SEMI-ANNUAL REPORT 2013
MUTUAL FUND: ALFRED BERG HØYRENTE
Alfred Berg Høyrente
Investement strategy
Annual risk %
The fund invests in corporate bonds issued by companies
that are considered to be attractively priced relative to
the underlying credit risk of the issuer and in relation to
the various macro-economic variables. Comprehensive
analysis is conducted before the management team
considers investing, including: corporate and sector
conditions, macro-economics, credit risk/credit margins, collateral and clauses in loan agreements, pricing
distortions, liquidity and any exchange rate hedging by
loans denominated in foreign currency. The fund has a
high credit risk, but seeks a good balance between the
collateral for each loan and investments across various
sectors in order to achieve a well-diversified portfolio.
The fund has the possibility to use derivatives to manage
risk and streamline the management of the fund. The
fund is a UCITS fund.
Since inception: 08-07-2008
Annualized return 7,63 Relative performance 5,14 Annual standard deviation 8,40 Relativ volatiliy 8,66 Information Ratio
0,59 Sharpe Ratio
0,58 Fundfacts
AUM NOK 3,5 mrd
Min. initial subscription
NOK 1,000
NAV pr. 30.06.2013
NOK 108,Subscription fees
1,0 %
Turnover0.8
Bank account
1503 03 09015
Managment fees:
Share class CI - NOK
0,45 %*
Share class CII - NOK
0,80 %
Share class C - USD
1,00 %
Share class C - EUR
1,00 %
Risk profile
4
ISINNO0010446552
Fund
Benchmark
2,48
0,45
-
140
130
120
110
100
Top 10 holdings %
Northland 15% 07/19
DOF Subsea ASA FRN 05/18
Ship Finance FRN 10/17
Ocean Rig UDW 9.5% 04/16
Navigator 9% 12/17
Aker ASA FRN 09/22
REC 9.75% 05/18
Høegh LNG Holdings FRN 10/17
Songa Offshore FRN 11/16
J Lauritzen A/S FRN 10/17
Performance %
150
Fund
3.72
2.99
2.21
2.06
1.92
1.89
1.85
1.68
1.65
1.64
Fond
Ref. indeks
90
80
2009
2010
Alf red Berg Høy rente
2011
2012
2013
Periode: 200806-201306
Benchmark
last 3 months
-0,16 0,43
last 6 months
1,28 0,80
last 12 months
6,83
1,58
last 48 months
49,08 8,02
2012
16,11 1,50
2011
1,54 2,44
2010
12,62 2,26
2009
31,272,13
Since inception 08-07-2008
44,17 12,99
Ann. peformance since inceptions7,63 2,48
Year to date
1,28 0,80
* Fixed management fee amounts to a maximum of 0.45
percent. The management company charges as well as
fund a symmetrical management fee calculated from the
manager's performance. In a larger percentage change
in value than its benchmark, the fund management
company in addition to the daily fixed management fee,
charge 20 percent of the allowance value change beyond
the benchmark. Total management fee may not exceed
0.85 percent. On a percentage lower value change than
its benchmark, pulled 20 percent of the fall in value of
the management fee. Total management fee can not be
lower than 0.05 percent.
Portfolio composition
ISIN
Company
Stock Exchange
Date of
payment
Interest
reg. date
Nom.
value
Cost- price Unrealized
profit/loss
Market valuet
incl. interest
Share
in %
Energy Sector
SE0004518769 Arise AB Frn 03/15
Stockholm
2015-03-23 2013-09-23 10,500,000 9,207,413 333,860 9,547,837 0.28%
NO0010684327 Bassdrill Alpha Lt 7.5%
AMB
2018-07-05 2018-07-05 3,000,000 17,599,433 84,958 17,684,390 0.52%
