SEF Entropics Cat Bond Fund Class I (institutional investors)
SEF Entropics Cat Bond Fund (”The Fund”) is the first fund managed by a Scandinavian asset manager specialised in investments in insurance-linked securities (ILS). Entropics has a responsible investment style.
The Fund aims at delivering good risk adjusted returns with low correlation to other asset classes, such as equity and bonds. The Fund manages a cat bond portfolio globally diversified with respect to perils and geography.
The Fund complies with the EU UCITS regulation. This framework aims at protecting investors through high standards for risk management, concentration risks and liquidity in compliant funds. The (I) Class is available only to institutional investors.
The Fund invests according to Entropics’ policy for responsible investments.
The Fund is set up through Swedbank Management Company S.A. in Luxembourg. Swedbank AB is the Fund’s administrator, guaranteeing valuation and administration independent of Entropics. Entropics is the asset manager of the Fund, focusing on investment decisions.
The fund delivered positive returns in February. In addition to positive contributions from coupons, contributions came from subrogation (insurers assuming liability rights against the entity causing the loss) regarding the California wildfires of 2017 and 2018. This resulted in lower loss payments from affected bonds. Read more
The fund delivered positive returns in January. In addition to coupons, positive contributions came from the continued recovery of prices for bonds exposed to Japanese wind events in 2019. The fund’s assets are mostly issued in US dollars and the outstanding SEK share classes have negative contributions from currency hedging due to the difference between… Read more
The fund delivered positive returns in December following a strong H2 performance. Contributions came mainly from coupons and some recovery from positions exposed to Japanese wind. The fund’s assets are mostly issued in US dollars and the outstanding SEK share classes have negative contributions from currency hedging due to the difference between the US and… Read more
The fund returned modest positive returns prior to currency hedging in SEK share classes. In addition to coupons, small positive contributions came from bonds exposed to the ongoing North Atlantic hurricane season. The season ends officially on November 30, but historically large hurricane losses are rare during the month. In the second half of the… Read more
The Fund returned the highest return ever for the month of October since inception. In addition to coupons, positive contributions came from bonds exposed to the ongoing North Atlantic Hurricane Season. Claims settlement processes of previous events also contributed positively. Negative contributions came from mark-to-market prices for bonds exposed to Japanese typhoons, attributable to Typhoon… Read more