Alandsbanken US Survey is an actively managed equity fund that invests in the American equity market with the objective to outperform the S&P 500 Total return index. The stock selection is based on the results of an annual survey of customer satisfaction in the United States (American Customer Satisfaction IndexTM). The starting point in the management is that satisfied customers have a positive impact on a company's long-term results. That in turn affects the company's future revenues and cash flows relative to its competitors and thus the development of the share price. There are however few market participants who actively investigate and follow these basic connections, an omission that creates unique investment opportunities for the fund.
The managers analyse and compare companies based on how customers perceive their product or service, and how that view changes over time. Since the importance of customer satisfaction varies between different industries and sectors, the companies are analysed relative to their own peer group. Portfolio construction is an important part of the management process which aims at creating a well diversified portfolio, offering higher return potential and a lower risk than the broad U.S. equity market.