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Investment companies as an investment – Could a person without experience from investments bee helped by the active ownership of investment companies?
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2014 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Investmentbolagen som investering – kan en person utan tidigare erfarenhet av investeringar rida på det aktiva ägandet från investmentbolag? (Swedish)
Abstract [en]

In this essay we have been studying the development of investment companies that is traded at

Mid Cap and Large Cap at the Stockholm stock market. We took out five investment companies at random from the mentioned markets above. We used these companies as benchmarking for the study. To measure the development we looked at the change in the stock price and the total yield over the given time period, we then compared these to three random portfolios of 8 stocks each and the index called Six-Return index. All the companies in the random portfolios have another type of owner structure and lack Investment Company as a big owner. Those companies have a more divided ownership. In the essay we also look at the yield with consideration to the

risk that is taken in the given investment in forms of Sharpe ratio and standard deviation for each portfolio. To get some extra insight we have interviewed Investor AB and Investment AB

Latour. Both companies are leading investment companies in Sweden. The time period for the essay is 10 years and is stretching from 2004-01-01 until 2014-01-01.

The results from the paper are that investment companies in general had a higher yield then the index and portfolios that was used as comparison. The results for the investment companies are better in terms of change in stock price and in yield but also with the consideration of the risk. The explanation of the results lies in several variables where the active ownership of the investment companies is the major part of the explanation and net asset discount together with the high dividend is another part. With these result investment companies is supposedly a very good investment for t

hose that can’t beat the market, which would mean a great deal of all

investors.

Abstract [sv]

I denna uppsats studeras utvecklingen hos investmentbolag som handlas via Stockholmsbörsen

på Mid Cap och Large Cap. Fem investmentbolag slumpades fram ifrån dessa listor och har sedan använts som jämförelsebolag. För att mäta deras utveckling har vi studerat kursförändringen samt totalavkastningen och jämfört dessa med slumpmässiga portföljer samt SIX Return index. De slumpmässiga portföljerna består av bolag utan något investmentbolag som större huvudägare. Detta resulterar i att de flesta bolagen i slumpportföljerna har ett mer splittrat ägande. I uppsatsen undersöker vi även avkastningen med hänsyn till risk i form av Sharpekvoter och standardavvikelse för varje portfölj. För att få en extra insyn i investmentbolagen har vi intervjuat Investor AB samt Investment AB Latour som är två ledande investmentbolag i Sverige. Studien tittar på en tidsperiod om 10 år mellan 2004-01-01 och 2014-

01-01.

Det resultat som framkommit under studien är att investmentbolagen generellt sett har avkastat

bättre än sina finansiella jämförelseobjekt. Detta med avseende på kursförändring och totalavkastning men även med hänsyn till risk. Förklaringen till detta ligger i ett antal variabler där investmentbolagens aktiva ägande är den största orsaken och substansrabatten i kombination

med hög utdelning är ytterligare en orsak. Detta innebär att en portfölj med investmentbolag är

en väldigt bra sparform överlag men framförallt för den som vill spara i aktier men saknar

förkunskaper.

Place, publisher, year, edition, pages
2014.
Keyword [en]
Investment company, total rate of return, net asset discount, index, stock, market, portfolio.
Keyword [sv]
Investmentbolag, totalavkastning, substansrabatt, index, aktie, börs, portfölj
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-152601OAI: oai:DiVA.org:kth-152601DiVA: diva2:750527
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Examiners
Available from: 2014-09-29 Created: 2014-09-29 Last updated: 2014-09-29Bibliographically approved

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