SEB House View

xAsset Investment is the team behind SEB House View and who decides on the asset allocation view of SEB Asset Management.

The team decides on how much the fund company recommends to allocate to the different asset classes such as for example equities and government bonds. The House View risk utilisation and model portfolio is implemented in the Asset Management multi asset portfolios.

The speedometer controls risk budgets

The speedometer represents the team’s market view and controls to what extent the portfolios should utilise their risk budgets. It is connected to the model portfolio shown in the, House View presentation, which at all times utilises its risk budget in-line with the speedometer. In a very general sense it can be interpreted as equities on or off, with 50% being neutral.

Highlights from the latest SEB House View

The committee increased the risk utilisation from 55 per cent to 60 per cent.

Risk utilisation: The increased risk reflects greater confidence in global growth, supportive fiscal and monetary policy, and improving productivity trends.
Regional tilt: Europe and Nordics remain overweight with stronger conviction due to better macro visibility and valuation support. U.S. stays underweight amid elevated valuations and asymmetric downside risk. EM remains neutral after a strong rally.
Equity sectors:
- Information Technology downgraded to neutral, due to risks from excessive AI-related optimism and concentration.
- Communication Services downgraded to underweight due to stretched valuations and elevated expectations.
- Consumer Discretionary upgraded to neutral, due to macro stabilization and rate cuts support confidence.
- Materials upgraded neutral, due to cyclical recovery and improved sentiment.
- Financials and Health Care remain overweight on improving fundamentals and tariff relief.
- Fixed Income / FX remains underweight High Yield, Neutral Government Bonds, and bearish USD, expecting SEK strength on improving growth.

SEB House View October 2025

House View Reports

Read the House View reports that have been compiled by xAsset Investment to provide background information and is directed towards institutional investors.

Publications from xAsset Investment

SEB House View
White papers on various allocation themes.
Graph packages.

Förvaltarpodden

This is the podcast where we take you behind the scenes at SEB's fund management company and share our thoughts, insights, and analyses.

Inside the mind of a fund manager

"Inside the mind of a fund manager" is a film series where we share fresh market insights and interview fund managers with different focuses within SEB Asset Management. A regular guest is Carl Hammer, our Head of Allocation and responsible for our market outlook, SEB House View. The moderators are Emelie Sjöberg, Marcus Lindholm, and Annika Hagstedt.

(In Swedish)

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If you have any questions regarding our publications, please reach out to the SEB House View team.

SEBHouseView@seb.se