November monthly reports published
November went by with relatively small market moves. US stock markets continued their low volatility rising trend, whereas european stock markets ended up slightly negative, and the dollar weakened at the same time against the euro. Long interest rates were pretty much unchanged on a monthly basis internationally but american short term rates continued to rise ahead of the anticipated FED hike in December, which led to a flattening of the US yield curve. Swedish short term rates went the other way and we put our neck out and say that we witnessed the short term interest rate trough, at least for this economic cycle, as we saw the Swedish two-year government bond trade at -0,9%.
Excalibur returned -0,32% in November, where lower Swedish interest rates and disadvantageous currency valuations contributed negatively. Trude returned -0,92% as the theme with lower credit spreads, lower interest rates and higher equity markets continued to weigh on the fund.
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