{"id":68694,"date":"2021-06-17T11:34:37","date_gmt":"2021-06-17T09:34:37","guid":{"rendered":"https:\/\/www.nordnet.no\/blogg\/?p=68694"},"modified":"2026-03-11T17:20:23","modified_gmt":"2026-03-11T16:20:23","slug":"pengepodden-comeback-for-high-yield-rentefond","status":"publish","type":"post","link":"https:\/\/www.nordnet.no\/blogg\/pengepodden-comeback-for-high-yield-rentefond\/","title":{"rendered":"#pengepodden \u2013 Comeback for high yield rentefond"},"content":{"rendered":"\n

I denne #pengepodden-episoden har Bj\u00f8rn Erik bes\u00f8k i studio av Tom Hestnes, senior renteforvalter i Alfred Berg. Tema er high yield rentefond, krakket i mars 2020, restruktureringer og utsikter til h\u00f8yere inflasjon.<\/p>\n\n\n\n

Tom forvalter rentefondet Alfred Berg Nordic High Yield<\/a>, som har 5 av 5 stjerner i Morningstar. Avkastning siste 3 \u00e5r i overkant av 6 %. Siste 5 \u00e5r: 8,5 %.<\/p>\n\n\n\n

Lytt til episode.<\/a><\/p>\n\n\n\n

\"\"
F.v: Portef\u00f8ljeforvalter i Alfred Berg, Tom Hestnes, og spare\u00f8konom i Nordnet, Bj\u00f8rn Erik S\u00e6ttem.<\/figcaption><\/figure>\n\n\n\n

Ulike rentefond og korreksjonen i mars 2020<\/h2>\n\n\n\n

(fra 04:48) Tom forklarer forskjellen p\u00e5 de ulike rentefondskategoriene: Pengemarkedsfond (lavest risiko), obligasjonsfond (noe h\u00f8yere risiko) og high yield-rentefond (h\u00f8yest risiko av rentefondene).<\/p>\n\n\n\n

I mars 2020 falt norske og nordiske high yield-fond med 20-25 % p\u00e5 under en m\u00e5ned, det gjorde ogs\u00e5 Alfred Berg Nordic High Yield. Fallet var nesten like stort som aksjekursnedgangen p\u00e5 Oslo B\u00f8rs. Normalt faller ikke high yield-fond like mye som aksjemarkedet, siden volatiliteten normalt er lavere.<\/p>\n\n\n\n

Tom forklarer \u00e5rsaken til det kraftige verdifallet med at b\u00f8rsfallet smittet over p\u00e5 high yield rentemarkedet, samt likviditetsproblemer som f\u00f8lge av uttak fra kunder og f\u00e5 kj\u00f8pere. P\u00e5 toppen av dette kom en massiv kronesvekkelse, som ogs\u00e5 p\u00e5virket high yield-fondene negativt. Fondene m\u00e5tte nemlig stille cash som sikkerhet for valutasikringskontrakter og m\u00e5tte derfor selge enda mer rentepapirer. Bj\u00f8rn Erik lurer p\u00e5 om renteforvalterne har tatt noen grep for \u00e5 unng\u00e5 en valuta-\/likviditetsskvis ved neste korreksjon. Tom svarer at de n\u00e5 sitter med en h\u00f8yere cash-andel enn tidligere.<\/p>\n\n\n\n

Investeringsstrategien til Alfred Berg Nordic High Yield<\/h2>\n\n\n\n

(fra 19:07) Fondet har et nordisk mandat, og har 40 til 60 enkeltl\u00e5n. Maks 5 % per l\u00e5n. 85 % av fondet skal utgj\u00f8re \u00abyield performance\u00bb, alts\u00e5 papirer som gir l\u00f8pende renteinntekter. Inntil 15 % av fondet kan utgj\u00f8re \u00abvalue opportunities\u00bb, som typisk er misligholdte l\u00e5n som omsettes med betydelig rabatt.<\/p>\n\n\n\n

Rentedurasjonen i fondet er 1,1 \u00e5r. Kredittdurasjonen er 2,7 \u00e5r.<\/p>\n\n\n\n