NO0010675580 Bassdrill Beta 8.5% 04/18
Unotert
2018-04-24 2013-10-24
0
0
0
229,973 0.01%
NO0010378482 Bluewater Frn 07/14
OSE
2014-07-17 2013-07-17 8,000,000 38,207,744 9,193,714 47,720,151 1.40%
NO0010637614 Deep 14.25% 03/15
Unotert
2015-03-05 2013-09-05 2,500,000 14,750,644 1,543,608 16,430,674 0.48%
NO0010633225 Deep Drilling I 12% 12/15
ABM
2015-12-21 2013-12-21 6,300,000 36,524,036 3,771,762 40,383,907 1.18%
NO0010684145 Det Norske Frn 07/20
OSE
2020-07-02 2013-10-02 50,000,000 50,000,000 (250,000)
49,750,000 1.46%
XS0943370543 Dong Energy As Frn
Copenhagen
2049-12-31 2014-06-26
313,000 2,319,309 202,566 2,522,724 0.07%
NO0010670144 Dof Subsea ASA Frn 05/18
OSE
2018-05-22 2013-07-22 103,000,000 102,985,000 (2,302,500)
101,984,105 2.99%
US262049AA72 Drill Rigs 6.5% 10/17
Dublin
2017-10-01 2013-10-01 2,500,000 14,308,347 580,573 15,127,573 0.44%
NO0010679475 Eidesvik Frn 05/18
OSE
2018-05-22 2013-08-22 9,000,000 9,000,000 (66,600)
8,991,213 0.26%
NO0010627938 Eitzen Maritime 12% 10/14
Unotert
2014-10-24 2013-10-24
3,316,272 2,923,859 (71,865)
2,922,862 0.09%
NO0010609837 Electromagnetic Frn 05/14
OSE
2014-05-26 2013-07-18 1,000,000 1,042,500 (6,250)
1,044,117 0.03%
NO0010682537 Electromagnetic Frn 06/16
OSE
2016-06-27 2013-09-26 24,000,000 23,995,000 (93,400)
23,911,853 0.70%
NO0010607302 Etrion 9% 04/15
ABM
2015-04-18 2013-10-18 2,200,000 17,160,690 (785,160)
16,680,513 0.49%
NO0010661382 Floatel Intl Ltd 8% 10/17
ABM
2017-10-11 2013-07-11 2,500,000 14,297,900 1,654,514 16,212,148 0.48%
NO0010661382 Floatel Intl Ltd 8% 10/17
ABM
2017-10-11 2013-07-11
400,000 2,286,424 265,962 2,593,944 0.08%
NO0010662042 Fram 13% 10/15
OSE
2015-10-24 2013-10-24 13,604,000 13,604,000 (18,637)
13,890,614 0.41%
NO0010592074 Golden Close 11% 12/15
OSE
2015-12-09 2013-12-09
4,916,492 29,780,730 1,665,931 31,617,744 0.93%
NO0010673791 Igas Energy Plc 10% 03/18
OSE
2018-03-22 2013-09-22 4,000,000 23,204,920 449,161 24,306,746 0.71%
USU4608CAC20 Ion 8.125% 05/18
New York
2018-05-15 2013-11-15
400,000 2,297,904 60,015 2,382,607 0.07%
NO0010674187 Marine 9.5% 04/18
ABM
2018-04-03 2013-10-03 1,600,000 9,337,392 507,526 10,063,019 0.29%
NO0010598022 Nbt As 14% 12/13
OSE
2013-12-30 2013-12-30 10,000,000 9,370,000 63,850 10,124,261 0.30%
NO0010606320 Norwegian 10.25% 04/16
OSE
2016-04-27 2014-04-27 3,000,000 2,921,250 33,750 3,007,233 0.09%
NO0010672314 Norwegian 10.5% 02/16
OSE
2016-02-25 2013-08-25 1,000,000 980,000 (15,000)
1,000,384 0.03%
NO0010661390 Norwegian 12.9% 12/13
OSE
2013-12-30 2013-09-30 39,000,000 38,917,299 472,701 40,630,521 1.19%
NO0010606338 Norwegian Frn 04/16
OSE
2016-04-27 2013-07-29 26,500,000 25,426,250 (4,800)
25,765,067 0.76%
NO0010592306 Norwegian Frn 12/13
OSE
2013-12-06 2013-09-06 25,000,000 25,247,999 (375,499)
25,021,611 0.73%
NO0010607625 Ocean Rig Udw 9.5% 04/16
ABM
2016-04-27 2013-10-27 11,000,000 60,422,307 8,932,711 70,433,747 2.06%
SE0003652577 Pa Resources 10.5% 10/13
STOCKHOLM 2013-10-15 2013-10-15 15,000,000 13,201,445 (89,192)
13,853,478 0.41%
NO0010605728 Pa Resources 12.25% 04/16
Unotert
2016-04-05 2013-10-05 42,750,000 41,922,000 (3,874,500)
39,252,699 1.15%
NO0010637077 Pacific 8.25% 02/15
Unotert
