreasing effect. In this case, the sector weighting of SEB Hållbarhetsfond Sverige Index harmed 22.7 tco2e, while the stock selection harmed tco2e versus the benchmark. This explains a 0.3% underperformance through sector weighting and 2.0% carbon underperformance by stock picking. Interaction Effect: % Total 57' '660.8 Carbon Underperformance Carbon Underperformance (%) 2.3 Attribution Analysis - Graph 1% 1% 0% 0% 0% Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Others Sector Stock Total 5
6 Summary of 10 largest absolute contributors The tables below show the 10 largest greenhouse gas contributors and the 10 largest holdings respectively of the SEB Hållbarhetsfond Sverige Index. Carbon Data section explains your, i.e. the amount of greenhouse gases that the portfolio finances from the company s overall emissions, relative to company ownership. You can further see what % of the overall portfolio GHG emissions each company accounts for and if the company s GHG emission number was disclosed by the company or approximated. In the Analysis section, the emissions are stated and the Average Sector allow a comparison of the greenhouse gas intensity of a company against its respective sector, i.e. the amount of GHG emissions that an investment of the same size would have financed, would it have been invested in the overall sector rather than the specific company. The effect on the portfolio can be found under Contribution: This is a measurement of how much a specific holding raises or reduces the carbon footprint of the portfolio. Company GICS Sub-Industry % of total Weight Carbon Data Analysis carbon intensity (tco2e / Mio. Av. Sector Contribution SSAB B Steel 0.5% 0.5% 27.6% ' ' ' ' SCA B Forest Products 1.3% 1.3% 14.2% ' ' ' ' SSAB A Steel 0.2% 0.2% 13.3% ' ' ' ' SAS Sverige Airlines 0.1% 0.1% 7.3% ' ' ' ' Boliden Diversified Metals & Mining 1.7% 1.7% 5.1% ' ' ' ' Electrolux B Household Appliances 1.6% 1.6% 2.2% 4.4 1' ' SKF B Industrial Machinery 1.5% 1.5% 2.2% 7.8 1' ' Stora Enso R (SEK) Paper Products 0.3% 0.3% 2.0% ' ' ' Skanska B ABB (SEK) Construction & Engineering Electrical Components & Equipment 1.4% 1.4% 1.8% ' % 2.5% 1.7% ' Summary of 10 largest portfolio companies Company GICS Sub-Industry % of total Weight Carbon Data Analysis carbon intensity (tco2e / Mio. Av. Sector Contribution Atlas Copco A Industrial Machinery 7.9% 8.0% 0.7% ' ' Nordea Diversified Banks 7.5% 7.5% 0.2% ' Volvo B Construction Machinery & Heavy Trucks 6.1% 6.0% 1.5% ' ' Swedbank A Diversified Banks 4.5% 4.5% 0.0% ' Investor B Multi-Sector Holdings 4.4% 4.4% 0.0% ' ' Ericsson B Svenska Handelsbanken A Communications Equipment 3.9% 3.9% 0.4% ' Diversified Banks 3.8% 3.8% 0.0% ' Assa Abloy B Building Products 3.8% 3.8% 1.2% ' ' Hennes & Mauritz B Apparel Retail 3.6% 3.6% 0.3% ' Sandvik Industrial Machinery 3.5% 3.5% 1.7% ' '
7 Scope 3 Overview The following section provides a top-down approximation of the financed scope 3 emissions from each sector. The purpose of this analysis is to give an order of magnitude of the emissions in the portfolio on a sector level and should not be used as a basis for comparing two individual companies. All emissions are in tco2e metrics. The following graph shows the financed Scope 1+2 emissions in relation to the Scope 3 emissions of the portfolio. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Telecommunication Technology Services Scope 3 Scope 1&2 3' '862 36'721 29'965 12'329 14'641 2'931 2' ' '528 1'259 1' '712 1'448 The graph below compares the total emissions (including Scope 1, Scope 2 and Scope 3) between portfolio and benchmark Scope 3 Scope 1&2 105'999 57' '352 56'054 *) The methodology includes Scope 1, 2 and Scope 3 upstream and product use downstream. 7
