Mixed earnings season

A mixed picture emerged as Nordic high yield companies reported their Q2 results. Companies with sales in the Nordics and North America delivered stronger figures, while those more dependent on continental Europe showed weaker performance. Returns during the month were held back by developments in the investment company EHAB, which is now trading at an excessively wide discount. Overall, economic conditions continue to improve and we believe the economy is likely to enter a period of strong growth next year. In the meantime, Vinga Corporate Bond offers an attractive coupon yield of 9.2% while we wait.

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