2015-02-23 2013-08-23 3,000,000 17,141,301 1,773,704 19,430,102 0.57%
NO0010590961 Panoro Energy 13.5% 11/18
ABM
2018-11-15 2013-11-15 5,850,000 5,902,340 386,411 6,383,953 0.19%
NO0010680150 Polarcus Ltd 8% 06/18
OSE
2018-06-07 2013-12-07 3,000,000 17,336,250 393,718 17,813,883 0.52%
NO0010673734 Sea Trucks Group 9% 03/18
ABM
2018-03-26 2013-09-26
400,000 2,318,764 14,846 2,334,809 0.07%
NO0010633118 SeABird 6% 12/15
ABM
2015-12-18 2013-12-19 1,334,252 6,090,029 1,288,612 7,390,636 0.22%
NO0010589492 Seadrill Ltd 6.5% 10/15
OSE
2015-10-05 2013-10-05 2,500,000 14,371,712 1,352,811 15,951,789 0.47%
NO0010670441 Siem Offshore Frn 01/18
OSE
2018-01-30 2013-07-30 35,000,000 35,000,000 0
35,375,142 1.04%
NO0010662356 Solør Bioenergi Frn 11/17
OSE
2017-11-02 2013-08-02 22,500,000 22,510,000 102,500 22,854,394 0.67%
NO0010675671 Sterling 9% 04/19
ABM
2019-04-30 2013-10-30 2,500,000 14,426,500 1,146,094 15,793,618 0.46%
NO0010661168 Subsea 7 Sa 1% 10/17
OSE
2017-10-05 2013-10-05 1,000,000 5,731,850 330,067 6,075,903 0.18%
NO0010646284 Transeuro 12% 05/15
ABM
2015-05-22 2014-05-22 6,000,000 6,000,000 96,654 6,168,654 0.18%
USK9897UAA62 Welltec A/S 8% 02/19
Oslo
2019-02-01 2013-08-01 1,000,000 5,702,221 633,166 6,533,906 0.19%
24.83%
Financial Sector
NO0010640782 Afjord Sparebank Frn
Unotert
2049-12-31 2013-09-27 2,000,000 2,000,000 3,920 2,004,342 0.06%
NO0010672553 Arion Bank Frn 03/16
OSE
2016-03-04 2013-09-04 27,000,000 27,000,000 (270,000)
26,865,000 0.79%
NO0010675002 Bamble Og Frn 04/49
OSE
2049-04-26 2013-07-26 5,000,000 5,000,000 17,105 5,073,805 0.15%
SE0004649713 Bayport 13% 06/17
Stockholm
2017-06-12 2014-06-12 5,000,000 4,203,115 551,767 4,780,916 0.14%
NO0010665490 Bien Sparebank As Frn
Unotert
2049-12-31 2013-09-19 5,000,000 4,987,500 25,625 5,022,063 0.15%
NO0010640956 Blaker Sparebank Frn
Unotert
2049-12-31 2013-09-27 3,000,000 3,000,000 (15,363)
2,985,261 0.09%
NO0010649924 Borgestad ASA 10% 06/15
ABM
2015-06-22 2013-12-22 5,000,000 5,000,000 (3,275)
5,004,944 0.15%
SE0003918093 Cls Hldgs Frn 04/16
MULTIPLE
2016-04-27 2013-09-28 15,000,000 13,036,379 338,659 13,375,038 0.39%
XS0279056419 Danske Bank A/S Frn
Frankfurt
2049-12-31 2014-02-15
4,158,000 28,833,802 7,623,496 37,253,499 1.09%
XS0214342569 Danske Bank A/S Frn
Luxembourg
2049-12-31 2014-02-15 1,000,000 8,085,200 675,115 8,906,867 0.26%
US28264QGC24 Eksportfinans 5.5% 06/17
New York
2017-06-26 2013-10-01 1,000,000 4,861,431 1,433,361 6,296,649 0.18%
XS0061670120 Eksportfinans Frn 12/15
Luxembourg
2015-12-18 300,000,000 19,490,351 (2,192,899)
17,297,452 0.51%
SE0004810158 Fastpartner AB Frn 09/16
Unotert
2016-09-28 2013-09-28 23,000,000 20,079,814 899,087 20,978,901 0.61%
NO0010663644 Fornebu Sparebank Frn
Unotert
2049-12-31 2013-08-28 1,000,000 1,000,000 (7,343)
998,909 0.03%
NO0010647274 Gjerstad Sparebank Frn
Unotert
2049-12-31 2013-08-26 1,000,000 1,000,000 97 1,007,075 0.03%
NO0010657299 Global 11% 09/17
Unotert
2017-09-24 2013-09-24 1,000,000 5,544,546 441,407 6,161,773 0.18%
NO0010657299 Global 11% 09/17
Unotert
2017-09-24 2013-09-24
400,000 2,281,694 112,687 2,464,709 0.07%
NO0010347438 Handelseiendom Frn 01/15
Unotert
2015-01-13 2013-07-15 13,433,269 11,948,535 (798,922)
