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Fact Sheet (KIID)
The Fund continued to rise during December and ended a very strong stock market year in 2021. The best contributions came from Centene and United Healthcare, Edward Lifesciences and Abbot Lab. On the negative side, there was Chemometic, Coherus Biosciences and Surgical Science. In December, the last shares in Ambea were divested. A new holding, BioArtic, was added during the month and we purchased more shares in Iqvia, Abbott Lab and Cooper companies. The Fund's largest holding is United Healthcare, the U.S. health insurance company. The company has grown to now also offer cost-effective primary care and basic emergency care. Its subsidiary company, Optum, has an unrivalled digital product for the entire healthcare system. The stock market has been trading up the stock for thirteen years in a row and returns since the financial crisis in 2008 are over 25% per year.
Henrietta Theorell manages Swedbank Robur Småbolagsfond Sverige A and Healthcare. She is a certified financial analyst and joined Swedbank Robur in 2019. Experience and education She has previously managed Swedish and global equities (1994–2019) at SEB Investment Management, where she was also chief investment officer for global equities (2010–2013) and healthcare (1999–2010). Henrietta is a chartered financial analyst, CFA (2003) and has an M.Sc. in Economics and Business, Accounting and Finance from Stockholm School of Economics (1992–1994). She also holds a University Certificate in Business Administration from Stockholm University (1990–1992).
Per Solvin manages Folksam LO Världen and Healthcare. He has extensive experience within financial analysis and joined Swedbank Robur in 2000. Experience and education He has previously managed Swedbank Robur USA (2002–2013), Allemansfond komplett, Aktiefond Pension, Globalfond and Kapitalinvest (2014–2016). Per has also worked as a discretionary asset manager at Swedbank Robur (2000–2002). Prior to this, he worked as an equity analyst at Ratos AB (1994–2000) and Handelsbanken (1989–1994). He has studied economics at Stockholm School of Economics (1984–1987).
Rikard Forssmed manages Swedbank Robur USA. He is a certified financial analyst and joined Swedbank Robur in 2002. His focus today is on American equities. Experience and education He has previously managed Swedbank Robur Råvarufond (2007–2019). Rikard has also held roles as head of trading (2005–2007) and as an equities trader at (2002–2005) at Swedbank Robur. Prior to this, he worked as an equities and derivatives trader at Swedbank Markets (2001–2002). He is a certified financial analyst from Stockholm School of Economics (2005) and has an M.Sc. in Commercial Law & Finance from Jönköping International Business School (1997–2001). He also holds a degree in finance from the University of South Carolina (2000–2001).
The team is responsible for our actively managed equity funds and invests both in small companies and major corporations in the majority of the markets around the world. The fund managers possess extensive knowledge of the various markets and closely monitor developments, both from the office and through site visits. The fund managers are responsible for their individual funds, and are supported by the fund management organisation, sustainability analysts and compliance officers. The managers maintain close dialogues with the companies in which they invest, thereby enabling them to influence the companies in a sustainable direction. The team comprises nine portfolio managers who, together with the entire equity management team, have assets under management of slightly more than SEK 670 billion.
The actively managed equity funds apply an investment strategy based on analysis of fundamentals. The focus is on the selection of companies, but sector, regional and thematic analyses are also key components of the strategy. The fund managers strive through active management to attain a return that exceeds the average return in the markets where the funds invest, in other words a return that exceeds the fund’s benchmark index. Our fund managers integrate sustainability as a natural component of the funds’ investment processes.
Fundfacts & Fees
The Disclosure Regulation means that new requirements will be imposed on the disclosure of sustainability-related information. The purpose of the Regulation is to (1) harmonize requirements for sustainability-related information within the EU 2) increase transparency and clarity regarding sustainability-related information 3) increase the attractiveness of sustainable investments.
The fund´s sustainability work
Transparency regarding the integration of sustainability risks, the promotion of environmental or social characteristics, and sustainable investments.