8 Company Sector & Breakdown This table presents all holdings in the portfolio, sorted by sector, following the logic from the sections above. It shows how each company contributes to the overall portfolio footprint. It allows you to see which stocks are the greatest contributors to the portfolio s emission in absolute as well as relative terms. The -/+ signs on the far right indicate if a specific holding raises or reduces the carbon footprint of the portfolio. This helps with portfolio optimization and in managing the overall carbon portfolio footprint without comprising the chosen sector allocation. Weight Carbon Data Analysis Company % of total carbon intensity (tco2e / Mio. Av. Sector Contribution Oil & Gas Exploration & Production 0.8% 0.8% 0.8% ' Lundin Petroleum 0.8% 0.8% 0.8% ' Specialty Chemicals 0.4% 0.4% 0.1% ' Hexpol 0.4% 0.4% 0.1% ' Paper Packaging 0.5% 0.5% 0.6% ' Billerud 0.5% 0.5% 0.6% ' Aluminum 0.1% 0.1% 0.2% ' GRANGES 0.1% 0.1% 0.2% ' Diversified Metals & Mining 1.7% 1.7% 5.1% ' ' ' ' Boliden 1.7% 1.7% 5.1% ' ' ' '765.5 Steel 0.7% 0.7% 41.0% ' ' ' ' SSAB B 0.5% 0.5% 27.6% ' ' ' '902.9 SSAB A 0.2% 0.2% 13.3% ' ' ' '185.9 Forest Products 1.3% 1.3% 14.2% ' ' ' ' SCA B 1.3% 1.3% 14.2% ' ' ' '095.3 Paper Products 0.8% 0.8% 2.4% ' ' ' Stora Enso R (SEK) 0.3% 0.3% 2.0% ' ' ' Holmen B 0.5% 0.5% 0.4% ' Building Products 4.4% 4.4% 1.2% ' ' Assa Abloy B 3.8% 3.8% 1.2% ' '738.7 NIBE INDUSTRIER B 0.6% 0.6% 0.1% ' Construction & Engineering 2.0% 2.0% 3.2% 3.2 1' ' ' Peab B 0.4% 0.4% 0.4% Skanska B 1.4% 1.4% 1.8% ' NCC B 0.3% 0.3% 0.9% Electrical Components & Equipment 2.5% 2.5% 1.7% ' ABB (SEK) 2.5% 2.5% 1.7% ' Construction Machinery & Heavy Trucks 7.1% 7.1% 1.7% ' ' Volvo A 1.0% 1.1% 0.2% ' Volvo B 6.1% 6.0% 1.5% ' '094.6 Industrial Machinery 15.2% 15.2% 5.5% 3.9 2' ' ' ' SKF B 1.5% 1.5% 2.2% 7.8 1' ' Trelleborg B 1.0% 0.9% 0.7% Sandvik 3.5% 3.5% 1.7% ' '277.9 Alfa Laval 1.3% 1.3% 0.2% Atlas Copco A 7.9% 8.0% 0.7% ' '872.3 Trading Companies & Distributors 0.4% 0.4% 0.2% Ahlsell 0.4% 0.4% 0.2% Diversified Support Services 0.5% 0.5% 0.0% ' Intrum Justitia 0.5% 0.5% 0.0% ' Security & Alarm Services 1.1% 1.1% 0.6% Securitas B 1.1% 1.1% 0.6% Airlines 0.1% 0.1% 7.3% ' ' ' ' SAS Sverige 0.1% 0.1% 7.3% ' ' ' '933.0 Auto Parts & Equipment 2.2% 2.2% 1.8% ' Autoliv SDB 1.6% 1.6% 1.5% '
9 Weight Carbon Data Analysis Company % of total carbon intensity (tco2e / Mio. Av. Sector Contribution Dometic Group 0.6% 0.6% 0.2% Homebuilding 0.3% 0.3% 0.0% JM 0.3% 0.3% 0.0% Household Appliances 2.4% 2.4% 2.8% 4.4 1' ' ' Electrolux B 1.6% 1.6% 2.2% 4.4 1' ' Husqvarna B 0.7% 0.7% 0.5% Hotels, Resorts & Cruise Lines 0.4% 0.4% 0.2% ' Pandox 0.2% 0.2% 0.0% Scandic Hotels Group 0.2% 0.2% 0.2% Broadcasting 0.3% 0.3% 0.0% Modern Times Group B 0.3% 0.3% 0.0% Apparel Retail 3.6% 3.6% 0.3% ' Hennes & Mauritz B 3.6% 3.6% 0.3% '153.4 Food Retail 1.0% 0.9% 0.7% ' ICA Gruppen 0.6% 0.6% 0.6% ' Axfood 0.4% 0.4% 0.1% Packaged Foods & Meats 0.5% 0.6% 0.9% AarhusKarlshamn 0.4% 0.4% 0.8% Cloetta B 0.1% 0.1% 0.1% Health Care Equipment 1.1% 1.2% 0.4% Elekta B 0.5% 0.5% 0.1% Getinge 0.6% 0.6% 0.3% CellaVision 0.1% 0.1% 0.0% Health Care Facilities 0.1% 0.1% 0.2% Capio 0.1% 0.1% 0.2% Health Care Technology 0.1% 0.1% 0.0% RaySearch Laboratories 0.1% 0.1% 0.0% Biotechnology 0.9% 1.0% 0.0% Biogaia 0.1% 0.1% 0.0% Vitrolife 0.2% 0.2% 0.0% Swedish Orphan Biovitrum 0.4% 0.4% 0.0% HANSA MEDICAL 0.1% 0.2% 0.0% Karo Pharma 0.1% 0.1% 0.0% Pharmaceuticals 1.7% 1.7% 0.5% Astrazeneca SEK 1.7% 1.6% 0.3% Recipharm 0.1% 0.1% 0.1% Life Sciences Tools & Services 0.1% 0.1% 0.0% Biotage 0.1% 0.1% 0.0% Diversified Banks 19.2% 19.1% 0.3% ' ' SEB A 3.3% 3.3% 0.0% '094.1 Swedbank A 4.5% 4.5% 0.0% '849.1 Nordea 7.5% 7.5% 0.2% '863.5 Svenska Handelsbanken A 3.8% 3.8% 0.0% '403.4 Multi-Sector Holdings 7.2% 7.3% 1.9% 8.8 1' ' ' ' Investor B 4.4% 4.4% 0.0% ' '827.5 Lundbergsf retagen B 0.5% 0.5% 1.3% Industriv rden A 0.5% 0.6% 0.0% Kinnevik Investment B 1.5% 1.4% 0.6% Latour Investment B 0.3% 0.3% 0.0% Communications Equipment 3.9% 3.9% 0.4% ' Ericsson B 3.9% 3.9% 0.4% '280.4 Electronic Equipment & Instruments 2.4% 2.4% 0.4% ' Hexagon B 2.3% 2.3% 0.4% '
