Carnegie looks beyond Nordics
DENMARK - Carnegie Asset Management is looking beyond the Nordic region to double assets in its Worldwide Fund from €8bn to €16bn.
The highly-regarded global equity fund has returned 757% since 1990, almost three times more than its benchmark MSCI World.
It is a genuine buy-and-hold specialist, with rarely more than 30 picks in the portfolio at any one time. Emphasis is on the creation and employment by companies of their free cashflow.
Historically, the fund has shown a bias to efficient multinationals rather than undiscovered gems in lesser markets.
Matthias Wiegand, head international business development at Carnegie Asset Management in Copenhagen, anticipated that institutional assets from beyond outside the Nordic region will be 20% of the total managed in the foreseeable future.
Although well-known in Denmark and Sweden, the Worldwide Fund does not have a visible brand in the rest of Europe even though it is available in dollar and euro classes.
Wiegand added that the long-term objective is to constrain capacity in the focused product range at roughly double the current level of assets.
Although Carnegie, ultimately domiciled in Sweden, has €13bn in its asset management division, the flagship is the Worldwide Fund and its variants, run from Denmark.