11,283,535 0.33%
NO0010673064 Hol Sparebank Frn
Unotert
2049-12-31 2013-09-23 1,000,000 1,000,000 3,320 1,004,425 0.03%
NO0010598923 Host Frn 01/14
Unotert
2014-01-27 2013-07-29 11,875,000 11,681,062 (345,722)
11,489,320 0.34%
NO0010675747 Indre Sogn Sparebank Frn
Unotert
2049-12-31 2013-07-30 4,000,000 4,000,000 8,876 4,052,733 0.12%
NO0010611031 Jasper 13.5% 05/16
Unotert
2016-05-27 2013-11-27
700,000 3,879,370 (518,728)
3,410,094 0.10%
NO0010650757 Kistefos As Frn 07/15
ABM
2015-07-03 2013-10-03 50,000,000 49,250,000 987,750 51,597,028 1.51%
NO0010680366 Landkreditt Frn 06/49
OSE
2049-06-29 2013-09-12 4,000,000 4,000,000 10,000 4,020,507 0.12%
NO0010252570 Lillestrøm Frn 03/99
Unotert
2099-03-10 2013-09-10
500,000 456,875 21,354 479,029 0.01%
NO0010660970 Nesset Frn 09/99
Unotert
2099-09-28 2013-09-30 5,000,000 4,987,500 5,700 4,993,200 0.15%
NO0010682131 Norlandia Care Frn 04/18
OSE
2018-04-10 2013-07-10 2,000,000 2,000,000 0
2,007,818 0.06%
NO0010665367 Otium As Frn 03/15
ABM
2015-03-31 2013-09-30 10,000,000 10,000,000 11,600 10,011,600 0.29%
NO0010614340 Pareto Bank ASA Frn
OSE
2049-12-31 2013-09-27 10,000,000 9,875,000 (124,050)
9,752,739 0.29%
NO0010638281 Pareto Bank ASA Frn
OSE
2049-12-31 2013-09-30 9,000,000 8,932,500 36,693 8,969,193 0.26%
NO0010674377 Pioneer Public Frn 04/18
ABM
2018-04-05 2013-10-07 17,000,000 17,000,000 (127,500)
17,144,217 0.50%
NO0010642127 Protector Frn 04/22
ABM
2022-04-19 2013-07-19 14,500,000 14,504,677 460,773 15,185,649 0.45%
NO0010593684 Rorosbanken Step
Unotert
2049-12-31 2013-09-23 5,000,000 5,000,000 (150,960)
4,852,229 0.14%
SE0004491637 Sagax AB 6.5% 03/17
Stockholm
2017-03-22 2014-03-22 4,000,000 3,405,013 337,936 3,805,431 0.11%
NO0010673130 Selbu Sparebank Frn 03/18
Unotert
2018-03-26 2013-09-26 1,500,000 1,500,000 (23,457)
1,477,093 0.04%
NO0010243736 Seljord Sparebank Frn
Unotert
2049-12-31 2013-08-26 1,000,000 915,000 24,731 943,182 0.03%
NO0010636616 Sinoceanic 10% 02/15
ABM
2015-02-17 2013-08-17
1,718,561 9,751,763 901,001 10,772,940 0.32%
XS0337453202 Skandinaviska Frn
OSE
2049-12-31 2014-06-21
742,000 5,891,005 554,946 6,453,943 0.19%
NO0010536626 Sparebank 1 11% 09/19
Unotert
2019-09-23 2013-09-23 7,000,000 8,295,000 188,734 9,070,200 0.27%
NO0010313380 Sparebank 1 Frn
Unotert
2049-12-31 2013-09-16 8,000,000 6,936,700 453,244 7,397,032 0.22%
NO0010665342 Sparebank 1 Frn 12/17
OSE
2017-12-19 2013-09-19 20,000,000 20,000,000 464,020 20,496,520 0.60%
NO0010659972 Sparebanken More Frn
OSE
2049-12-31 2013-07-09 18,500,000 18,500,000 314,759 19,086,915 0.56%
NO0010546492 Spyderberg Sparebank Frn
Unotert
2049-12-31 2013-11-04 2,000,000 2,175,000 19,504 2,321,307 0.07%
NO0010550775 Stadsbygd Sparebank Frn
Unotert
2049-12-31 2013-08-12 3,000,000 3,187,500 (103,374)
3,109,924 0.09%
NO0010430713 Storebrand Frn
BDL
2049-12-31 2013-08-29 10,000,000 9,991,667 (148,907)
9,890,843 0.29%
XS0909773268 Storebrand Frn 04/43
OSE
2043-04-04 2014-04-04 1,000,000 7,606,528 727,730 8,461,036 0.25%
NO0010670466 Surnadal Stangvik Frn
Unotert
2049-12-31 2013-07-29 1,000,000 1,000,000 1,688 1,013,005 0.03%
ISIN
Company
Stock Exchange
Date of
payment
Interest
reg. date
Nom.