10 Weight Carbon Data Analysis Company % of total carbon intensity (tco2e / Mio. Av. Sector Contribution Fingerprint Cards 0.1% 0.1% 0.0% Integrated Telecommunication Services 2.4% 2.4% 1.0% ' Telia Company 2.4% 2.4% 1.0% ' Wireless Telecommunication Services 1.6% 1.6% 1.5% ' Millicom International Cellular SDR 0.8% 0.8% 0.6% Tele2 B 0.8% 0.8% 0.9% Others 3.7% 3.7% 1.0% ' Hufvudstaden A 0.4% 0.4% 0.0% LjungbergGruppen B 0.1% 0.1% 0.0% Castellum 0.9% 0.9% 0.0% Balder Fastighets 0.5% 0.5% 0.4% Kungsleden 0.3% 0.3% 0.1% Fabege 0.6% 0.6% 0.0% Wihlborgs Fastigheter 0.3% 0.3% 0.0% Wallenstam B 0.3% 0.3% 0.0% Hemfosa Fastigheter 0.3% 0.3% 0.4% Total portfolio 94.8% 94.9% 100.0% ' ' Note that the weighting for the benchmark will not always total 100% as the stocks shown are only for those held by the portfolio. 10
11 Carbon Ranking This is a standardized ranking of the fund based on the productís weighted average carbon intensity using two peergroups. One consisting of all other funds in the database (global percentile) and one where the fund is ranked taking the specific Lipper Global Classification into account (peer percentile). The ranking is based on percentiles and ranges from 0 (worst) to 100 (best). Global Percentile 93 (n=4380) Peer Percentile 29 (Lipper Global Equity Sweden, n=51) The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive and indirect emissions, e.g. from suppliers, are based on reported data or estimates of emissions. The metric says nothing about how the portfolio contributes to a low-carbon society. For further information about the metric, see 11
Carbon report Ethos Aktiefond
Carbon report Ethos Aktiefond Report created on: February 26, 2018 The carbon footprint provides a historic snapshot of the emissions from the companies that make up the fund s equity portfolio. The calculations
More informationCarbon report SEB Hållbarhetsfond Sverige
Carbon report SEB Hållbarhetsfond Sverige Report created on: February 26, 2018 The carbon footprint provides a historic snapshot of the emissions from the companies that make up the fund s equity portfolio.
More informationCarbon report SEB Hållbarhetsfond Sverige
Carbon report SEB Hållbarhetsfond Sverige Report created on: October 13, 217 The carbon footprint provides a historic snapshot of the emissions from the companies that make up the fund s equity portfolio.
More informationCarbon report SEB Sverigefond
Carbon report SEB Sverigefond Report created on: February 26, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive
More informationCarbon report SEB Sverige Expanderad
Carbon report SEB Sverige Expanderad Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not
More informationCarbon report SEB Swedish Value
Carbon report SEB Swedish Value Report created on: February 27, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive
More informationCarbon report SEB Sverigefond Småbolag
Carbon report SEB Sverigefond Småbolag Report created on: February 27, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are
More informationCarbon report SEB Sverigefond Småbolag ChansRisk
Carbon report SEB Sverigefond Småbolag ChansRisk Report created on: February 27, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations
More informationCarbon report SEB WWF Nordenfond
Carbon report SEB WWF Nordenfond Report created on: February 27, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive
More informationCarbon report SEB Nordic Focus Fund
Carbon report SEB Nordic Focus Fund Report created on: February 27, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not
More informationCarbon report SEB Nordenfond
Carbon report SEB Nordenfond Report created on: February 27, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive
More informationCarbon report SEB Norway Focus Fund
Carbon report SEB Norway Focus Fund Report created on: February 27, 218 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not
More informationCarbon report SEB US All Cap
Carbon report SEB US All Cap Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive
More informationCarbon report SEB Nordamerikafond Små och Medelstora Bolag
Carbon report SEB Nordamerikafond Små och Medelstora Bolag Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund.
