Didner and Gerge have gained a good reputation as a fund manager over the years. But last year, most people saw it as a disaster. The equity fund, simply called Aktiefond, supported 16.3 per cent, hitting hundreds of thousands of savers.
How are you going to do it again?
– There are no "quick fixes". We have to work with our charges and look at what we have to lose.
– In general, we are a little wary, but nothing regrets us. We may have been a little less curious about high-tech companies, IT companies, biotechnology companies and so on. This type of company has gone very well in recent years, not just a few but the whole sector. This means that 2018 has contributed to our disadvantage.
– But we want to understand the companies we invest in. We must have at least funnyness of what the companies do. Therefore, we have chosen more traditional sectors.
In our interview with you last winter, did you say you still believe in bank shares?
– By the way, perhaps we have had too much in a single industry, namely banks. If you have that, you should be a little surprised, then you have to put your feet into action.
– But in general we still believe in banks. There are some exceptions, as in the case of the real estate crash in the early 90s, or otherwise the banks usually fit with the whole economy and usually go a little better than that; r growth in the economy.
– Unfortunately, we have had too much of Danske Bank. We underestimated the problems they had with money laundering.
Yes, now there are many problems with money laundering even when it comes to Swedbank. How do you look at it?
– Money laundering will always take place, and the offenders are becoming increasingly inventive. But Swedish banks are relatively good in international average. It is usually a good company.
The challenge then the technology companies then? Can you not affect the banking sector in the long term?
– Yes, but it has not taken as much of the banks revenues yet. Building a full-scale banking business with mortgages etc requires volume and systems. Then you need a decent edge.
How do you change the management of your fund so as not to go to this situation again?
– This is with Danske Bank, I hope, a one-off event. In 2006, we were also worse than the index, 7–8 per cent worse. It can be costly for a year. Excluding Danske Bank, 2018 was around the same level as 2006, the worst year as Adam [Gerge, medgrundare, red:s anmärkn] and I had a comparative index.
So you mean you don't really have to make any changes?
– No, if the managers continue to do their basic job, with a reasonable risk spread, possess the control of the company, following what is happening in the right companies. Then one over time should go better than the index.
– You should not bother with it, do not look too much on macro and how the stock market is moving.
Now you have assumed that a single administrator should take a break. This applies to Adam Nyström who, since the year 2013/2014, has managed Didner & Gerge Aktiefond along with Gustaf Setterblad.
– We have always had the model with two managers per fund. We believe it is good. One can then discuss interpretations with each other, which is very effective. Gustav and Adam have managed the fund well. But then Adam went into trouble with the family. In November-December, we started to think about replacing the fund. We have interviewed external ones, but we will choose Carl Bertilsson, who manages our fund in the United States today. He is his 35s and a real man.
In an interview with DI from yesterday, say: "In general, someone can say that running a stock fund of this size is something that you must live with and think about at all times. the end of the year as the challenges grow. "
Can you explain more about what you think?
– Adam was on parental leave a little in the spring of 2018 and then a little more in the fall, but he had not completely disappeared. Now it will go even the most from 2019.
How do you look at combining work with family life?
– There is a law on having to be on parental leave. We have no problem with that.
– But this profession is quite a cold. Then you go through the time thinking about it.
Do you set the same requirements for all those on parental leave?
– Yes, when you are interested in shares, that way it is. We do not make any special requirements, but I do not think that one can leave. It's like a hobby, or maybe a lifestyle. I think it is the same way if you are successful in many other professional professions.
You have two managers, does the other manager not have this responsibility?
– In this case, the collaboration has been a refining factor, which has now been able to hit the foot. It's a little minus, sure. If the fund is a bit bad, you are very open as a manager. It's very heavy to be worse than the index.
Does Adam Nyström have a future with you?
– It doesn't come back to the stock fund. But our good man is generally good, so we hope he can continue the management of the fund later.
Other Didner & Gerges funds had also underperformed the index in 2018. How have the 2018 bad affected you? How do you have large outflows?
– Of course, it is a few dollars. If this were to continue for a few years, it would not be good. If we are better than the index, the customers are happy, otherwise there will be outflows.