Nordea's Strategy Funds are some of Sweden's largest funds.

The funds 'managers handle more than SEK 110 billion of customers' money.

Each of the five Strategy Funds is managed by two people.

One of them is a manager in all five funds, in three of the most expensive funds he has the same colleague.

Higher fee than the average

Their work is not cheap.

For the three most expensive Strategy Funds, savers have to pay fees that are significantly higher than the average for similar funds.

In 2019, the average fee for so-called mixed funds with shares and fixed-income securities was 1.31 percent.

The two most expensive Strategy Funds both cost more than 1.6 percent in fees.

According to Nordea's fund fact sheet, the work with the Strategy Funds does not seem so burdensome.

The seven largest holdings in the most expensive fund, Stratega 70, are holdings in other Nordea funds.

A large amount of assets under management normally entails economies of scale.

In, for example, the Seventh AP Fund's large equity fund, which is part of the PPM system, the fee has recently been reduced to 0.11 percent in annual fee.

Expensive and bad funds

For the four equity-based Strategy Funds, the managers withdraw just over SEK 171,000 to Nordea every hour.

In one year, it will be just over SEK 1.5 billion.

The fund managers' work has been profitable for the bank.

But not as profitable for the customer.

None of the three most expensive Strategy Funds has over a ten-year period managed to beat its so-called benchmark index.

An important explanation is the high fees.

It can be said that the funds are expensive and bad.

Do not want to be interviewed

SVT has tried to get an interview with Nordea's CEO Frank Vang-Jensen and fund manager Maria Rengefors.

But no one wants to show up for a filmed interview.

Instead, Maria Rengefors responds to emails that the benchmark index is not the best benchmark because it "does not take into account any fees required to run a fund".

If you compare "similar funds" instead, the Strategy Funds have "performed better than average".

She writes that if you look at what you get in kronor and ören, the Strategy Funds have generated "good returns".