More informationCarbon report SEB Östeuropafond
Carbon report SEB Östeuropafond Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive
More informationCarbon Report. SEB Technology Fund. Report created on: Feb 25, 2019
Carbon Report SEB Technology Fund Report created on: Feb 25, 2019 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund The calculations are not comprehensive
More informationCarbon report SEB Fastighetsfond
Carbon report SEB Fastighetsfond Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the companies that make up the fund s equity portfolio. The
More informationCarbon report SEB Nordamerikafond Småbolag
Carbon report SEB Nordamerikafond Småbolag Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations
More informationCarbon report SEB Eastern Europe ex Russia Fund
Carbon report SEB Eastern Europe ex Russia Fund Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the companies that make up the fund s equity
More informationCarbon Footprint Report
Carbon Footprint Report 0//8 From the Office of the Bishop The Episcopal Diocese Of Olympia 55 0th 55 Tenth Avenue East Seattle, Washington 9802 206-25-4200 telephone 206-25-46 fax 800-488-4978 wa online
More informationCarbon report SEB Hållbarhetsfond Global
Carbon report SEB Hållbarhetsfond Global Report created on: February 26, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are
More informationExecutive and Board Remuneration in Sweden Empirical data, analysis, legislation and vision
Executive and Board Remuneration in Sweden 2012 2016 Empirical data, analysis, legislation and vision Contents 2 Executive and Board Remuneration in Sweden 2012-2016 01 About this report...4 02 Executive
More informationCarbon report SEB Sustainability Fund Global
Carbon report SEB Sustainability Fund Global Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the companies that make up the fund s equity portfolio.
More informationCarbon report SEB Global Fund
Carbon report SEB Global Fund Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the equity holdings of the fund. The calculations are not comprehensive
More informationCarbon Report - Equity, Sample Portfolio
Carbon Report - Equity, Sample Identifier: - Data as of: 23.05.2016 : MSCI World index Currency: USD Industry Classification: ICB Intensity Metrics: Revenue Value: 1'000'000.00 USD Executive Summary Coverage
More informationExamining the effect of family control on firm value and performance
Examining the effect of family control on firm value and performance Evidence from the OMX60 Authors: Eva Wilhelmsson and Klara Bjurek Supervisor: Martin Holmén NEG300 V14 Project Paper with Discussant
More informationCarbon report SEB Japanfond
Carbon report SEB Japanfond Report created on: February 27, 2018 The carbon footprint provides a historic snapshot of the emissions from the companies that make up the fund s equity portfolio. The calculations
More informationPriorNilsson Fonder. Annual Report Genuine Active Management PriorNilsson PNFONDER.SE
PriorNilsson Fonder Annual Report 2016 Genuine Active Management 2016 PriorNilsson PNFONDER.SE -1- Contents Comments from the CEO... 3 PriorNilsson Realinvest... 4 PriorNilsson Sverige Aktiv... 10 PriorNilsson
More informationEmissions incl. Scope 3. Portfolio 95.3% 91.6% 5' ' Benchmark 69.4% 98.5% 8' '
Carbon Report - DKB Zukunftsfonds TNL Identifier: LU0314225409 Report created on: Jul 31, 2017 : Equity - MSCI ACWI Index Currency: EUR Industry Classification: ICB Company Breakdown Metrics: relative
More informationishares MSCI Sweden ETF (EWD) Summary Description Historical prices (1 year) DIAMONDS* RATINGS* ETFG RISK RATING 4.62 ETFG REWARD RATING 5.