value
Cost- price Unrealized
profit/loss
Market valuet
incl. interest
Share
in %
NO0010625056 Terra As Frn
Unotert
2049-12-31 2013-09-30 3,000,000 3,000,000 51,837 3,051,837 0.09%
NO0010667728 Tinn Sparebank Frn
Unotert
2049-12-31 2013-09-19 1,000,000 1,000,000 2,256 1,003,994 0.03%
NO0010641467 Tolga-Os Sparebank Frn
Unotert
2049-12-31 2013-07-12 3,000,000 3,000,000 9,648 3,057,388 0.09%
12.84%
Industry Sector
NO0010670730 Agr Petroleum Frn 02/18
OSE
2018-02-05 2013-08-05 43,000,000 42,613,750 175,550 43,298,277 1.27%
NO0010635212 Aker ASA Frn 01/19
OSE
2019-01-30 2013-07-30 40,500,000 40,693,750 1,738,100 42,882,536 1.26%
NO0010657398 Aker ASA Frn 09/22
OSE
2022-09-07 2013-09-09 63,000,000 63,237,500 1,074,475 64,560,405 1.89%
NO0010667835 Atlantic Frn 03/15
ABM
2015-03-31 2013-09-27 34,000,000 34,010,000 (350,000)
33,670,946 0.99%
NO0010650112 Atlantic Frn 06/15
ABM
2015-06-27 2013-09-27 10,000,000 10,000,000 (9,990)
9,993,299 0.29%
SE0003366624 Black Earth 10% 07/14
Stockholm
2014-07-01 2014-07-01 3,000,000 2,611,438 64,434 2,943,976 0.09%
NO0010607112 Boa Deep C & Frn 04/16
ABM
2016-04-27 2013-07-29 54,111,706 55,298,424 (818,758)
55,136,221 1.62%
NO0010664899 Boa Offshore As Frn 03/15
ABM
2015-03-31 2013-09-30 14,500,000 14,325,000 192,879 14,517,879 0.43%
NO0010675051 Boa Sbl As Frn 04/18
ABM
2018-04-19 2013-07-19 17,000,000 17,000,000 (85,000)
17,153,326 0.50%
NO0010635824 Bonheur ASA Frn 02/19
OSE
2019-02-10 2013-08-12 50,000,000 50,000,000 2,135,000 52,593,694 1.54%
NO0010673346 Braathens Frn 03/18
ABM
2018-03-20 2013-09-20 30,000,000 26,884,652 (119,706)
26,806,869 0.79%
NO0010628860 Chloe Marine 12% 12/16
Unotert
2016-12-28 2013-11-17 2,000,000 11,309,428 1,877,900 13,355,157 0.39%
NO0010657919 Color Group ASA Frn 09/19
ABM
2019-09-18 2013-09-18 34,000,000 34,081,304 (159,504)
33,987,911 1.00%
NO0010601198 Dannemora 11.75% 03/16
ABM
2016-03-22 2013-09-22 6,850,000 38,326,634 (17,512,532)
22,127,386 0.65%
SE0004636512 Diamorph AB 12% 07/17
Stockholm
2017-07-06 2014-01-06 10,000,000 9,205,869 414,289 10,136,838 0.30%
XS0804232337 Dixons Retail 8.75% 09/17
London
2017-09-15 2013-09-15
500,000 4,574,457 606,981 5,296,852 0.16%
NO0010635865 Dof ASA Frn 02/17
OSE
2017-02-07 2013-08-07 5,000,000 5,000,000 126,000 5,191,144 0.15%
NO0010657802 Dof ASA Frn 09/19
OSE
2019-09-12 2013-09-12 43,000,000 42,782,533 (272,733)
42,677,596 1.25%
NO0010662901 Dolphin Group Frn 11/16
OSE
2016-11-14 2013-08-14 35,000,000 34,400,000 1,044,500 35,861,875 1.05%
NO0010668601 Eitzen Chemical Frn 06/16
ABM
2016-06-06 2013-09-06 8,669,008 8,380,330 (7,079,979)
1,367,897 0.04%
NO0010668627 Eitzen Zero 09/16
ABM
2016-09-06 2016-09-06 9,545,455 2,304,557 (2,209,102)
95,455 0.00%
NO0010591332 Fairstar Heavy Frn 11/13
OSE
2013-11-18 2013-08-19 1,500,000 1,567,500 (7,200)
1,577,368 0.05%
SE0004020766 Ferronordic 12% 06/14
Oslo
2014-06-28 2014-06-28 25,000,000 22,782,332 (703,282)
22,079,051 0.65%
NO0010671084 Fjordline As Frn 02/16
ABM
2016-02-05 2013-08-05 28,000,000 27,440,000 (280,000)
27,542,955 0.81%
SE0005100112 Frankis Group 8% 04/16
Helsinki
2016-04-02 2013-10-02
1,100,000 8,279,790 452,375 8,898,630 0.26%
