About the Fund
Storm Fund II – Storm bond fund (Storm Bond Fund) is a Nordic corporate bond fund incepted in September 2008. The Fund is actively managed and maintains a diversified portfolio of high-quality issuers across the Nordic region. The investment process is based on a top-down market screening of the universe based on relative pricing and a detailed fundamental bottom-up analysis of the individual issuers. The management team has extensive experience in the Nordic corporate bond market and is a large investor in the fund.
The fund discloses sustainability-related information in accordance with Article 8 of the SFDR. The Fund is not managed in reference to any benchmark index and that any indices shown in the document are used solely for performance comparison purposes. Please refer to the final page “important information” and the Fund’s prospectus and PRIIP for further information about the fund’s key risk factors.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.7% | 0.8% | 0.2% | 0.9% | 0.6% | 0.0% | - | - | - | - | - | - | 3.2% | |
| 2025 | 0.7% | 0.7% | 0.2% | -0.2% | 0.8% | 1.0% | 0.9% | 1.0% | 0.4% | 0.4% | 0.3% | 0.8% | 7.1% | |
| 2024 | 0.9% | 0.6% | 0.9% | 0.6% | 0.7% | 0.8% | 0.5% | 0.6% | 0.5% | 0.5% | 0.5% | 0.6% | 8.1% | |
| 2023 | 1.7% | 0.9% | -0.4% | 1.5% | 0.5% | 0.2% | 1.1% | 1.1% | 0.6% | 0.3% | 0.8% | 1.3% | 10.1% | |
| 2022 | 0.8% | -1.1% | 1.9% | 1.2% | -0.1% | -1.4% | 0.5% | 2.4% | -0.3% | 0.3% | 1.2% | 1.3% | 6.9% | |
| 2021 | 3.2% | 2.3% | 1.1% | 0.8% | 0.8% | 1.0% | 0.8% | 1.0% | 0.3% | 0.5% | 0.2% | 0.7% | 13.4% | |
| 2020 | 0.7% | -0.4% | -21.3% | 4.7% | 4.0% | 4.1% | 0.8% | 1.8% | 0.5% | -0.2% | 2.9% | 2.3% | -3.2% | |
| 2019 | 1.0% | 0.9% | 0.8% | 0.9% | -0.1% | 0.1% | 0.7% | -0.2% | -0.1% | 0.3% | 0.4% | 0.9% | 5.7% | |
| 2018 | 1.1% | 0.5% | -0.4% | 0.4% | 0.8% | 0.6% | 0.1% | 0.5% | 0.4% | 0.5% | -0.4% | -1.1% | 2.9% | |
| 2017 | 3.3% | 3.0% | 2.1% | 1.3% | 0.6% | -1.1% | 0.8% | 1.1% | 1.1% | 0.3% | -0.2% | 0.3% | 13.3% | |
| 2016 | -1.9% | -3.2% | 6.0% | 4.1% | -0.5% | 0.6% | 1.8% | 3.3% | -0.4% | 1.2% | 0.1% | 5.8% | 17.8% | |
| 2015 | -2.7% | -1.3% | -0.1% | 1.5% | 2.1% | 0.4% | 0.4% | -3.7% | -2.8% | 1.3% | -0.7% | -4.2% | -9.6% | |
| 2014 | 1.1% | 0.9% | 0.9% | 0.7% | 0.7% | 0.8% | 0.6% | 0.1% | -1.3% | -5.5% | -0.3% | -11.5% | -12.7% | |
| 2013 | 0.3% | 0.8% | 1.0% | 1.0% | 1.5% | 0.0% | 1.1% | 1.2% | 1.1% | -0.1% | 1.1% | 0.7% | 11.0% | |
| 2012 | 2.7% | 1.7% | 1.1% | 1.0% | 0.2% | 1.0% | 0.8% | 1.2% | 0.7% | -1.0% | 1.5% | 1.6% | 13.0% | |
| 2011 | 1.9% | 2.3% | 2.0% | 1.4% | -1.7% | -2.4% | 1.0% | -2.3% | -2.6% | 1.4% | 0.0% | 0.6% | 1.5% | |
| 2010 | 6.2% | 0.8% | 2.0% | 3.8% | -3.4% | 1.3% | 1.4% | 2.2% | 2.8% | 1.5% | 1.1% | -1.0% | 19.9% | |
| 2009 | 8.9% | 0.3% | -4.2% | 2.1% | 1.2% | 7.9% | 6.8% | 3.0% | 5.7% | 2.6% | 1.4% | 4.1% | 46.8% | |
| 2008 | - | - | - | - | - | - | - | - | -2.6% | -3.2% | -10.4% | -13.5% | -26.9% | |
Dear investor,
Storm bond fund posted a positive return of +0.6% in May and is up +3.3% YTD (institutional IC NOK share class: LU0840158496).