ishares MSCI Sweden ETF (EWD) Tearsheet as of 7:41 pm, April 26, 2014. Summary RATINGS* DIAMONDS* ETFG RISK RATING 4.62 ETFG REWARD RATING 5.96 Description ishares MSCI Sweden ETF is an exchange-traded
More informationfor government employees Annual Report Kåpan pensions for gouver nment employees
1 for government employees 2006 Annual Report Kåpan pensions for gouver nment employees 21 2006 at the glance Kåpan Pensioner was named as Sweden s best pension manager at the IPE Awards Ceremony in Paris
More informationHANDELSBANKEN FUNDS. (formerly SVENSKA SELECTION FUND) SOCIETE D INVESTISSEMENT A CAPITAL VARIABLE (SICAV)
HANDELSBANKEN FUNDS (formerly SVENSKA SELECTION FUND) SOCIETE D INVESTISSEMENT A CAPITAL VARIABLE (SICAV) ANNUAL REPORT For the year ended 31 December 2008 Table of Contents SHAREHOLDERS INFORMATION Page
More informationHARMONIZED COLLECTIVE INVESTMENT UNDERTAKING DOVRE INSIDE NORDIC MANAGED BY DOVRE FORVALTNING UAB Financial statements for the period from 1st of
HARMONIZED COLLECTIVE INVESTMENT UNDERTAKING DOVRE INSIDE NORDIC MANAGED BY DOVRE FORVALTNING UAB Financial statements for the period from 1st of January 2017 to 30th of June 2017 I. GENERAL INFORMATION
More informationMIND THE GAP. CEO Remuneration and the Scandinavian Corporate Governance Landscape. September, 2017
MIND THE GAP CEO Remuneration and the Scandinavian Corporate Governance Landscape September, 2017 September 2017 1 INTRODUCTION The corporate governance landscape has been changing and executive remuneration
More informationSOLIDAR SICAV. Société d Investissement à Capital Variable Luxembourg (SICAV)
Société d Investissement à Capital Variable Luxembourg (SICAV) Audited Report for the period from March 22, 2010 (date of incorporation) to December 31, 2010 R.C.S. : Luxembourg B 152.084 Subscriptions
More informationCARNEGIE FUND II FONDS COMMUN DE PLACEMENT AUDITED ANNUAL REPORT 31 DECEMBER 2013
FONDS COMMUN DE PLACEMENT AUDITED ANNUAL REPORT 31 DECEMBER 2013 Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual
More informationfor government employees Annual report P e n s i o n s f o r g o v e r n m e n t s e m p l o y e e s
for government employees 2005 Annual report P e n s i o n s f o r g o v e r n m e n t s e m p l o y e e s 21 2005 at a glance Assets under management increased by SEK 4,801m to SEK 25,376m. Paid-in premiums
More informationGICS system sectors and industries
GICS system sectors and industries In studying the share markets any where around the world, it can be useful to compare companies that are somewhat similar in what they do. That is, for example, to compare
More informationEmissions incl. Scope 3. Portfolio 98.4% 91.8% 3' ' Benchmark 93.7% 99.2% 7' '
Carbon Report - DKB Zukunftsfonds Identifier: - Report created on: Jul 09, 2018 Holdings Date: Jun 30, 2018 : Equity - MSCI Europe Index Currency: EUR Industry Classification: ICB Company Breakdown Metrics:
More informationCut to the Chase. A Study of the Usefulness of a Simplified Residual Income & Abnormal Earnings Growth Model
Cut to the Chase A Study of the Usefulness of a Simplified Residual Income & Abnormal Earnings Growth Model Axel Wingård Emil Viklund Master s Thesis in Accounting and Financial Management Stockholm School
More informationISIN Name Country SE BEAR ABB X3 N Sweden SE BEAR ALFA X3 N Sweden SE BEAR ASSA X3 N Sweden SE BEAR ASSA X3
ISIN Name Country SE0004446961 BEAR ABB X3 N SE0004580173 BEAR ALFA X3 N SE0004580199 BEAR ASSA X3 N SE0008131452 BEAR ASSA X3 N1 SE0004580215 BEAR ATLAS X3 N SE0006341343 BEAR AXFO X3 N SE0005039468 BEAR
More informationBlack-Litterman allocation model: Application and comparision with OMX Stockholm Benchmark PI (OMXSBPI)
Black-Litterman allocation model: Application and comparision with OMX Stockholm Benchmark PI (OMXSBPI) Daniel Seimertz June 2015 i Contents 1 Introduction 1 1.1 Aim with thesis..............................
More informationSEMI-ANNUAL REPORT. a n n e b o f o n d e r
l a n n e b o f o n d e r SEMI-ANNUAL REPORT 2016 FOTO: ISTOCKPHOTO Lannebo Mixfond... 3 7 Lannebo Pension... 8 10 Lannebo Småbolag... 11 14 Lannebo Småbolag Select...15 19 Lannebo Sverige...20 23 Lannebo
More information# of Equities in Industry
# of Equities in Industry Name ERLANGER SECTOR _ INDUSTRY WEEKLY OVERVIEW As Of 03/11/2010 Sectors - Industries Sorted By Power ing Within Sector Weekly 3/11/10 3/4/10 2/25/10 2/18/10 2/11/10 2/4/10 1/28/10
More informationS&P 500 GICS Sector Scorecard (1/26/18) 12-Mo. See the last page for Index % of 500 Price Changes (%)
S&P 500 GICS Sector Scorecard (1/26/18) 12-Mo. See the last page for Index % of 500 Price Changes (%) 5-Year % Chg. disclosure information. Value or Sector 1 Wk. 13 Wks. YTD 2017 5-Yr CAGR Beta Std. Dev.