Du f\u00e5r ogs\u00e5 h\u00f8re om et nytt b\u00e6rekraftig high yield-fond, Alfred Berg Nordic High Yield ESG. Fondet er en fossilfri utgave av moderfondet Alfred Berg Nordic High Yield. Bj\u00f8rn Erik sp\u00f8r om hvorfor den l\u00f8pende avkastningen (yielden) er vesentlig lavere i ESG-fondet, 4,8 % mot 7 % for flaggskip-fondet.<\/p>\n\n\n\n

Erfaringer fra restruktureringer<\/h2>\n\n\n\n

(fra 32:14) Tom er blant de norske renteforvalterne med mest erfaring fra restruktureringer av norske selskaper. Han har ogs\u00e5 jobbet med restruktureringer i meglerhus f\u00f8r han ble forvalter. Han omtaler obligasjonseierne som \u00abdritten i midten\u00bb, som beskriver situasjonen det er \u00e5 sitte mellom sikrede kreditorer (typisk banker) og aksjon\u00e6rer. Tom og Alfred Berg har v\u00e6rt en talsperson for obligasjonseierne i flere restruktueringscase og deltatt i flere forhandlinger.<\/p>\n\n\n\n

Han forteller videre at hans fond har v\u00e6rt inne i ulike obligasjonsl\u00e5n i Norwegian i tre omganger i nyere tid, og kj\u00f8pt til store rabatter.<\/p>\n\n\n\n

Hvordan vil high yield-markedet p\u00e5virkes av stigende inflasjon?<\/h2>\n\n\n\n

(fra 42:24) Vi er vitne til \u00f8kt inflasjonsfrykt, spesielt i USA. Bj\u00f8rn Erik sp\u00f8r hvordan norske og nordiske high yield-fond vil klare seg dersom inflasjonen i Norge og internasjonalt skulle skyte i v\u00e6ret og bli v\u00e6rende der en stund.<\/p>\n\n\n\n

\u00d8kt inflasjon gir normalt \u00f8kt renter. Det svekker jakten etter h\u00f8yere avkastning, siden investorer f\u00e5r bedre betalt for trygge renteinvesteringer. Det vil redusere interessen for high yield og aksjer. Men det er ogs\u00e5 argumenter for at high yield vil klare seg godt, blant annet at de norske og nordiske high yield-fondene har et stort innslag av flytende renter, og vil raskt kunne f\u00e5 en h\u00f8yere yield ved en renteoppgang. Det er kredittspreaden, alts\u00e5 forskjellen p\u00e5 risikofri rente og effektiv rente (yield) i fondene, som er avgj\u00f8rende for avkastningen i high yield-fondene, og i mindre grad den risikofrie renten, forteller Tom.<\/p>\n\n\n\n

Hva vil for\u00e5rsake neste smell i high yield markedet, sp\u00f8r Bj\u00f8rn Erik. H\u00f8r hva Tom svarer.<\/p>\n\n\n\n

H\u00f8r forrige episode av #pengepodden: Hvem blir vinnere og tapere i fremtidens energimarked?<\/a><\/p>\n\n\n\n

Abonner via RSS<\/a><\/p>\n\n\n\n

Abonner via iTunes<\/a><\/p>\n\n\n\n

Spotify<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I denne #pengepodden-episoden har Bj\u00f8rn Erik bes\u00f8k i studio av Tom Hestnes, senior renteforvalter i Alfred Berg. Tema er high yield rentefond, krakket i mars 2020, restruktureringer og utsikter til h\u00f8yere inflasjon. Tom forvalter rentefondet Alfred Berg Nordic High Yield, som har 5 av 5 stjerner i Morningstar. Avkastning siste 3 \u00e5r i overkant av […]<\/p>\n","protected":false},"author":20033,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"audio","meta":{"_acf_changed":false,"ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[6463],"tags":[3962],"class_list":["post-68694","post","type-post","status-publish","format-audio","hentry","category-pengepodden","tag-toppsak","post_format-post-format-audio"],"acf":[],"all_images":{"thumbnail":{"src":"https:\/\/blogg.nordnet.no\/wp-content\/uploads\/sites\/2\/2020\/02\/Banner-Pengepodden-1024x400-1-150x59.png","width":150,"height":59,"crop":true,"srcset":"https:\/\/blogg.nordnet.no\/wp-content\/uploads\/sites\/2\/2020\/02\/Banner-Pengepodden-1024x400-1-150x59.png 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