company presentation 2016 · 2019. 10. 16. · 2 compan presentation 2016 carnegie fonder ab ......

CARNEGIE FONDER AB • COMPANY PRESENTATION 2016 3

COMPANY PRESENTATION2016

COMPANY PRESENTATION 2016 • CARNEGIE FONDER AB2

Contents

Operations in brief ..............................................................................................................................3

Organisation ............................................................................................................................................4

Assets under management..............................................................................................................5

Investment products ...........................................................................................................................6

Fund managers .......................................................................................................................................8

Investment philosophy .................................................................................................................... 10

Investment process ........................................................................................................................... 12

Policies and responsible investment ........................................................................................ 14

Risk management and compliance .......................................................................................... 17

Administration and IT ..................................................................................................................... 20

Trading ..................................................................................................................................................... 21

Contact information......................................................................................................................... 22

All data per October 31st 2016


We are value investors. All our funds are actively managed, and we invest in a limi-ted number of undervalued and attractive securities that we have great confidence in.

Our investment philosophy has historically produced significant return on investment and highly competitive performance com-pared to competing fund managers.

We have longstanding experience of active fund management in varying market climates. Staff turnover within the organisation is low, which results in continuity and retains experience in the management teams.

Assets under management as of 31 October 2016 were approximately EUR 6.1 billion, with 15,000 directly registered clients and more than 300,000 end clients through various distribution, partner and institutional collaborations.

Welcome to Carnegie Fonder!

We specialise in equity funds, mixed funds and fixed-income funds in Sweden, the Nordic region and the world’s emerging markets. Founded in 1988, Carnegie Fonder has nearly 30 years of investment experience.

Operations in brief

“Carnegie Fonder has nearly 30 years of invest-ment experience.”

Hans Hedström CEO


Organisation

Legal Structure and organisation

RiskCompliance

Marketing

Hans HedströmChief Executive Officer

Head of Business Development

& Deputy CEO

Head of Sales

Third Party Distribution

Institutional Clients

Head of Marketing and

Communication

Head of Administration

Middle Office

Trader Emerging Markets

Fund Managers

Chief Investment Officer

Back Office

Private Clients

Altor III

93.75% 6.25%

Caram AB Employees

Carnegie Fonder AB

100%


Board of directors

Matts Ekman Chairman Born 1946. Professional director

Harald MixBorn 1960. Founder and partner, Altor Equity Partners

Karin BurgazBorn 1973. Management Consultant Nohrstedt & Partners

Arne LindmanBorn 1962. Chairman of Caram AB

Audit

PwC AB

CEO

Hans Hedström Born 1957

Institutional

31%

Third party distribution

63%

By asset class

Assets under management 31 October 2016

By client type

Equities 62%

Fixed income

38%

Equity funds 52%

Fixed income 29%

Mixed funds

19%

Private clients 6%


Investment products 31st October 2016

equity funds area of investment head manager inception aum (eurm1)

Sverigefond Swedish equities Simon Blecher 1987 1,727

Småbolagsfond Swedish equities Viktor Henriksson 2012 443

Sverige Select2 Swedish equities Simon Blecher 2007 269

Emerging Markets Global emerging markets equities Mona Stenmark 1996 59

Rysslandsfond Russian equities Fredrik Colliander 1997 361

Asia Asian equities Gunnar Påhlson Relaunch 2014 64

Indienfond Indian equities Gunnar Påhlson 2004 208

Afrikafond African equities Karin Fries 2006 35

fixed income area of investment head manager inception aum (eurm1)

Corporate Bond3 Fixed income Niklas Edman Relaunch 2009 1,183

Likviditetsfond Fixed income Niklas Edman 1990 558

Emerging Markets Corporate Bond4 Fixed income Mikael Engwall 2015 19

Obligationsfond Fixed income Niklas Edman 1985 17

mixed funds area of investment head manager inception aum (eurm1)

Strategifond Nordic equities and fixed income John Strömgren Relaunch

2012 1,065

Strategy Fund3 Nordic equities and fixed income John Strömgren Relaunch

2012 89

Total3 Fund of funds Magnus Gustafsson August 2016 5

total, aum (meur1) 6,102

1 EUR/SEK 9.9155

2 Special fund as defined by the Swedish Investment Funds Act SFS 2004:46.

3 Carnegie Corporate Bond, Carnegie Strategy Fund and Carnegie Total are funds registered in Luxembourg with SEB Fund Service S.A. acting as Fund Company and Carnegie Fonder AB acting as Investment Manager.