More informationBolag Datum Rekommendation Valuta Riktkurs Dåvarande kurs. AAK Hold SEK ABB Hold SEK
Bolag Datum Rekommendation Valuta Riktkurs Dåvarande kurs A.P. Møller-Mærsk 2016-08-15 Hold DKK 10 000 9 270.0 A.P. Møller-Mærsk 2016-12-30 Buy DKK 13 000 11 270.0 A.P. Møller-Mærsk 2017-11-08 Hold DKK
More informationStock Market Briefing: S&P 500 Sectors & Industries Profit Margins
Stock Market Briefing: S&P Sectors & Industries Profit Margins August, 1 Dr. Edward Yardeni 1--3 eyardeni@ Joe Abbott 3--3 jabbott@ Please visit our sites at www. blog. thinking outside the box Table Of
More informationStock Market Briefing: S&P 500 Sectors & Industries Profit Margins
Stock Market Briefing: S&P Sectors & Industries Profit Margins December 1, 1 Dr. Edward Yardeni 1--3 eyardeni@ Joe Abbott 3--3 jabbott@ Please visit our sites at www. blog. thinking outside the box Table
More informationStock Market Briefing: S&P 500 Sectors & Industries Forward Profit Margins
Stock Market Briefing: S&P Sectors & Industries Forward Profit Margins February 1, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Joe Abbott 73-97-3 jabbott@ Mali Quintana --1333 aquintana@" Please visit our sites
More informationThe Modern Funds. Annual Report (audited) at 31/12/06. Database Publishing System: CO-Reporter by CO-Link, Belgium.
The Modern Funds Annual Report (audited) at 31/12/06 Database Publishing System: CO-Reporter by CO-Link, Belgium. Page 1 The Modern Funds Table of Contents Page Organisation of the SICAV 3 General Information
More informationSEK Primary market update
SEKbn Arctic Securities Sweden - Corporate Bond market overview Oct 217 SEK Primary market update The High Yield bond market is set for a record year The Corporate Bond market remains very active, and
More informationPerformance 2012 S&P 500 Sectors & Industries
Performance 212 S&P Sectors & Industries January 3, 213 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table
More informationFed Funds Rate & S&P 500
Fed Funds Rate & S&P 500 Figure 1. 20 20 There have been nine major troughs in the federal funds rate since 1960. The tenth is likely to happen this year. The average number of months between troughs is
More informationValuation: S&P 500 Sectors & Industries Forward P/Es
Valuation: S&P Sectors & Industries Forward P/Es July 27, 16 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-6 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.
More informationCustom Benchmarking Report Prepared for: Pinnacle Foods Group
Custom Benchmarking Report Prepared for: Peer companies selected:,,,, Reynolds American Inc.,, powered by public responses from CDP 2017 climate change information request brought to you by CDP reporter
More informationPerformance 2013 S&P 500 Sectors & Industries
Performance 213 S&P Sectors & Industries November, 213 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table
More informationPortfolio Carbon Footprint
Portfolio Carbon Footprint San Francisco State University Foundation Tanvi Pradhan Supervised by Dr. Philip King 0 Table of Contents 1. Acknowledgement... 2 2. Introduction... 3 2.1 Greenhouse Gas Protocol...
More informationStock Market Briefing: S&P 500 Sectors & Industries Forward P/Es
Stock Market Briefing: S&P Sectors & Industries Forward P/Es January 17, 18 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-6 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our
More informationSemi-annual Report 2015 ODIN s Institutional Equity Mutual Funds
Semi-annual Report 2015 ODIN s Institutional Equity Mutual Funds ODIN creates value for the future Content August 2015 3 The first half of 2015 4 Return ODIN Equity Mutual Funds 5-8 ODIN Norge II 9-12
More informationStock Market Briefing: S&P 500 Sectors & Industries Forward P/Es 2009-now
Stock Market Briefing: S&P 00 Sectors & Industries Forward P/Es 09-now October, Dr. Edward Yardeni -972-763 eyardeni@ Joe Abbott 732-497-6 jabbott@ Mali Quintana 40-664-1333 aquintana@ Please visit our
More informationAnnual Report for Catella Hedgefond. 1 January December 2017
Annual Report for Catella Hedgefond 1 January 2017 31 December 2017 1 A stable, low-risk year Catella Hedgefond rose by 4.64 percent in 2017 (2.23 percent in the first half and 2.36 percent in the second
More informationPERFORMANCE UDPATE. Fig.1.1. Equity Sector Index Families. US Sector S&P 500 [Select Sector SPDR S&P [Sector Indices] Europe Sector
CONTACT PERFORMANCE UDPATE For more information, contact Henry Cobbe, CFA Head of Research henry@elstonconsulting.co.uk Emma Cole Associate emma@elstonconsulting.co.uk Scope focuses on ETFs listed on the
More informationIFRS adoption in Kingdom of Saudi Arabia. December 2017
IFRS adoption in Kingdom of Saudi Arabia December 217 Contents Introduction 3 Executive summary 5 Effects of IFRS adoption: Effects on retained earnings Effects on assets Effects on liabilities 7 Key IFRS
More informationNORRON SICAV Investment Company (SICAV), Luxembourg
Unaudited semi-annual report NORRON SICAV Investment Company (SICAV), Luxembourg R.C.S. Luxembourg B 158 534 Notice The sole legally binding basis for the purchase of shares of the Fund described in this
More informationHalf Year Report for Catella Hedgefond. 1 January June 2017
Half Year Report for Catella Hedgefond 1 January 2017 30 June 2017 1 Stable start to the year Catella Hedgefond rose 2.23 percent in the first half of the year as a result of good returns on the fixed
More informationJohan Forssell Vice President and Head of Core Holdings
Johan Forssell Vice President and Head of Core Holdings Our Core Holdings Healthcare Technology Engineering Financial Services 1 Major transactions (> 1 billion SEK) 2001 + Ericsson 2002 + ABB 2003 + ABB
More informationPerformance 2017 S&P 500 Sectors & Industries
Performance 217 S&P Sectors & Industries September 2, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.
