VFF
more and more norwegians put the money in indeksfond. – It is natural, according to toppsjefen in KLP Kapitalforvaltning. – You can turn it on its head, ” says Arctic-partner Sidre quiet calm.
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According to the Norwegian mutual fund association (VFF), the Norwegian aksjesparere increasingly put their money in indeksfond – equity fund that follows the market – the last few years.
In 2016 reached, the proportion of total assets in Norwegian indeksfond the highest level ever, both for retail customers and institusjonskunder. Combined was in excess of 20 percent placed in the indeksfond this year.
“Difficult” to pick the winners
Fondsforvalteren KLP was the fund which had the second highest nettotegning to their fund in 2016, only beaten by the DNB. The proportion of funds placed in indeksfond amongst Klp’s customers has increased over the last few years. According to KLP was approximately one per cent of the total aksjesparingen for retail customers in Norway in indeksfond in 2011, while this proportion has increased to in excess of six percent in the day. The amendment by that sparerne has gone out of active funds and that new money has found its way to indeksfond.
– It is natural to have a greater share in the index, to avoid the risk of selecting the wrong manager, ” says managing director Håvard Gulbrandsen KLP Kapitalforvaltning to DN.
He believes it is still too low indeksandel among fondsforvaltningen in Norway, and that the majority of the shares should ideally be in indeksfond.
– the Norwegian mutual fund has done well over the last ten years, but it is not easy to pick the winner, ” he says.
Gulbrandsen refers to a review KLP has done over the Norwegian mutual funds in the last years, which shows that if one puts their money in the fund that has made it the best in the last year, or the last three years, one will not achieve a better return than putting their money in indeksfond.
Find winners
portfolio manager and partner at Arctic Fund Management Sindre quiet calm agree in that many actively managed funds have delivered poor returns in recent years, but disagree in the conclusions that indeksfond is the best for Norwegian savers and that it is impossible to point out the best active managers.
Several of the conditions these conclusions are derived from is outdated, he believes.
quiet calm leader the management of the fund the Arctic Nordic, which has an active share of 76 per cent. The fund has had a return of 140 per cent since its inception in 2012, 30 per cent ahead of the fund’s index during the same period.
In the actively managed equity funds seeks fund managers to find stocks that will provide better returns than the general stock market conditions.
The Norwegian active against the business idea is to beat the stock market conditions, represented by fondsindeksen (OSEFX) on the Oslo stock Exchange.
A indeksfond is a fund that aims to achieve the same return as the general stock market conditions.
An active fund is more expensive than a indeksfond. An active mutual fund sold to retail customers costs an average of 1,70 percent in annual management fees. A indeksfond sold to retail customers takes from zero to 0.3 per cent in management fees.
If the active fund does not beat the index, would customers earned to buy a indeksfond.
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quiet calm point out several common characteristics of the best active fund managers, and shows to the more academic study to detect similarities between active fund that shows good returns; among other things, large deviations from the indekssammensetningen, a long-term investment horizon and relatively few positions.
Active fund “shone”
An analysis conducted by Bloomberg shows that the ten best Norwegian aksjefondene had an average excess return of 21.3 per cent, the average yield of 31.8 per cent, with an average active share of 71,2 per cent. The ten worst funds, on the other hand, had an average excess return of 1.1 per cent in 2016, with an average aktivandel of 32,5 per cent.
– We see that funds with the highest active share really shone in 2016, writes Morningstars analyst Thomas Furuseth in the analysis.
quiet calm is not worried that more and more are investing in indeksfond, and believe the only solution to avoid losing customers to indeksfond is to deliver good returns.
For the industry as a whole, it is undoubtedly a challenge, but as long as you fail to deliver you can turn it on its head, ” he says.
Leading in Europe
– Both passively and actively managed fund has its natural place in the fondsmarkedet, ” says managing director Bernt Zakariassen in the VFF.
the Figures from the VFF shows that Norway is among the countries in Europe with the highest proportion of funds in indeksfond, after several years with the Zakariassen call a “marked increase”. In the united STATES, this share is far greater, at 22 percent by the end of 2015.
– Indeksfond are excellent products for those who are satisfied with to achieve markedsavkastningen. To be able to have the hope of achieving a return in excess of this, one will have to invest in active managed funds, ” he says.
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