Corporate Bond Nordic is an actively managed fixed income fund that primarily invests in corporate bonds with high credit (Investment Grade) in the Nordic corporate bond market, with an emphasis on the Swedish market. The market includes instruments issued by both Nordic companies and foreign companies seeking financing from investors in the Nordic region. The fund mainly invests in FRN bonds and have an average duration of maximum one year. All holdings are currency hedged. The fund complies with Swedbank Robur’s Policy for Responsible Investments and also applies an extended exclusion level. Sustainability and climate work constitute an integrated part in our investment strategy. The fund consists of share classes. Read more in the fund’s Information Brochure & swedbankrobur.se. The fund is suitable for those who want a complement to a traditional fixed income investment with good opportunities for higher returns, but at a slightly higher risk.
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Asset Manager Comment
Updated 2026-11-03The fund underperformed its benchmark index during the month. October was characterised by geopolitical turmoil, social unrest and an unexpectedly resilient US economy, creating significant turbulence in global credit markets. France was at the centre of concerns in Europe, with widespread riots, while renewed escalation in the Strait of Hormuz pushed up energy prices and forced investors to price in a more persistent inflation risk. European HY and IG spreads widened to their highest levels in several years. Bonds issued by French companies traded the weakest, while hybrid bonds issued by real estate companies also came into the spotlight. The development was driven by a prolonged period of rising market interest rates combined with specific political risks in Germany. Banks' subordinated AT1 debt also traded weakly.
Focus was on European government bond yields and the situation in France, where spreads versus Germany approached levels not seen since 2011. The European Central Bank (ECB) left its key interest rate unchanged at 2.50%, which reduced interest-rate volatility. At the same time, Christine Lagarde announced her resignation and will chair the two remaining monetary policy meetings.
The US midterm elections have emerged as one of the key factors affecting market volatility. Investors have been navigating an environment in which expectations of a change in control of Congress are mixed with concerns about escalation in the Middle East and uncertainty surrounding future AI regulation.
The reporting season for US hyperscalers created turbulence: despite growth in cloud divisions, their shares were penalised as investors questioned whether the large AI-related capex would deliver sustainable returns. Hyperscalers have more than doubled their bond issuance in 2026 and are facing higher credit spreads.
In Sweden, long-term interest rates fell, while 3-month STIBOR rose (2.007% → 2.142%). The Swedish credit market was affected by concerns in Europe, with selling pressure following outflows and wider spreads.
Management
Managed the fund since
2021-11-29
Helena Frisk
Helena Frisk manages Swedbank Robur Corporate Bond Europe, Corporate Bond Europe IG and Corporate Bond Nordic. She has an education in finance and started at Swedbank Robur in 2016. Experience and education She has previously managed Swedbank Robur Företagsobligationsfond High Yield (2016–2020), Corporate Bond Europe Mix (2018–2020) and Räntefond Kort Plus (2017-2023). She has also worked as a trader in credits (2010–2016) and risk controller (2009–2010) at Swedbank Markets as well as a position as a fund analyst at Söderberg & Partners (2006–2009). Helena has an M.Sc. in Applied Mathematics in Analytical Finance and a B.Sc. in Economics from Mälardalen University (2003–2007). She has also studied Valuation and Corporate Finance through SSE Executive Education at Stockholm School of Economics (2015).
Managed the fund since
2021-11-29
Johan Forsblom
Johan Forsblom manages Swedbank Robur Corporate Bond Europe, Corporate Bond Europe IG and Corporate Bond Nordic. He has many years’ experience of the fixed-income and credit markets and joined Swedbank Robur in 2004. Experience and education He has previously managed Swedbank Robur Företagsobligationsfond High Yield (2016–2020), Corporate Bond Europe Mix (2018–2020) and Räntefond Kort Plus (2017-2023). He has also worked as a fixed income and currency trader (2009–2016), product developer (2007–2009) and operation coordinator (2004–2007) at Swedbank Robur. Prior to this he also worked as a financial advisor at Skandiabanken (2000–2002). Johan has an M.Sc. in Business Administration, major in Finance, and a B.Sc. in Economics from Stockholm University (2002–2004). He has also studied Valuation and Corporate Finance through SSE Executive Education at Stockholm School of Economics (2015).