More informationStock Market Briefing: S&P 500 Sectors & Industries Forward Earnings (Indexed)
Stock Market Briefing: S&P 5 Sectors & Industries Forward Earnings (Indexed) July 11, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Please visit our sites at www. blog.
More informationANNUAL REPORT. a n n e b o f o n d e r
l a n n e b o f o n d e r ANNUAL REPORT 2016 FOTO: IGETTY IMAGES Lannebo Europa Småbolag... 2-4 Lannebo Mixfond... 5-9 Lannebo Pension... 10-12 Lannebo Småbolag...13-17 Lannebo Småbolag Select... 18-22
More informationSustainability report 2017 SWEDBANK FÖRSÄKRING AB
Sustainability report 2017 SWEDBANK FÖRSÄKRING AB Table of Content 1. Responsible investment... 3 Sustainable management... 3 Policy... 3 Transparency... 3 Increased awareness... 3 Climate impact... 3
More informationSEMI-ANNUAL REPORT. a n n e b o f o n d e r. Lannebo Corporate Bond Lannebo High Yield Allocation Lannebo Likviditetsfond...
l a n n e b o f o n d e r SEMI-ANNUAL REPORT 2017 FOTO: IGETTY IMAGES Lannebo Europa Småbolag... 3-6 Lannebo Komplett... 7-9 Lannebo Mixfond...10-14 Lannebo Småbolag... 15-19 Lannebo Småbolag Select...
More informationANNUAL REPORT ÖHMAN SMÅBOLAGSFOND 31 December 2017
Dear Investor, The global economy delivered positive performance during the year and exceeded most analysts expectations, while cost pressure remained moderate. As we have seen so many times before, the
More informationTransaction. Deal activity in 2014 back at pre-financial crisis levels - Q1 '08 Q1 '09 Q1 '10 Q1 '11 Q1 '12 Q1 '13 Q1 '14
No. of transactions Transaction Advisory Services Transactions by Sweden s largest companies Corporate Transaction Trends Deal activity in 2014 back at pre-financial crisis levels a quarterly publication
More informationGovernment Employees Pension Fund
1 Government Employees Pension Fund Annual Report 2017 2 Contents 2017 at a glance 3 Board of Directors report 4 Financial statements 13 Five-year summary 14 Income statement 15 Balance sheet 16 Statement
More informationLong-term investor & active owner in Nordic companies
Long-term investor & active owner in Nordic companies First nine months, October 6 th 2014 KV3_2014_eng 1 Operations KV3_2014_eng 2 Experienced long-term industrial developer Target: To generate high growth
More informationBUSINESS CLIMATE SURVEY ARGENTINA 2017
BUSINESS CLIMATE SURVEY ARGENTINA 2017 Photo: Ola Ericson/imagebank.sweden.se Team Sweden Swedish Ambassador and Trade Commissioner Photo: Barbro Elm. Credits: Kristian Pohl Photo: Johan Andersson. Credits:
More informationReport on Equity Portfolio Carbon Footprint
Report on Equity Portfolio HSBC Global Asset Management 19 th April 2017 This presentation is intended exclusively towards qualified investors in the meaning of Art. 10 para 3, 3bis and 3ter of the Federal
More informationPerformance 2018 S&P 500 Sectors & Industries
Performance 218 S&P Sectors & Industries October 3, 218 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-49736 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.
More informationInterim Report January 1 September 30, 2014
Interim Report January 1 September 30, 2014 Industrivärden is one of the Nordic region s leading industrial development companies www.industrivarden.net The total return for the first nine months of the
More informationFriday, 14 October 2016 upgrade? Friday, 21 October 2016 upgrade?