The fund promotes, among other characteristics, environmental or social characteristics
How are sustainability risks integrated into the investment-decision process?
The fund applies three overall approaches to sustainability risk management and to integrating these risks into investment-decision processes – inclusion, exclusion and engagement.
A structured process is carried out to identify the fund’s material sustainability risks. The fund factors the risks into every investment decisions and continuously throughout the portfolio companies’ holding period. In addition to Swedbank Robur’s fundamental process of identifying the companies with high sustainability risks that are excluded from the investment universe of all funds, the fund uses internal and external analysis and data to identify and continuously control sustainability risks in the fund’s holdings. Engaging in dialogue with the companies concerned is a key component of the sustainability and climate-related risk assessment.
The risk assessment for each company includes, for example, specific climate-related risks, how the companies’ business models have been positioned for a sustainability transformation, and social and governance-related risks. Should specific problems or uncertainties of a more serious nature be identified, a deeper analysis is carried out together with internal environmental, social and corporate governance (ESG) specialists.
How could sustainability risks affect the financial return of the fund should they materialise?
Sustainability risks could affect the financial return of the fund if they materialise at several different levels. Weak governance and control structures may, for example, lead to irregularities that could have an adverse impact on the company’s share price. Material exposures to both transition and physical risks of climate change may pose a vulnerability should the risks materialise and lower the value of the fund’s underlying assets. The integration of sustainability risks into investment-decision processes is critical to achieving high and sustainable long-term returns.
Environmental, social and corporate governance (ESG) characteristics that are promoted by the fund’s management, or included in the fund’s objective
Practice for good governance
Other sustainable related characteristics
What environmental or social characteristics are promoted by the product?
The fund promotes environmental and social characteristics by including companies based on the ESG factors described below and by excluding investments in the activities described below. In addition, the fund engages with the companies in which it invests.
Sustainability focused on the environment and climate change is integrated into the fund’s selection process. There is a strong focus on greenhouse gas (GHG) emissions, since the fund prefers to invest in positive structural growth trends and aims to minimise climate-related risks. The fund actively seeks investments that promote the transition to a more sustainable society and achievement of the Paris Climate Agreement goals. In addition, social and governance-related issues are assessed. Respect for international human rights standards and conventions is fundamental for us as investors. We perform an assessment of these risks for all investments.
Based on relevant ESG approaches, the fund actively engages with the companies in which it invests, for example, dialogue, voting at shareholder meetings and participating in nomination committees.
The fund excludes holdings with high sustainability risk scores and that provide products and services the fund management company considers harmful to society and the environment, according to the information below under “The fund excludes.”
How the fund intends to promote environmental or social characteristics is described under “Methods used to integrate sustainability risks, promote environmental or social characteristics, or achieve a sustainable investment objective.”
The fund uses the following index as a reference benchmark
No index has been chosen as a reference benchmark
The financial return of the fund is compared with the chosen market index. The chosen index does not fully reflect the environmental and social characteristics promoted by the fund and is therefore not used as a reference benchmark for assessing the fund’s environmental and social characteristics.
Methods used to integrate sustainability risks, promote environmental or social characteristics, or achieve a sustainable investment objective
The fund selects
What investment strategy does the fund follow to promote its environmental or social characteristics?
Sustainability and climate-related risk assessment is integrated into the fund’s fundamental analysis of companies. A strong focus on GHG emissions is naturally interwoven with the fund’s management, since the fund prefers to invest in positive structural growth trends and aims to minimise climate-related risks.
A key objective for the fund is to strive for continuous improvement in quantitative and qualitative ESG approaches. For example, the fund strives for a continuous repositioning towards a higher level of sustainability and lower climate-related risks. This process includes engaging with portfolio companies and encouraging them to adopt more sustainable business models and to increase the transparency of their ESG reporting.