4 Carnegie Emerging Markets Corporate Bond is a fund registered in Luxembourg with Carnegie Fund Services S.A acting as Fund Company and Carnegie Fonder AB acting as Investment Manager.


Assets under management as of 31 October 2016 were approximately EUR 6.1 billion.


Equity funds

Simon BlecherBSc in Bus iness Administration, Stockholm University. Has worked in the financial industry since 2000. Employed by Carnegie Fonder since 2006.

Viktor HenrikssonMSc in Business and Economics, Stockholm School of Economics. Has worked in the financial industry since 1996.

Employed by Carnegie Fonder since 2004.

Fredrik CollianderMSc in Business and Economics. Has worked in the financial industry since 1990. Employed by Carnegie Fonder since 2000.

Karin FriesBA in Economics, University of South Carolina, MSc in Economics, Lund University, and Diploma in Financial Analysis (IFL).

Employed by Carnegie Fonder since 2004.

Gunnar PåhlsonMSc in Business and Economics, Stockholm University. Has over 27 years’ experience managing emerging markets equity funds’ or ’Started managing emerging markets equity funds in 1989. Employed by Carnegie Fonder since 2006.

Fund managers

Carnegie Fonder was founded. Initial focus on Swedish equities and fixed income.

1994

First major distribution agreement was initiated, making third-party sales an important part of the sales network.

1988 1996Launch of the Emerging Markets fund.

Carnegie Fonder pioneered asset manager of emerging-market equities with the launch of the Rysslandsfond.

1997

2004The launch of the Kinafond and Indienfond funds, made Carnegie Fonder one of the first Nordic fund managers to offer active funds in China and India.

Carnegie Fonder pioneered in the fund management industry with the launch of an open-ended mu-tual fund investing in pan-African equities, the Carnegie Afrikafond.

2006

2007The sales network expanded to include Norway and Finland.

Carnegie Fonder pioneered once again with one of the first fixed-income funds focusing on corporations in the Nordic region, the Carnegie Corporate Bond fund.

2009


Fixed-income funds

Niklas EdmanMSc in Business and Administration, Stockholm School of Economics. Has worked in the financial industry since 2007. Employed by Carnegie Fonder since 2013.

Mikael EngvallBSc in Bus iness Administration, Stockholm University. In the financial industry since 1996. First employed by Carnegie Fonder in 2012, and since 2014 as part of fixed-income management.

Maria Andersson

BSc in Economics, University of Gothenburg. Has been an analyst and part of the fixed income team at Carnegie Fonder since 2016. Has worked in the financial industry since 2006.

Mona StenmarkMSc in Economics, Uppsala University. Has worked in the financial industry since 2003. Employed by Carnegie Fonder since 2003.

Mixed funds

John StrömgrenMSc in Business and Economics, CEFA diploma. Has worked in the financial industry since 1985. Employed by Carnegie Fonder since 1996.

Magnus GustafssonMA in Political Science (also studies in business and economics), Uppsala University. Has worked in the industry since 1996. Employed by Carnegie Fonder since 2014.

Chief executive officer

Hans Hedström CEO and CIO. MSc in Engineering at KTH, Royal Institute of Technology. Employed by Carnegie Fonder since 1999. Started working in the financial industry in 1988.

Carnegie Fonder took its first steps to concentrate the product segment and started to apply the new UCITS IV regulations.

2010

2012Carnegie Fonder launched a new small-cap fund, a complement to the Sverigefond and Strategifond funds launched in 1988. Carnegie Småbolagsfond actively invests in smaller companies with a value-based approach mainly focused on the Stockholm Stock Exchange.

Carnegie Corporate Bond launched two currency hedged unit classes, B (NOK) and C (EUR). Carnegie Strategifond launched unit class G for institutional investors.

2013

Carnegie Likviditetsfond launched a new unit class for institutional investors, Carnegie Likviditetsfond B.

2015

2014The investment mandate of Carnegie Kinafond was adjusted to an equity fund with focus on the Asian region and was relaunched as Carnegie Asia.

Carnegie Fonder launched Carnegie Emerging Markets Corporate Bond, a corporate bond fund focusing on the world’s emerging markets.

Carnegie Fonder launched Carnegie Total, which is a fund of funds that invests in both equity funds and fixed-income funds.

