Die besten Skandinavien Aktienfonds

e-fundresearch: "Which facts are relevant in the current market environment to value Scandinavian stocks?"

Karl G. Høgtun und Kjell Morten Hjørnevik, Fondsmanager, "Carlson Fund Scandinavia" (20.05.2011): "The earnings development of Scandinavian stocks is to a large extent a function of the global economy. Equity markets tend to go up when earnings growth is increasing and earnings growth is usually good when global growth is above trend. One should therefore look at global leading indicators in general and emerging markets because around 1/3 of the top-line for Scandinavian stocks are generated in EM. We prefer to value Scandinavian stocks using a range of different valuation methods including Price to Book ratio (earnings neutral ratio) and normalized Price to Earnings ratio (mean of real earnings for 5 and ten years). In summary, the market is now slightly in the inexpensive end of the valuation range especially if you compare to interest rates. In such situation equity markets tend to go up with earnings growth."

Martin Nilsson, Fondsmanager, "Nordea 1 - Nordic Equity Fund"  (27.05.2011): "We believe that the Scandinavian stocks have a quite compelling valuation. Investors that are negative to the Scandinavian markets points to the fact that the price paid for current earnings are high compared to the European market. We believe that this is true, but think it is much more relevant to look at enterprise value multiples, since these take into account the strong balance sheets in the Nordic region. On this metric valuation looks quite compelling. Nordic companies have been very proactive on taking out costs in the past couple of years. As the economies and sales of the companies recovered, we have seen a very strong margin expansion from a majority of the companies. We believe that one of the most relevant factors to take into consideration for the future is the ability of the companies to keep cost control (despite signs of inflation) and the outlook for sales growth. We therefore spend a lot of time meeting the management of the companies to make sure that they have the right focus and that the margins can be preserved or expanded."