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Novo Annual Review 2016
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novo?s
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by the end of 2016 other 1% materials 5% energy 4% asia ex. japan 10% japan 13% denmark 8% europe ex. denmark 15% industrials 15% information technology 10% health care 7% consumer staples 8% consumer discretionary 17% north america 53% financials 31% africa 1% novo?s financial investment equity portfolio by geography and sector. the allocation is a result of bottom-up investment opportunities in individual companies within these regions and sectors rather than a top-down allocation strategy. equities by sector equities by geography short-term bonds 17% real estate 6% eu loans and high yield 5% a global multi-asset class portfolio global active equities 52% global passive equities 10% opportunistic credits 1% emerging markets debt 3% us senior loans 4% private equity 2% return on the liquid financial investment portfolio relative to the weighted benchmark (in %) 2016 last three years since 2005 8.1 return p.a. benchmark 9.3 9.0 7.8 10.5 5.3 financial investments 51
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