2016

2015


Management philosophy

In order for management to achieve its goals, investments are made based on the following four cornerstones:

zz Value management – Fund resources are invested in assets that are considered undervalued.

zz Fundamental analysis – Valuations are based on fundamental analysis

zz Active management – Investments are made independently of the weights of the assets in their benchmark index or their significance to the market

zz Liquid investments – Fund resources are invested in assets subject to functioning trading and pricing.

Carnegie Fonder’s value management does not mean that high-growth investments are avoided. High growth is often an important component in the value of a business.

In addition to the central issue of valuation, fund management by Carnegie Fonder is characterised by the following guiding principles:

zz Patience – Assets may be undervalued for long periods

zz Go against the flow – A value manager often goes against the grain since often undervalued assets are against the flow often undervalued because other investors avoid them

zz Risk is capital decreasing, not a number – Relative risk measures such as beta, standard deviation and tracking error should never replace the fundamental view of the risk in the investments made by the fund. The risk of an absolute loss may be because the asset was acquired when it was overvalued, or due to a problem in the asset’s underlying business or financial leverage

zz Be careful with leverage – An investment

Investment philosophy

The objective of Carnegie Fonder’s fund management is to generate good risk-adjusted returns over an investment cycle. We are convinced that the best outcome is accomplished by investing in attractively priced businesses that are well run, have a strong competitive position, good prospects and a high return on equity.


that fundamentally provides a modest return does not become a good idea just by giving it leverage

zz Understand the investment and the underlying business – Investments should be made in instruments that the fund manager understands. Similarly, the fund manager must understand the core processes of the underlying business

By investing on the basis of the above cornerstones and guiding principles, Carnegie Fonder’s portfolios are likely to differ from most competing funds with the same

investment focus in the following ways:

zz Lower volatility

zz Lower turnover rate

zz Fewer holdings

zz Returns are more dependent on dividends and/or coupons

Carnegie Fonder is convinced that its portfolios will also distinguish themselves through higher risk-adjusted returns during the investment cycle.

“Assets may be under valued for long

periods.”

Maria Andersson manager of Carnegie Corporate Bond.


Investment process

The investment process is the tool used by the fund managers to identify suitable investments. The investment process can be divided into four stages:

1. Idea generationzz Exchanges with analysts and other managers

zz Company visits and participation at conferences

zz Quantitative screening. For equities we mainly use the Schiller PE ratio, P/B, ROE, EV/sales, debt, dividend yield and interest coverage

zz In the case of bonds we also investigate the new issues offered in the market, our own ideas proposed for banks and brokers, and the credit and interest-rate curves on the secondary market

2. Preliminary evaluationzz Identification of key issues

zz Reconciliation against investment criteria such as outlook, cyclicality and ownership

zz Norm-based ESG screening

3. Analysiszz Meet with company management

zz Interview customers, suppliers, competitors etc.

zz Evaluate external analysis

zz Identify and assess risks (including responsible investment)

zz Build forecasting and valuation models. Equity forecasts are based in part on earnings performance, capital requirements, cash flows and payout ratios

zz Credit analysis also includes covenants, credit ratings and capital structure

zz Determine the net present value. To arrive at a fair net present value we calculate the present value of future distributions. The required return varies according to the nature of the business, the financial risk and the liquidity of stocks and bonds

4. Discussion and decisionzz Discussion with other members of the management team

zz Decisions are made by the portfolio manager


When selecting securities we compare the net present value of dividends with the market value. Different securities are ranked with respect to price potential.

Carnegie Fonder’s investment organisation spends a great deal of time on understanding the position of the companies. We consider this to be the best way to generate excess returns. However, we believe it is close to impossible to generate excess returns by forecasting macroeconomic events.

Accordingly, Carnegie Fonder does not conduct any macroeconomic analysis and our focus is on building well-diversified portfolios

with margins of safety so that portfolios can perform well in different economic climates.

Our investments are continuously evaluated. An investment may be reconsidered for reasons including the following:

zz Fundamental impairments of investments

zz Insight into erroneous analysis and valuation

zz Obvious overvaluation

zz Better investment alternatives

zz Violation of ESG policy

“Our focus is on building well-diversified portfolios with margins of safety”

Fredrik Colliander, manager of Carnegie Rysslandsfond.


