DNB Asset Management S.A.

MARKET UPDATE – DNB Nordic High Yield  


The war in Ukraine, central bank policy and new covid outbreaks continued to be important themes in April. In general, investor sentiment was negatively affected, and global risk assets fell. However, the Nordic high yield market continued to improve, with less interest-rate driven worries and solid cash positions as possible explanatory variables. Primary activity picked somewhat up during the month, especially after the easter break. Secondary market activity was affected by the easter break and primary market focus, but investors were willing to pay up for certain names. 

The fund return was positive in April, driven by coupons and some spread tightening. Energy related names continued to be positive contributors. On the negative side, the real estate sector can be mentioned. There were no new defaults during April. 
We continue to view risk-reward as good on a medium to long term basis. Current yield levels offer good protection against company specific events, but continued volatility in international markets may affect the Nordic high yield market. 
All data net of fees, as of 31/03/2022 
You may also find our other fund reports via the links below. For any enquiries, we invite you to get in touch with your sales contact or to send an email to funds@dnb.no
Equity funds: 

  • DNB Renewable Energy: SFDR Article 9 environmental & impact investing (Factsheet
  • DNB Nordic Equities: Actively managed in a stable Nordic universe with a green tilt (Factsheet
  • DNB Technology: Global value-oriented bottom-up technology fund (Factsheet
  • DNB Future Waves: Blue Economy, SDG investing (Factsheet
  • DNB Disruptive Opportunities: Identifying disruptive trends in the future (Factsheet

Fixed income funds: 

  • DNB Nordic Investment Grade: Pure Nordic corporate investment grade bond fund (Factsheet
  • DNB Nordic Flexible Bonds: Pure Nordic corporate bond fund with both exposure to investment grade & high yield (Factsheet

Germany, Austria & Switzerland 
Mike Judith | Managing Director 
mike.judith@dnb.no | +352 45 49 45 503 

Disclaimer: The information in this email or in these documents are not binding. Statements in these documents should not be understood as an offer, recommendation or solicitation to invest in or sell UCITS funds, hedge funds, securities or other products offered by DNB Asset Management or any other company within DNB Group or any other financial institution. 
All information reflects the current assessment of DNB Asset Management, which is subject to change without notice. DNB Asset Management does not guarantee the accuracy and completeness of the information. This information does not take into account the individual investment objectives, personal financial situation or specific requirements of an investor. DNB Asset Management does not accept any responsibility for losses incurred on investments made on the basis of this information. Our general terms and conditions can be found on our website www.dnbam.com