August was a somewhat more active month than the previous one, but was still characterised by the holiday period. The fund made some minor portfolio adjustments to existing positions, but no significant changes were made during the period. We expect the activity level to rise significantly towards September. Despite the level of activity, most sectors experienced reduced credit spreads, with the property sector leading the way. Reduced credit spreads contributed in total to a positive development for Kraft Fondene.
We see a challenge in the Norwegian market in terms of access to new issues with a reasonable risk/return ratio. In general, there is a shortage of NOK issues, which makes it demanding. That's why capital discipline is more important than ever to price risk correctly.
Our strategy will continue to be characterised by capital discipline and focus on identifying the best risk-adjusted investment opportunities. Our portfolio consists of solid and liquid investments, and the fund is well positioned for an exciting autumn.
The effective interest rate in Kraft Høyrente (class B) is 12.05 % (before management costs). The effective interest rate may change from day to day and is therefore no guarantee of the return in the period for which it is calculated. The price-weighted coupon (interest coupon adjusted for the price of the bond) in Kraft Høyrente is 8.88 % (before management costs).