Policies and responsible investment

Shareholder policyCarnegie Fonder acts exclusively in the joint interests of fund unitholders.. Carnegie Fonder’s conduct in matters of ownership is therefore intended solely to increase the return on the funds’ investments. Carnegie Fonder acts to ensure that its freedom to trade in shares listed companies is not restricted. Employees of Carnegie Fonder may therefore not become directors of listed companies.

Carnegie Fonder participates in shareholder meetings and exercises the voting rights conferred by shareholdings. In the event that Carnegie Fonder’s holding is negligible compared to the holdings of other shareholders, or when Carnegie Fonder’s holding makes up only a very small proportion of the funds’ total portfolios, the participation of Carnegie Fonder and its exercise of voting rights may be of little significance to unitholders.

In this case Carnegie Fonder may make an exception from this principle. Carnegie Fonder participates in the nomination process for the appointment of board of directors. Carnegie Fonder works together with other shareholders in matters of ownership when appropriate.

Responsible investmentCarnegie Fonder’s overall objective is to generate good long-term returns, and to succeed we follow our management philosophy of focused value management. We are also convinced that the creation of long-term value demands responsibility in matters concerning the environment, human rights, anti-corruption and labour law.

Our mission is to generate good risk-adjusted returns for our unitholders. We dislike risk and do not like to speculate. We therefore invest long term in companies that we believe are stable, well-managed and that have a bright future.

We therefore do not invest in companies that are corrupt, that damage the environment or that violate core international conventions on human rights and labour rights. Nor do we invest in companies involved with controversial weapons such as nuclear, chemical and biological weapons, landmines and cluster bombs.

Carnegie Fonder is a signatory to the United Nations Principles for Responsible Investment (PRI). We have therefore committed ourselves to the following:


1. We wi l l incorpora te environmental, social and corporate governance (ESG) issues into investment analysis and decision-making processes.

2. We will be active owners and incorporate ESG issues into our ownership policies and practices.

3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.

4. We will promote acceptance and implementation of the principles within the investment industry.

5. We will work together to enhance our effectiveness in implementing the principles.

6. We will each report on our activities and progress towards implementing the principles.

As active managers, we do our best to identify and avoid companies that behave improperly. In addition to maintaining close and regular dialogue with our holdings, we engage an external consultant – GES Investment Services – to review our portfolio in terms of sustainability, even before we invest (pre-screening). Special consideration is given to the UN Global Compact and the OECD Guidelines for Multinational Enterprises.

Carnegie Fonder is an active manager that takes a stand on corporate governance issues, including sustainability. We therefore have a special council for responsible investment, comprising the CEO, the Compliance Officer, the Head of Corporate Communications and the

Head of Sales. The council regularly discusses sustainability issues, quality assures that the fund managers take sustainability into account when making investments and ensures that Carnegie Fonder’s personnel receive training in these matters.

If we receive information that a holding is not living up to our requirements, the council takes action in consultation with the relevant fund manager. We have a number of possible courses of action:

zz The manager seeks additional information and discusses the holding with the council.

zz The manager contacts the company with regard to our issues.

zz Carnegie Fonder’s CEO makes more formal contact with the holding’s CEO or chairman.

zz We contact other shareholders for joint ownership dialogue.

zz If the response is not satisfactory, and the company does not show willingness to change, we can choose to divest the holding.

This type of process can take some time, depending on the nature of the issue, the size of our holding and where the company is based geographically. Each case is unique and is evaluated individually.

We will each report on our activities and progress towards implementing the principles.


Gunnar Påhlson, manager of Carnegie Asia and Carnegie Indienfond.

“The dialogue is focused on the risks that we consider in

relation to our ethical standards.”


Risk managementThe purpose of risk management is not to eliminate all risk but to make it possible for the funds to have a achieve good performance in a sound manner. A risk assessment is performed at least once a year.

Market risk – is the risk of loss due to adverse movements in the underlying market factors. Market risk in the funds is managed by limiting the fund’s investment strategies in the fund rules.

Each investment fund is reviewed on a daily basis against the applicable investment statutes independently by middle office (post-control). Fund status monitoring is fully integrated in the portfolio system with a pre- control for the asset managers and a post-control performed by middle office.

In order to deal with potential risks for possible changes in the market, periodic stress tests of market risk are performed.

The total exposure is measured on a regular basis according to the commitment approach for all funds with holdings of derivative instruments.

