CrÃ©dit Agricole Asset Management has launched the Nordic Portfolio in its Luxembourg domiciled Sica...
CrÃ©dit Agricole Asset Management has launched the Nordic Portfolio in its Luxembourg domiciled Sicav.
Managed by Paul Kondratieff, the fund's investment strategy uses a similar style to the other equity products in the Sicav ' growth at reasonable price.
Kondratieff uses a bottom-up strategy when choosing stocks. Decisions are based on fundamental analysis. While a stock's earnings growth and six to nine-month outlook is examined, if these statistics are not supported by fundamental analysis a buy decision is not made.
Top-down sector allocation is looked at to a certain degree, but in a country fund such as the Nordic Portfolio, this is less formalised.
In addition, due to the specific nature of the Scandinavian stock markets, the fund relies strongly on in-house specialists in European technology, media and telecom as well as small-cap stocks. It also uses analysts who have expertise in both large and small to mid-cap stocks because of the massive range of companies on the Scandinavian stock exchanges.
The fund has been neutral on tech, materials and finance, overweight in capital goods and retail and underweight in durable consumer goods. Companies currently included in the portfolio are Erikson, Nokia and AstraZeneca. The fund is benchmarked to the FTSE Norex 30.
Currently the fund is registered in Luxembourg, Austria, Belgium, Chile, Finland, France, Germany, Gibraltar, Hong Kong, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and the UK.
There are four different share classes to adapt to various investor profiles. Minimum investment for institutions is $100,000 with a management fee of 0.7%. There is no minimum investment for the classic share class and the management fee is 1.3%.
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