Danske Bank Asset Management er en international kapitalforvalter og en del af Danske Bank koncernen.

Danske Bank Asset Management er porteføljeforvalter for Danske Invest. I sin rådgivning fokuserer Danske Bank Asset Management sine ressourcer på udvalgte kerneområder. Disse områder omfatter nordiske aktier, europæiske aktier, globale aktier, nordiske obligationer, europæiske virksomhedsobligationer, globale indeksobligationer, obligationer i nye markeder samt indeksbaserede investeringer. Danske Bank Asset Management forvalter også hedge-fonde med både aktier og obligationer.

• Seneste rapportering pr. Dec. 2024

  In November, Danske Invest Hedge Fixed Income Global Value Fund provided a return of -0.39%. Year to date the return is 14.48%. Since inception, the portfolio has provided a return of 69.55%. During H2 the fund surpassed the EUR 1bn mark for the first time. 
  
  November was a mixed month for risky assets. Focus was on the market implications of the US election. The Trump win pushed especially US equities higher with S&P ending the month at a new all-time high. Similarly, credit spread ended the month at around YtD tights. Meanwhile, French government bonds cheapened further on political turmoil. The spread vs swaps is now at the widest level recorded since the debt crisis. Also, EUR SSAs and covered bonds spreads have cheapened vs swaps as the end the ECB QE era is gradually feeding into the pricing of these assets.
    
  2025 has the potential to be very interesting. Growth has been slowing, while the labour market remains resilient. Uncertainty around the rate paths from central banks remain high, specifically uncertainty related to US politics following the Trump win. 
  
  High volatility during the year have provided attractive opportunities across global fixed income markets during the year. Recently, it is the cheapening of European government bonds and swaps that are creating cross market opportunities. Meanwhile, regulation implies that banks capacity to hold risk have been reduced substantially which could add to volatility into year-end.
  
  December is traditionally the month with lowest fixed income activity as market makers in banks are reducing positions ahead of the year-end reporting. Market liquidity often deteriorates into year-end, which can create opportunities that we are ready to pursue. 
  
  At the end of November, the portfolio risk level (in terms of Value-at-Risk) is around 46% below our maximum risk limit, which is slightly lower compared to the end of last month. The strong start to the year for risky assets has left some markets less attractive compared to last year which have caused us to reduce the risk utilisation slightly compared to last year and 2022. We are ready to increase or decrease the risk utilisation in the fund in the coming months depending on the opportunities that may arise.
  
  Historical returns are no reliable indicator of future returns. It should be noted that monthly returns (in per cent) are non-additive.