Credit risk e.g. counterparty risk – is the risk of loss due to default by the counterparty to a transaction before final settlement of the

transaction’s cash flow. All investments are performed through a counterparty approved by the counterparty committee.

Each counterparty has a counterparty limit, which is monitored independently on a daily basis by middle office.

Liquidity risk – is the risk of not being able to meet liquidity commitments due to redemptions in the funds. The liquidity in each fund is stress tested on a regular basis to ensure that the funds can withstand possible higher liquidity flow in a strained and extreme.

Operational risk – is the risk of losses resulting from an inappropriate organisation, the human factor, inadequate or failed internal processes and systems or from external events.

The approach to regulatory and operational risk management is based on an enterprise risk assessment process.

The asset management organisation is built on a team structure, where each team is responsible for a number of investment products. This structure reduces the operational risk if one or more team members leave the organisation.

Risk management and compliance


ComplianceCarnegie Fonder has a comprehensive programme that helps the company and its employees to conduct operations and activities ethically, with the highest level of integrity and in compliance with legal and regulatory requirements.

The aim of the programme is to foster a culture of ethics and compliance that is central to all of Carnegie Fonder’s operations and activities, understand the nature of risks and potential exposures and identify and manage risks that impact the company.

Key points of the programme:zz An independent and committed board of directors

zz An investment philosophy and operating style that communicates, by word and action, that there is support for compliance and commitment to ethics

zz An established Code of Conduct

zz HR Practices and Policies covering recruitment and hiring, orientation, evaluation, promotion and compensation, as well as disciplinary actions

zz Clear assignment of authority and responsibility with focus on maintaining clear reporting and communication

zz Clear written policies and procedures to ensure that legal requirements are met in an understandable, accessible and practical manner

zz Ongoing training and education including maintaining licensing

requirements for the staff

Conflicts of interestCarnegie Fonder has adopted policies and procedures designed to identify and manage conflicts of interest. Both Carnegie Fonder and its employees shall act in the best interests of clients.

Employees should be alert to potential conflicts of interest and, if such occur, ensure they are handled with integrity and honesty. Carnegie Fonder’s interests should never be put before the interests of client and no client should be favoured at the expense of another.

Areas where conflicts of interest do or may exist are reviewed regularly. Carnegie Fonder has a number of procedures for managing conflicts of interest which are monitored by the second line of defence. As an example, the grandfather principle is applied to internal procedures.

Furthermore, information is limited to employees who need it to perform their work. Personal account dealing is closely monitored in accordance with regulatory requirements.

The board and management are informed of significant conflicts of interest.

CounterpartiesCarnegie Fonder has an established procedure in line with regulatory requirements to manage counterparties. There is an onboarding process as well as an annual review and evaluation of the

The board and management are informed of significant conflicts of interest.


1st line – refers to management and l ine funct ions,

encompassing both business and support functions. The first line of defence is responsible for the risks generated by their activities and for maintaining risk at an acceptable level.

2 nd line – refers to risk control and and compliance functions,

which are independent of the business and support units they monitor and control. Monitoring and controls are established according to a risk-based approach. The second line reports directly to the Board and the CEO.

3rd line – refers to the internal audit function, which

provides independent assurance of the first two lines of defence. The internal audit function is required to validate and test the efficiency of procedures and controls within the organisation.

Third line of defence

Independent Control

Second line of defence

Risk Control and Compliance

First line of defence

Business Areas

Board of Directors

Front Office

Adminstration

CEO

Middle Office

Three lines of defence

Internal AuditRisk and Compliance Officer

performance of approved counterparties.

When evaluating counterparties four parameters are evaluated: financial status, quality of research, execution of orders and general services.

Carnegie Fonder’s prior knowledge and experience of the counterparty should always

be taken into account.


Administration and IT

All administrative responsibilities for the Swedish domiciled funds are managed by the fund administrative team at Carnegie Fonder in Stockholm.

For our Luxembourg domiciled funds the administrative responsibilities lie with the fund company, SEB Fund Services S.A. and Carnegie Fund Services. Carnegie Fonder is the investment manager for the Luxembourg domiciled fund and therefore some administrative tasks are managed by the fund administrative team at Carnegie Fonder.

The main responsibility of middle office is to act as an operational control function for both front and back office. Controls are adequately documented and verified by either the Head of Fund Administration or the CRO.