NO0010678782 Globalconnect 5.7% 05/18
ABM
2018-05-15 2013-11-15 15,000,000 15,245,522 518,637 15,873,573 0.47%
NO0010637846 Golar Lng 3.75% 03/17
Unotert
2017-03-07 2013-09-07 1,200,000 6,669,343 295,025 6,980,102 0.20%
NO0010661358 Golar Lng Frn 10/17
OSE
2017-10-12 2013-07-12 30,000,000 30,093,750 245,250 30,791,375 0.90%
NO0010661358 Golar Lng Frn 10/17
OSE
2017-10-12 2013-07-12 4,000,000 4,050,000 (4,800)
4,105,517 0.12%
NO0010668122 Grieg Seafood Frn 12/15
OSE
2015-12-21 2013-09-23 39,000,000 38,415,000 975,000 39,456,430 1.16%
NO0010625775 Havila As Frn 09/14
Unotert
2014-09-26 2013-09-26 8,000,000 8,230,000 (93,248)
8,386,165 0.25%
NO0010605033 Havila Shipping Frn 03/17
OSE
2017-03-30 2013-09-30 22,812,500 22,260,438 (360,438)
21,900,000 0.64%
NO0010657174 Havila Shipping Frn 08/16
ABM
2016-08-30 2013-08-30 35,000,000 34,295,000 (75,500)
34,509,339 1.01%
NO0010590441 Havila Shipping Frn 11/16
OSE
2016-11-08 2013-11-08 8,298,387 8,049,435 29,949 8,144,865 0.24%
NO0010660954 Hoegh Lng Hldgs Frn 10/17
OSE
2017-10-03 2013-10-03 55,000,000 55,000,000 1,237,500 57,272,845 1.68%
NO0010638133 Hurtigruten Frn 04/17
OSE
2017-04-20 2013-07-22 20,000,000 19,800,000 851,000 20,978,183 0.61%
NO0010636632 Im Skaugen Se Frn 02/15
OSE
2015-02-27 2013-08-27 15,000,000 13,650,000 (756,000)
13,018,444 0.38%
NO0010641673 Im Skaugen Se Frn 04/17
OSE
2017-04-11 2013-07-11 30,000,000 30,000,000 (4,200,000)
26,740,333 0.78%
NO0010641673 Im Skaugen Se Frn 04/17
OSE
2017-04-11 2013-07-11 7,500,000 6,396,000 54,000 6,626,313 0.19%
NO0010673866 Island Offshore Frn 04/16
ABM
2016-04-05 2013-10-07 40,000,000 39,600,000 (132,000)
40,130,667 1.18%
NO0010572381 J Lauritzen 10.5% 05/15
OSE
2015-05-05 2014-05-05 54,500,000 55,649,051 (3,874,051)
52,629,384 1.54%
NO0010661846 J Lauritzen A/S Frn 10/17
OSE
2017-10-24 2013-07-24 58,000,000 57,670,000 (2,628,000)
56,093,411 1.64%
SE0004926756 Kahrs Holding Frn 12/17
Oslo
2017-12-20 2013-09-20 10,000,000 8,467,016 837,727 9,322,222 0.27%
SE0004549988 Kgh Customs AB Frn 05/15
Stockholm
2015-05-22 2015-05-22 5,000,000 4,212,880 383,167 4,636,601 0.14%
NO0010675986 Klaveness Ship Frn 05/18
ABM
2018-05-08 2013-08-08 3,000,000 3,000,000 (22,200)
3,005,510 0.09%
NO0010672827 Marine Harvest Frn 03/18
OSE
2018-03-12 2013-09-12 3,000,000 3,000,000 (75,000)
2,932,040 0.09%
NO0010665508 Navigator 9% 12/17
ABM
2017-12-18 2013-12-18 10,400,000 57,721,108 7,692,904 65,569,852 1.92%
XS0849477178 Nokia Corp 5% 10/17
Oslo
2017-10-26 2013-10-26 1,000,000 7,425,555 3,248,630 10,742,372 0.31%
US654902AB18 Nokia Corp 5.375% 05/19
Oslo
2019-05-15 2013-11-15 2,000,000 9,778,476 2,011,968 11,868,476 0.35%
NO0010636194 Northland 13% 10/20
OSE
2020-10-15 2013-07-15 26,000,000 145,925,075 (119,590,879)
26,334,196 0.77%
NO0010682321 Northland 15% 07/19
OSE
2019-07-15 2013-07-15 25,000,000 135,410,790 (8,551,119) 126,859,671 3.72%
NO0010642200 Norwegian Air Frn 04/15
OSE
2015-04-13 2013-07-15 39,000,000 38,996,292 686,208 40,271,725 1.18%
NO0010642200 Norwegian Air Frn 04/15
OSE
2015-04-13 2013-07-15 14,000,000 14,156,250 88,750 14,456,517 0.42%
NO0010588262 Norwegian Car 10.5% 09/15
OSE
2015-09-29 2013-09-29 18,000,000 17,789,492 360,502 18,621,199 0.55%