In line with global thematic trends and to minimise the portfolio’s sustainability and climate-related risks, the fund actively seeks investments with a positive impact on the transition to a more sustainable society and achievement of the Paris Climate Agreement goals. The fund’s aim is that an increasing share of the holdings will consist of companies that are accelerating or benefiting from the transition. The selection criteria include the company’s exposure to, and management of, environmental challenges and sustainability risks and how well the company’s business model is positioned for the transformation.
The fund excludes
The fund does not invest in companies involved in the following products and services. A maximum of five per cent of the turnover of the company in which the placement takes place may relate to activities relating to the specified product or service.
Products and services
Under this heading, a fund which does not take sustainability aspects into account may also indicate which products and services are not included in the fund as a result of the fund's investment policy.
Cluster bombs, anti-personnel mines
Chemical and biological weapons
Tobacco & Cannabis
Fund company comments: The fund also refrains from making investments in companies whose turnover exceeds 5% from cannabis.
Commercial gambling activities
Fossil fuels (oil, gas, coal)
Fund company comments: The fund excludes companies with mining or refining activities linked to fossil fuels (coal, oil and gas) or transport from coal and oil. The fund takes a restrictive approach to the transport of gas and services associated with fossil fuels. The fund also takes a restrictive approach with regard to companies involved in power generation or network operations that make use of fossil fuels. Read more about our definitions, criteria and the possibility to invest in conversion companies in Swedbank Robur's Strategy to opt out.
The fund does not invest in companies that violate international standards. The assessment is made either by the fund manager itself or by a subcontractor.
The fund does not invest in companies that do not take steps to address identified problems or where the fund considers that the companies will not address the problems for a period that the Fund Manager deems reasonable in the individual case.This option concerns funds that develop an action plan for contested companies, which are excluded if specified conditions are not met during the prescribed period of time.
Fund company comments: When we reach the view that a company is grossly and systematically in breach of international standards and conventions or is otherwise involved in unacceptable activities with respect to sustainability and/or corporate governance, we contact them for a response. If companies exhibit a willingness to change, Swedbank Robur can remain a shareholder, otherwise the companies will be excluded from investment.
Internationella normer avser internationella konventioner, lagar och överenskommelser såsom FN Global Compact och OECD:s riktlinjer för multinationella företag som rör frågor om miljö, mänskliga rättigheter, arbetsvillkor och affärsetik
For sustainability reasons, the fund does not invest in companies involved in certain countries/debt securities issued by certain states
The fund company influences
Corporate Influence in-house
Fund company comments: In total, we have ten internal specialists in sustainability and owner governance. The specialists conduct an ongoing dialogue with different companies and/or issuers to influence them to be more sustainable and to move them in a positive direction. The fund managers are also involved in the advocacy work.
Corporate influence in cooperation with other investors
Fund company comments: We engage with companies within the framework of PRI (Principles for Responsible Investment) and together with other investors on our own initiative.
Corporate influence through external suppliers/consultants
Fund company comments: Influence is conducted through two external suppliers: ISSEthix and Sustainalytics Engagement Service.
Votes at general meetings
Fund company comments: The fund company participates and votes on general meetings based on the fund company’s principles of unitholder engagement.
Participates in nomination committees to influence the composition of the Board of Directors
Fund company comments: The fund company participates in nomination committees based on the fund company's principles of shareholder engagement.
Other corporate influence
The Fund Management Company uses its ownership power to influence companies in sustainability matters.
The Fund Management Company is in contact with companies in order to influence them in a more sustainable direction.
Information on the methodology used to assess, measure and monitor the environmental or social characteristics of the overall sustainable impact of the financial product
The fund has a documented investment and environmental, social and corporate governance (ESG) approach, which the fund’s managers follow when making investment decisions. The fund’s holdings are screened using data from several providers. This ensures that the fund complies with the pre-defined criteria for excluding holdings. The data may also be used to assess the holdings included in the fund. Every day, the risk department determines whether the fund is in line with the exclusion criteria. The fund’s sustainability parameters, such as the fund’s carbon footprint, are measured on a regular basis if such measurement is possible given the fund’s investment universe and access to underlying data.