Värderingsmetodernas relevans i omstruktureringen mot hållbarhet på den svenska fondmarknaden

Abstract

The relevance of valuation methods in the restructuring towards sustainability in the Swedish equity fund market. What analysis methods do Swedish fund managers use and what influences their investment decisions when sustainability is brought into focus? Previous research shows that profitability has been the most driving factor influencing investment decisions, but that aspects related to sustainability such as the environment have become increasingly more important. What does the balance between these aspects look like today? And what exactly is sustainability according to the fund managers themselves? In order to portray how the Swedish fund market manages this development, our study examines 99 different equity funds that have a strong connection to the Swedish market and a majority holding in Swedish companies. A selection of previous research from Unruh et al. and Amel-Zadeh & Serafeim among others are reviewed and a survey is provided to the managers of the selected equity funds. The results are presented in their entirety because objectively portraying a true picture of the market's view of the issue is important. In order to ensure that more inexperienced readers understand the results and conclusions the report begins with explaining suitable theory. Including fundamental analysis method, technical analysis method and modern portfolio theory. In accordance with previous research profitability emerges as the most important factor for the largest proportion of respondents, but sustainability is also a factor of vital importance in investment decisions. Other factors like risk and human rights are also analyzed.