December developed favourably, despite the market appearing saturated and showing limited willingness to take on any particular risk in the run-up to the end of the year. The market still appears relatively expensive, with pressure on credit spreads across most sectors. The risk premium in the Norwegian high-yield market has become less attractive compared with the Nordic market. Nevertheless, the high base rates in Norway still provide a good effective interest rate on Norwegian issues.
The fund participated in the issue of Panoro, which was attractively priced. Panoro is a Norwegian listed company with oil activities in Africa and co-operates with BW Energy. The company has a low level of debt and does not have a major investment programme ahead of it. The company is now in a position where it can begin to capitalise on previous investments, and thus appears more like a cash flow case. The company has relatively little exposure to African risk, as neither oil production nor cash flows pass through the African continent.
In addition to the Panoro issue, the fund made some minor portfolio adjustments in existing positions.
The fund is well positioned for 2025, with a liquid and quality-oriented portfolio that allows the fund to capitalise on future market opportunities that arise. We will continue to exercise capital discipline and price risk appropriately.
Den effektive renten i Kraft Høyrente er 9,90 %.* Den løpende renten i Kraft Høyrente er 7,29 %.* Effektiv rente og løpende rente vil kunne endres fra dag til dag, og er derfor ingen garanti for avkastningen i perioden den er beregnet for.
*Før costs related to management