Market sentiment continued to improve in May, supported by rising hopes of the opening of the Strait of Hormuz, robust company earnings and continued euphoria around AI. Risk assets moved higher, led by tech with Nasdaq +8.4% and S&P +5.1%, outperforming European equities with Stoxx 600 +2.4%. Longer term interest rates in the US increased by +6bps to 4.44%, while the European Benchmark fell by -10bps to 2.94%. In credit markets, US HY spreads tightened by -11bps to 257bps and European HY spreads by -18bps to 263bps. On a total return basis, US HY gained +0.5% and European HY gained +1.0%. The Nordic High yield market remained robust during May and Storm Bond Fund delivered a monthly return of +0.6%. The performance was primarily driven by the attractive coupon carry. Activity in the Nordic primary market picked up sharply in May, with new issue volume exceeding NOK 40bn.
In the primary market, we participated in NeoNext+ new 5-year USD 750m senior unsecured bonds, priced at 6.625%.
NeoNext+ is the largest E&P producer on the UK continental shelf, with 250kboed of expected 2026 production and
>500mmboe of 2P reserves. The company is owned by TotalEnergies, HitecVision and Repsol. The credit is supported by 1) low LTV of 30%, 2) low leverage of 0.5x, 3) strong FCF, 4) diversified production and 5) a clear ambition and roadmap to obtain an IG rating.
Further, we participated in the new 4-year YIT EUR 125m sr. secured bonds, priced at EURIBOR +435bps. YIT is a construction and real estate developer, which is listed in Finland with a EUR 625m market capitalization. The bonds are supported by 1) strong loan indenture, 2) strong asset backing with ~20% secured LTV and 3) strong earnings improvements.
In addition, we added to our conviction on Vivicta following the successful carve-out from TietoEvery. The company issued
new mid-co bonds under a strict loan indenture with attractive terms. The new EUR 112m 5.5Y secured bonds were priced at 12.5%.
In the secondary market, we added to our positions in Nynas, Navios, GLNG, IPCO and shorter maturities in SFL, B2 and Axactor. During the month our position in YIT 2026 and Bluenord 29’s was called and SFL 26 matured.
We apply a disciplined, bottom-up credit selection process underpinned by a detailed fundamental analysis coupled with robust risk management. We focus on issuers with strong asset backing, solid balance sheets, and proven debt-servicing capacity – resulting in a high-quality, sector-diversified portfolio dominated by resilient Nordic credits that can withstand shifts in inflation and interest-rate expectations. The portfolio currently delivers a 7.3% NOK yield, including ~10% cash, while maintaining limited spread and rate sensitivity with a short credit duration of 2.3 years and modified duration of 1.1 year. We view the current risk/reward profile as attractive, with weighted-average credit metrics consistent with BB/BBB quality. Moreover, our prudent liquidity management – typically maintaining a 5–10% cash buffer – enabling us to mitigate short-term market volatility and seize compelling investment opportunities as they arise.
Fane #1
Fane #2
Fane #1
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Fane #2
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