Friday, 14 October 2016 Czech Rep. Moody's A1 / Stable 12/08/2008 no Czech Rep. Fitch A+ / Stable 07/22/2016 no Greece Moody's Caa3 / Stable 09/25/2015 no Luxembourg Fitch AAA / Stable 05/02/2008 no Malta
More informationC1 - Public NZ SUPER FUND CARBON FOOTPRINT 2017
NZ SUPER FUND CARBON FOOTPRINT 2017 The Guardians is committed to reducing exposure to carbon across the whole Fund. We define carbon exposure as a combination of our portfolio s current emissions (emissions
More informationLong-term industrial developer of listed Nordic companies First nine months 2012 Industrivärden, September 5, 2012
Long-term industrial developer of listed Nordic companies First nine months 2012 Industrivärden, September 5, 2012 KV312_eng Nr 1 Long-term industrial developer of listed Nordic companies Ericsson Volvo
More informationU.S. Balancing Act July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 U.S. Balancing Act July 2018 A Disciplined
More informationHARMONIZED COLLECTIVE INVESTMENT UNDERTAKING DOVRE INSIDE NORDIC MANAGED BY DOVRE FORVALTNING UAB
HARMONIZED COLLECTIVE INVESTMENT UNDERTAKING DOVRE INSIDE NORDIC MANAGED BY DOVRE FORVALTNING UAB Independent Auditor's Report and financial statements for the year ended 31 December 2014 Management company
More informationPerformance 2018 S&P 500 Sectors & Industries
Performance 218 S&P Sectors & Industries May 2, 218 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-49736 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking
More informationClimate Impact Assessment of companies listed on Nasdaq Helsinki
Climate Impact Assessment of companies listed on Nasdaq Helsinki Zurich, 6 November 2015 (Updated Version) Contact: Dr. Maximilian Horster South Pole Group Technoparkstrasse 1 8005 Zurich Switzerland +41
More informationMSCI US REIT INDEX METHODOLOGY
INDEX METHODOLOGY MSCI US REIT INDEX METHODOLOGY Index Construction and Maintenance Methodology for the MSCI US REIT Index February 2017 FEBRUARY 2017 CONTENTS Introduction... 3 1 Defining REITs and the
More informationDeutsche Börse Indices Market Consultation Considered Methodology Change for MDAX, SDAX and TecDAX. 26 th January, 2018
Deutsche Börse Indices Market Consultation Considered Methodology Change for MDAX, SDAX and TecDAX 26 th January, 2018 1. Introduction Deutsche Börse Market Consultation - Public - 26.01.2018 Deutsche
More informationPre-poll Methodology for Asiamoney Brokers Poll 2016
Pre-poll Methodology for Asiamoney Brokers Poll 2016 Asiamoney s 27 th annual Brokers Poll is scheduled for launch on 4 th July, we invite senior institutional investors at fund management companies, hedge
More informationEquity Research Dividend
Equity Basket - Certificate This document describes an investment opportunity created by SEB. The document is a sales material and shall not be considered as investment analysis or advice. Non capital
More informationCARNEGIE INVESTMENT FUND
Société d'investissement à Capital Variable UNAUDITED SEMI-ANNUAL REPORT 30 JUNE 2013 R.C.S. Luxembourg B 158 803 Subscriptions are only valid if made on the basis of the current prospectus accompanied
More informationPerformance Derby: S&P 500 Sectors & Industries Change in P/E
Performance Derby: S&P 500 Sectors & Industries Change in P/E August 15, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit our sites at blog.yardeni.com
More informationItem 19. Current terms of employment. The Board s proposed guidelines
Item 19 The Board s proposed resolution on the adoption of principles for remuneration and other terms of employment for the members of the Executive Management Team The remuneration guidelines approved
More informationXT ishares Exponential Technologies ETF
ishares Exponential Technologies ETF ETF.com segment: Equity: Global Technology Competing ETFs: DTEC, IXN, CIBR, IPAY, FINX Related ETF Channels: Multi-factor, Technology, Smart-Beta ETFs, Global, Equity,
More informationCAPITAL-PROTECTED INVESTMENTS OCTOBER 2014
CAPITAL-PROTECTED INVESTMENTS OCTOBER 2014 Investment offers Capital-protected investments Equity-linked Note Pan Asia Follows the index S&P Pan Asia Low Volatility Index (SEK). Equity-linked Note Europe
More informationAnalysis of Swedish IPOs
Analysis of Swedish IPOs 2001-2014 SWEDISH PRIVATE EQUITY & VENTURE CAPITAL ASSOCIATION 2015-02-19 Summary IPO activity Since 2001 there has been over 50 listings on the Stockholm Stock Exchange. During
More informationAverage annual change, % Change, % Five years, Ten years, Jan. 1 April 30 Dec. 98 Apr. 04 Dec. 93 Apr. 04
Interim Report January 1 March 31, 2004 Industrivärden s net asset value was SEK 32,904 M on April 30, 2004, an increase of SEK 2,834 M since the start of the year. Net asset value on March 31, 2004, was
More informationPerformance Derby: S&P 500 Sectors & Industries Current P/E and Year-Ago P/E
Performance Derby: S&P 500 Sectors & Industries Current P/E and Year-Ago P/E September 12, 2018 Dr. Ed Yardeni 516-972-7683 eyardeni@yardeni.com Joe Abbott 732-497-5306 jabbott@yardeni.com Please visit
More informationUnaudited semi-annual report as at 30th June Catella SICAV. Investment Company (SICAV) Luxembourg. R.C.S. Luxembourg B
Unaudited semi-annual report Catella SICAV Investment Company (SICAV) Luxembourg R.C.S. Luxembourg B 147 125 Notice The sole legally binding basis for the purchase of Shares of the Fund described in this
More informationInterim report. January 1 September 30, 2010
Interim report January 1 September 30, 2010 Net asset value on September 30 was SEK 132 per share, an increase of 22% for the year to date including reinvested dividends The value of the equities portfolio
More information