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Danish Bonds

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Investment Strategy

The fund investment in Danish mortgage and government bonds with a return target of CIBOR 12 + 5 % pa. over a 3-year period. The fund pursues two strategies. The primary strategy is to buy high coupon bonds and the secondary strategy is spread positions. Leverage will usually be in the interval of three to seven, with a maximum of ten. Interest rate risk is hedged with futures on German government bonds, options or DKK swaps. In effect, the sub funds risk is primarily that of premature redemptions and secondarily the spread risk between government and mortgage bonds. The fund is aimed at investors with above average risk willingness who wish an investment with low correlation to traditional asset classes.

Returns

Danish BondsBenchmark
1 year3 years5 yearsLifetime

Annual Returns

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%201920182017201620152014201320122011201020092008
Danish Bonds-0.715.338.4011.81-1.682.5215.8418.658.6419.2754.19-27.53
Benchmark4.315.095.145.313.198.065.896.247.036.886.7911.66
Excess Return-5.020.243.266.50-4.87-5.549.9512.411.6112.3947.40-39.19

Short Term Returns

%1 week1 month3 months6 months
Danish Bonds-0.070.450.92-0.65
Benchmark0.090.411.222.47
Excess Return-0.170.04-0.30-3.11

Long Term Returns

%Year to Date1 year3 years ann.5 years ann.Since inception ann.
Danish Bonds-0.71-0.124.643.968.02
Benchmark4.315.025.105.21-
Excess Return-5.02-5.15-0.46-1.258.02

Risk Figures

3 years5 years10 years
Sharpe2.861.142.28
Standard Deviation1.723.743.82

Risk Indicator

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Sensitivity

Months%
Months w. positive returns582 mo.12.60%
Months w. negative returns395 mo.8.55%
Largest positive returnSeptember 20084.28%
Largest negative returnOctober 2008-8.02%
Longest period of positive returns12 mo.
Longest period of negative returns6 mo.
 
Longest period of positive returns12 mo.
Longest period of negative returns6 mo.

Information

ISINDK0060153369
DomicileDenmark
AdvisorHP Fondsmæglerselskab
AdministratorNykredit Portefølje Administration
Inception Date13-03-2007
DepositoryNordea Bank Danmark
Risk indicatorRed
NAV (in mio. DKK)1,032.47 DKK
Investment HorizonMinimum 3 years
Duration-
Income DistributingNo
UCITSNo
Risk indicatorRed
NAV (in mio. DKK)1,032.47 DKK
Investment HorizonMinimum 3 years
Duration-
Income DistributingNo
UCITSNo

Benchmark

BenchmarkCibor 12 + 5%

Expenses

Entry charges1.50%
Exit charges0.75%
Indirect transaction costs0.31%
Performance Fee0.79%
Ongoing charges2.92%

Facts

Fact Sheet

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Advisor

HP Fondsmæglerselskab
Kronprinsessegade 18, 1
1306 København K