The Odin Sustainable Corporate Bond C SEK fund fell 0.03 percent in November, which was better than the fund's benchmark index, which fell 0.09 percent. Since the start of the year, the fund has returned 2.79 percent, which is worse than the index, which has risen 3.11 percent. This is according to a monthly report from fund managers Mariann Stoltenberg Lind and Nils Hast.

The fund managers begin by stating that the market in November was characterized by diverging long-term interest rates, with the German 10-year government bond yield rising six basis points to 2.7 percent, while the US equivalent fell six basis points to 4.1 percent.

The reopening of the US government gave the Federal Reserve access to important macro data, but the figures did not provide any clear direction. At the end of the month, the market priced in an over 80 percent probability of a US interest rate cut in 2025. In the eurozone, interest rates are expected to remain at 2 percent for an extended period, as the market believes that the bottom has been reached.

The managers also note that credit markets saw record activity in November, particularly in the euro market, with extensive new issues. The Nordic market was also active in both investment grade and high yield, while credit spreads in Europe narrowed slightly and changes in the Nordic region were minor.

The fund made five new investments during the month. Three of the issuers were already represented in the portfolio: Securitas, PostNord, and Schneider Electric, which contribute to the sustainability goals of low carbon footprint, sustainable transport and infrastructure, and renewable energy and energy efficiency.

In addition, the fund invested in new green bonds from DZ Bank and SSAB. DZ Bank's bonds finance projects in renewable energy, energy efficiency, and sustainable infrastructure, while SSAB's bond supports the transition to fossil-free steel production, which reduces emissions of carbon dioxide, sulfur dioxide, and nitrogen oxides.

Finally, the managers note that the two green bonds strengthen the fund's sustainability profile and contribute to the goals of renewable energy, energy efficiency, and a low carbon footprint. At the same time, they broaden the fund's exposure to climate-related investments.

The fund's duration at the end of the month was 2.07 years. The yield was 2.53 percent.

Odin Sustainable Corporate Bond C SEK, %November, 2025
Fund MM, change in percent-
Index MM, change in percent-
Fund this year, change in percent2
Index this year, change in percent3