The central IT system used at Carnegie Fonder is the Secura platform consisting of both a front office and back office application, Secura Portfolio together with Bloomberg. The Secura applications are integrated with each other.

Back office uses two main systems. Secura Portfolio is used for portfolio administration. Secura Fund is used as our CRM system for

all client administration.

Portfolio valuation/NAV calculation

For the Swedish domiciled funds the NAV is calculated by Carnegie Fonder back office under the supervision of middle office. In order to attain an independent portfolio valuation the NAV calculation is carried out without any influence from the fund managers.

The primary price source for equities, currencies and indexes is Bloomberg. It is also used as a price source for fixed income instruments.

Portfolio valuation is carried out in the portfolio system, Secura Portfolio. The portfolio holdings are priced through an automatic price feed which is connected to Reuters and Bloomberg. Before the NAV is official and published, middle office verifies the portfolio valuation for all funds.

For more information regarding processes in Luxembourg please contact: [email protected].


Fund operations are divided into two units at Carnegie Fonder AB

Middle Office

Primary responsibilities

zz Pre- and post-trade compliance checks

zz Performance reporting

zz Legal reporting

zz NAV/Price control

IT Systems

zz Portfolio System - Secura Portfolio

zz Risk monitoring - Secura Portfolio and Bloomberg

zz Legal reporting - Secura Portfolio - Bloomberg

zz Bloomberg

zz Trapets

Back Office

Primary responsibilities

zz Portfolio and trade reconciliation

zz Portfolio administration

zz NAV calculation

zz Monitoring of cash and security holdings

IT Systems

zz Portfolio System - Secura Portfolio

zz Client Manager System - Secura Fund

zz Custodian web platform/network (for monitoring portfolio holdings)

TradingFund managers or traders place trades via brokers/counterparties.

Swedish domiciled fundsWhen the order is confirmed the fund manager or trader registers the trade in Secura Front, which is the front application of our portfolio system. There is a built-in pre-trade compliance check in Secura Front and an interface between Secura Front and Secura Portfolio.

Once the trade is booked by the fund manager it will be shown as a new trade in Secura Portfolio. The trade is preliminary until back office matches the information with the confirmation from the counterparty.

Luxembourg domiciled fundsAfter a trade has been executed the fund manager creates a ticket in Bloomberg AIM which is automatically routed to Carnegie Fund Services or EFA in Luxembourg depending on which fund the trade is allocated to. The ticket is also subjected to a pre-compliance check in Bloomberg upon creation.

The respective administrative teams reconcile the ticket against the contract note from the counterparty and are responsible for the settlement.

Best executionIn order to achieve the best possible result when executing or transmitting orders we follow our Best Execution Policy. In accordance therewith we only trade with selected brokers who will take all reasonable measures into consideration when an order is executed/transmitted. Such measures include the size and type of the order, the price, the costs, the speed, the likelihood of the order resulting in a transaction and that the transaction can be settled, and any other consideration which is relevant to a particular order.


Peter Gullmert Head of Sales +46 8 12 15 50 51 [email protected]

Martin Pantzar Head of Sales Norway +46 8 12 15 50 54 [email protected]

Claes Feldmann Sales (Sweden and Finland) +46 8 12 15 50 52 [email protected]

Henrik Sohlberg Sales (Sweden) +46 8 12 15 50 53 [email protected]

Sophia Bendrik Sales (Sweden) +46 8 12 15 50 55 [email protected]

Martin Martinelle Sales (Institutional) +46 8 12 15 50 56 [email protected]

Louise Lindevall Sales (Private Clients) +46 8 12 15 50 57 [email protected]

Andreas Uller Head of Business Development/Dept CEO +46 8 12 15 50 99 [email protected]

Postal addressCarnegie Fonder AB Box 7828 SE- 103 97 Stockholm, Sweden

Visitors Regeringsgatan 56 Stockholm, Sweden

Websitewww.carnegiefonder.se

[email protected]

Phone+46 8 12 15 50 00

Contact information


John Strömgren, manager Carnegie Strategy Fund.

“Our investments are continuously

evaluated.”


About Carnegie FonderWe specialise in equity funds, mixed funds and fixed-income funds in Sweden, the Nordic region and the world’s emerging markets. Founded in 1988, Carnegie Fonder has nearly 30 years of investment experience.

company presentation 2016 · 2019. 10. 16. · 2 compan presentation 2016 carnegie fonder ab ......

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