Fixed-income team
The fixed-income team manages funds encompassing everything from traditional money market and bonds to global corporate bond funds within both Investment Grade and High Yield. This means you can find products with exposure across the entire interest-rate spectrum. The fund managers have comprehensive knowledge and extensive experience of the fixed-income and credit markets in both the Nordic and European regions. The team consists of twelve portfolio managers which are divided between fixed income management and credit management.
Fixed-income funds
Our actively managed fixed-income funds apply an investment strategy based on the fund managers’ projected interest rate trend compared with the market’s pricing. The corporate bond funds focus on the selection of companies, but the sector, regional and thematic analyses are also key components of the strategy. All our fixed-income funds possess a clear sustainability profile and our fixed-income fund management is the largest in the Nordic region in terms of investments in green bonds.
Industry
Updated: 30/10/2026
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Updated: 30/10/2026
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2 / 7Sharpe ratio 2 y
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Active risk 2 y
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Summary
This financial product promotes environmental or social characteristics, but does not have a sustainable investment objective. However, the fund will have a minimum share of sustainable investments.
The fund analyses how the sustainable investments affect such things as emissions, water and biodiversity on an ongoing basis. The fund also ensures that the holdings do not seriously and systematically infringe on accepted international standards and conventions relating to sustainability as adopted by the UN, ILO and OECD or are otherwise involved in unacceptable operations relating to sustainability or corporate governance.
External suppliers will provide Swedbank Robur with an analysis of which companies can be associated with violations of international norms. Based on information from our suppliers and other available information, Swedbank Robur will make its own assessment on whether it is a question of a serious and systematic violation. If such a violation is deemed to occur, the company's securities are not a sustainable investment.
The fund promotes low emissions of carbon dioxide, a net zero target, sustainable bonds, bond financing of companies classified as a sustainable investment, an environmentally more sustainable approach by the activities of issuers through Environmental Engagement (E) and an increased social responsibility on the part of issuers through Social Engagement (S).
Sustainability and climate work constitute an integrated part of the investment strategy in order to manage sustainability and climate risks and to promote environmental and social characteristics. The fund is obligated to follow the Management Company’s "Policy for Responsible Investments" (adopted by the Board) and uses three overarching methods ("include", "exclude" and "engage") in order to achieve the environmental and social characteristics promoted by the fund. The fund follows the Management Company’s "Principles for Shareholder Engagement" (adopted by the Board). As an active owner, the aim of Swedbank Robur is that the companies we invest in are managed in an efficient and long-term sustainable manner.
There are plans for at least 70% of the fund's assets to consist of investments aligned with environmental or social characteristics, of which at least 40% will be sustainable investments.
The Management Company’s risk function monitors and checks that the environmental or social characteristics that the fund promotes are complied with. The risk function also performs a quarterly follow-up and analysis of the metrics the Management Company has selected to measure how the fund’s investments promote environmental or social characteristics.
In order to measure the attainment of the environmental and social characteristics that the fund promotes, the sustainability indicators weighted average carbon dioxide intensity, net zero target, sustainable bonds, share of bonds in sustainable companies, Environmental Engagement (E) and Social Engagement (S) are used.
Swedbank Robur uses several sources in its process to measure how funds promote environmental and social characteristics. Swedbank Robur purchases data from major data providers that have demonstrated a robust method for guaranteeing the quality of data. In order to guarantee the quality of the data purchased, the supplier's data and product range are reviewed. When there is an opportunity, test data is taken from several providers offering the same product in order to compare as large a selection as possible.
There are a number of limitations with the models and data being currently used. The main limitation is the number of asset allocations for which metric calculation methods exist. The coverage is generally good for the funds, where a mix between reported and estimated data is used. Furthermore, Swedbank Robur believes that the method used by the data provider for estimating data is reliable.
The Management Company has due diligence procedures in place in order to ensure that sustainability risks and the sustainability requirements established for the fund are taken into consideration in the investment decision. Sustainability analysis is an integrated part of the fund management’s investment process. In order to manage sustainability risks and integrate the risks in investment decisions, the fund management follows the procedures that the Management Company describes in the Management Company’s "Strategy to include" and "Strategy to exclude". The Management Company’s risk function performs a daily inspection to determine whether the fund’s holdings fulfil its sustainability requirements and regulations regarding exclusion.
The fund follows the Management Company's "Principles for Shareholder Engagement" (adopted by the Board). In the event of sustainability-related controversies in invested companies, Swedbank Robur has special procedures and processes to monitor and follow up with the company. Both dialogue work and voting are key tools to try to prevent and respond to sustainability-related controversies.