NO0010662018 Oceanteam Frn 10/17
ABM
2017-10-24 2013-07-24 3,500,000 19,448,020 1,821,865 21,712,495 0.64%
NO0010641715 Odfjell ASA Frn 04/17
OSE
2017-04-11 2013-07-11 45,000,000 44,950,000 (512,500)
45,178,500 1.32%
NO0010664758 Odfjell ASA Frn 12/18
OSE
2018-12-03 2013-09-03 25,000,000 24,718,750 (91,250)
24,771,076 0.73%
NO0010598907 Olympic Frn 02/15
ABM
2015-02-09 2013-08-09 7,000,000 7,052,500 (51,800)
7,195,697 0.21%
NO0010659931 Olympic Ship Frn 09/17
ABM
2017-09-21 2013-09-23 45,000,000 44,437,500 454,500 45,873,338 1.34%
NO0010640824 Osx 3 Leasing 9.25% 03/15
Unotert
2015-03-20 2013-09-20 1,000,000 5,194,270 62,430 5,269,021 0.15%
NO0010671605 P/F Bakkafrost Frn 02/18
OSE
2018-02-14 2013-08-14 12,000,000 12,000,000 240,000 12,329,100 0.36%
NO0010664816 Rem Offshore Frn 03/15
ABM
2015-03-31 2013-09-30 28,000,000 28,000,000 (304,136)
27,695,864 0.81%
NO0010672835 Rem Offshore Frn 03/18
ABM
2018-03-14 2013-09-16 15,000,000 14,925,000 (223,500)
14,745,308 0.43%
NO0010607476 RenewABle 9.75% 05/18
OSE
2018-05-03 2014-05-03 71,000,000 65,071,250 (2,846,850)
63,286,482 1.85%
NO0010607484 RenewABle Frn 05/16
OSE
2016-05-03 2013-08-05 16,500,000 12,614,914 1,449,686 14,222,193 0.42%
SE0003883552 Scandinavian 10.5% 06/14
Stockholm
2014-06-16 2013-09-16 25,000,000 20,495,508 2,484,729 23,059,090 0.68%
SE0005249679 Scandinavian 8.5% 06/18
Stockholm
2018-06-27 2014-01-10 5,000,000 4,479,153 30,246 4,510,462 0.13%
NO0010599699 Ship Finance 3.75% 02/16
Unotert
2016-02-10 2013-08-10 1,000,000 5,790,000 44,026 5,920,187 0.17%
NO0010661655 Ship Finance Frn 10/17
OSE
2017-10-19 2013-07-19 75,000,000 74,629,870 (379,870)
75,243,125 2.21%
NO0010628753 Songa Offshore Frn 11/16
OSE
2016-11-17 2013-11-18 57,500,000 56,798,165 (1,138,453)
56,379,549 1.65%
SE0004649747 Swedish Orphan Frn 06/17
London
2017-06-26 2013-09-26 5,000,000 4,256,247 439,742 4,697,551 0.14%
NO0010682255 Tallink Group Frn 10/18
OSE
2018-10-18 2013-10-18 9,000,000 9,000,000 (20,700)
8,996,275 0.26%
FI4000041702 Talvivaara 9.75% 04/17
Helsinki
2017-04-04 2013-10-04 3,000,000 22,464,108 (4,884,961)
18,117,056 0.53%
NO0010661150 Teekay Corp Frn 10/15
OSE
2015-10-09 2013-07-09 33,000,000 33,050,000 (50,000)
33,485,467 0.98%
NO0010643257 Teekay Lng Frn 05/17
OSE
2017-05-03 2013-08-05 22,000,000 22,035,200 404,800 22,680,925 0.66%
NO0010635329 Teekay Offshore Frn 01/17
OSE
2017-01-27 2013-07-29 2,000,000 2,000,000 80,200 2,105,300 0.06%
NO0010670128 Teekay Offshore Frn 01/18
OSE
2018-01-25 2013-07-25 43,000,000 43,000,000 (107,500)
43,390,918 1.27%
NO0010674542 Telio Holding Frn 04/17
OSE
2017-04-10 2013-07-10 30,000,000 29,700,000 600,000 30,851,025 0.90%
NO0010659899 Teodin Acquico Frn 10/17
ABM
2017-10-02 2013-10-02 36,000,000 36,000,000 360,000 37,045,560 1.09%
NO0010660400 Tizir 9% 09/17
ABM
2017-09-28 2013-09-28 3,800,000 21,615,692 1,592,791 23,732,347 0.70%
SE0004019008 Trigon 11% 06/15
STOCKHOLM 2015-06-29 2013-08-01 19,000,000 15,877,750 (296,248)
17,459,748 0.51%
NO0010669971 Vestland Frn 01/16
ABM
2016-01-15 2013-07-15 15,000,000 14,857,500 142,500 15,365,375 0.45%
ISIN
Company
Stock Exchange
Date of
payment
Interest
reg. date
Nom.
