September monthly reports published
September started with lower international yields on geopolitical (North Korea) and weather (Harvey and Irma) related issues. However, strong macro economic data and higher inflation numbers took overhand and yields ended the month higher. FED, Bank of England and Bank of Canada all signaled higher rates to come while ECB are preparing a QE tapering announcement by end October. Only the Swedish Central Bank is immune to higher inflation, very strong growth and asset price inflation. Both Excalibur and Trude gained from higher interest rates, although Trude continued to suffer from low credit spreads going even lower. Trude returned -0,17% in September as a consequence. Excalibur gained +0,38% for the month and the rolling 12 month is at +2,01%, to be compared with the Swedish Bond Index at -3,04% or the Treasury Bill Index at -0,80%.
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