value
Cost- price Unrealized
profit/loss
Market valuet
incl. interest
Share
in %
NO0010638158 Viking Supply Frn 03/17
ABM
2017-03-21 2013-09-23 38,500,000 37,820,000 (2,785,000)
35,106,193 1.03%
NO0010680069 Volstad Shipping A Frn
ABM
2018-05-30 2013-08-30 8,000,000 8,000,000 (48)
8,050,090 0.24%
SE0004899516 Wa Wallvision 9% 12/17
STOCKHOLM 2017-12-05 2013-12-05 15,000,000 13,325,832 293,338 13,696,897 0.40%
SE0005133360 West Air Europe 8% 05/18
STOCKHOLM 2018-05-08 2013-11-08 12,000,000 10,687,003 370,546 11,177,707 0.33%
NO0010675572 Western Bulk As Frn 04/17
ABM
2017-04-19 2013-07-19 30,000,000 29,550,000 30,050,500 0.88%
NO0010351281 Wilh Wilhelmsen Frn 01/22
ABM
2022-01-25 2013-07-25 17,500,000 13,876,310 736,190 14,700,233 0.43%
64.19%
Interestswap
IRS NIBOR/3.42 NOK0114 100,000,000 (849,419)
(1,481,586)
-0.04%
IRS NIBOR/3.8875 NOK0616 100,000,000 (4,845,394)
(4,907,040)
-0.14%
IRS NIBOR/4.275 NOK0416 100,000,000 (5,760,653)
(6,171,403)
-0.18%
-0.37%
Forwards
SWAP+NOK/USA 18-09-13 725,986,800 725,986,800 725,986,800 21.28%
SWAP+NOK/SEK 18-09-13 213,048,000 213,048,000 213,048,000 6.24%
SWAP+NOK/EUR 18-09-13 69,166,350 69,166,350 69,166,350 2.03%
SWAP+NOK/GBP 18-09-13 50,950,288 50,950,288 50,950,288 1.49%
SWAP+NOK/JPY 18-09-13 17,100,198 17,100,198 17,100,198 0.50%
SWAP+NOK/SEK 18-09-13 4,556,575 15,561,305 15,561,305 0.46%
SWAP+NOK/DKK 18-09-13 15,561,305 4,556,575 4,556,575 0.13%
SWAP+NOK/SEK 18-09-13 (5,000,000)
(4,556,575)
45,779 (4,510,796)
-0.13%
SWAP+NOK/DKK 18-09-13 (15,100,000) (15,561,305)
(527,807) (16,089,112)
-0.47%
SWAP+NOK/JPY 18-09-13(282,000,000) (17,100,198)
(253,056)
(17,353,254)
-0.51%
SWAP+NOK/GBP 18-09-13 (5,650,000) (50,950,288)
(1,409,368) (52,359,656)
-1.53%
SWAP+NOK/EUR 18-09-13 (9,000,000) (69,166,350)
(2,328,411)
(71,494,761)
-2.10%
SWAP+NOK/SEK 18-09-13(240,000,000) (213,048,000)
(3,470,203) (216,518,203)
-6.35%
SWAP+NOK/USD 18-09-13(126,000,000) (725,986,800)
(41,912,639) (767,899,439)
-22.51%
-1.46%
Total Investment portfolio 3,531,633,548 (161,676,452) 3,413,033,394 100.04%
Cash position
(1,269,671)
0.04%
Total net capital 3,411,763,722 100%
Disclaimer
This document has been prepared solely for informational purposes and does not constitute 1) an offer to buy or sell or a solicitation of an offer
to buy or sell any security or financial instrument mentioned in this document or 2) any investment advice. Any decision to invest in the securities
described herein should be made after reviewing the most recent version of the prospectus, which can be obtained free of charge from Alfred
Berg or its group companies.
Moreover, prospective investors should conduct such investigations as the investor deems necessary and should seek their own legal, accounting and tax advice in order to make an independent determination of the suitability and consequences of an investment in the securities. The
opinions contained herein are subject to change without notice.
Investors should ensure themselves that they read the last available version of this document. The material may be partly or totally based on
information from a third party, information we consider as reliable, even though we can not guarantee its accuracy or completeness.
Past performance or achievements are not indicative of current or future performance. Future return will depend on among others the development of financial markets, the skill of the portfolio manager, the risk profile of the mutual fund as well as fees for subscription, redemption and
management. The return may become negative due to losses. Changes in exchange rates will influence the value of the mutual fund.
For more information, please contact info@alfredberg.com.
This document has been issued by Alfred Berg Asset Management (address: Nybrokajen 5, Box 70447, SE-107 25 Stockholm, Sweden) which is
part of BNP Paribas Investment Partners.
Alfred Berg Kapitalforvaltning AS
Foretaksnr. 956 241 308
Olav V’s gate 5, Postboks 1294 Vika, N-0111 Oslo, Norway, Telefon +47 22 00 51 00, Faks +47 22 00 51 05
www.alfredberg.no, kundesenter.no@alfredberg.com
Company within BNP Paribas Group.