DNB Fund Nordic Equities

Andelsklasse

Investieren im Norden – eine Region, die auf Vertrauen, Technologie und Tempo basier

Nordische Aktien kombinieren Stabilität, Innovation und nachhaltiges Wachstum. Die Region ist bekannt für hohe Produktivität, starke Institutionen und Unternehmen mit internationaler Schlagkraft. Die nordischen Länder gehören seit langem zu den weltweit führenden in den Bereichen Digitalisierung, Klimawandel und sozialem Vertrauen, was sowohl wirtschaftliches Wachstum als auch verantwortungsvolle Unternehmensführung fördert. Dies bietet eine solide Grundlage für Investitionsmöglichkeiten in Unternehmen mit langfristiger Wettbewerbsfähigkeit.

Der Fonds investiert in Unternehmen aus Schweden, Norwegen, Dänemark, Finnland und Island, und deckt ein breites Spektrum von Sektoren ab, von Industrie und Technologie bis hin zu Gesundheit und Finanzen. Viele der Unternehmen sind globale Marktführer mit starker Exporteinbindung und einem Fokus auf Innovation. Gleichzeitig integriert der Fonds strenge Nachhaltigkeitskriterien und schließt unter anderem fossile Energien, Tabak und Waffen aus. Das Ergebnis ist ein Portfolio, das nordische Qualität mit einem klaren zukunftsorientierten Profil kombiniert.

Der aktiv verwaltete Aktienfonds investiert in der Regel in 30 bis 50 sorgfältig ausgewählte Unternehmen mit starken Perspektiven und angemessenen Bewertungen, die aus einem Universum von über 200 abgedeckten Unternehmen stammen. Der Fonds strebt eine breite Exposition über verschiedene Untersektoren hinweg an und konzentriert sich auf attraktive Möglichkeiten mit mittelfristigen bis langfristigen Wachstumsaussichten.

Die Aktienauswahl basiert auf vier Säulen: Identifizierung von Trends, Wertschöpfung mit Fokus auf Kapitalallokation, das Ertragsmomentum des Unternehmens und mittelfristige bis langfristige Bewertung.

Hauptinvestitionsbereiche:
Investitionsgüter und Industrieunternehmen, Pharmazeutika und Biotechnologie, Technologischer Geräte, Finanzdienstleistungen, Banken und Kreditinstitute, Digitalisierung, Energieeffizienz und nachhaltige Infrastruktur.

Warum in diesen Fonds investieren

DNB Fund Nordic Equities D1 (ACC) EUR

Abstimmung

One way to positively influence companies is through voting at general meetings. Our voting guidelines require us to vote at all general meetings of all Norwegian companies in which we have investments. We have chosen a systematic approach to determining which international companies' general meetings we will vote at.

Internationale Normen und Standards

ESG data is integrated into our portfolio management system and is used to assess risks and opportunities related to ESG in investment decisions.

DNB Fund Nordic Equities D1 (ACC) EUR

Rechtliche Informationen

This document constitutes a marketing communication. Investors should read the prospectus, Key Information Document (KID), semiannual and annual reports, and summary of investor rights before making any investment decision. English versions are available at www.dnbam.com under “Our Funds”, at DNB Asset Management AS, Dronning Eufemias gate 30, 0021 Oslo, Norway, or at the management company FundPartner Solutions (Europe) S.A., 15, avenue John F. Kennedy, L-1855 Luxembourg. Local language versions may also be available. Not all funds or fund units are available for sale in all countries. This material is not directed to, nor intended for use by, any person or entity in a jurisdiction where distribution would be unlawful. Tax treatment depends on individual circumstances and may change over time. References to rankings, ratings, or awards are not guarantees of future performance. Investments in funds carry financial risk. Note: Investing in the Fund involves acquiring units or shares of the Fund, not the underlying holdings. Issuer: DNB Asset Management AS, authorised and regulated by Finanstilsynet, Norway, and part of DNB Group. Switzerland: Representative: FundPartner Solutions (Switzerland) S.A., Route des Acacias 60, CH-1211 Geneva 73. Paying Agent: Banque Pictet & Cie SA, Route des Acacias 60, CH-1211 Geneva 73. USA: Fund units may not be offered, sold, or transferred in the United States. UK: This document constitutes a financial promotion under Section 21 of the UK Financial Services and Markets Act 2000 (as amended) and was approved by Carne International Financial Services (UK) Limited, authorised and regulated by the FCA. UK investors cannot refer complaints against the Management Company or Depositary to the UK Financial Ombudsman Service, nor are losses covered by the Financial Services Compensation Scheme. Complaints may be made to the SICAV, Management Company, or Operator/Depositary via the CSSF if the CSSF’s conditions for out-of-court complaints are met. UK investors may contact DNB Bank ASA for guidance on complaints or alternative dispute resolution. Investor Rights Summary (English): DNB SICAV (LU-Funds): https://www.pictet.com/content/dam/www/documents/legal-and-notes/fundpartner-solutions/fps-summary-of-Investors-rights.pdf.coredownload.pdf No part of this material may be copied or redistributed without prior written consent from DNB Asset Management AS.

Nachhaltigkeitsindikator

The fund promotes, in addition to other considerations, environmental and social aspects through its investment strategy.

This equity fund aims to maximise the return on the fund's investments over the long term, without taking undue risk. The fund invests in equities of companies listed on exchanges and regulated markets in the Nordic countries. The fund is actively managed. Investment decisions are based on long-term fundamental analysis, involving thorough assessment of companies, markets and other market factors that may affect companies' performance.

Dialoge

We engage in dialogue with companies. The dialogue can address specific ESG issues (reactive dialogue), or more generally help influence companies in a more sustainable direction (proactive dialogue). The detailed Responsible Investment Policy and the Corporate Exclusion List are available at: https://dnbam.com/en/responsible-investments/esg-overview-dnb-funds

Kommentare

Nordic equities fell 1.8% in October in another month dominated by renewed escalation in the US-Iran conflict, which pushed up oil prices and strengthened the Norwegian krone. Despite the inflationary impulse from higher oil prices, long-term interest rates declined as uncertainty around the outlook for datacentre investment, and its implications for the wider economy, weighed on risk appetite. Cyclical sectors such as banks, materials and capital goods underperformed, while energy and defensive sectors such as healthcare, consumer staples and insurance outperformed. Norway and Denmark were the strongest markets in the region, gaining 2.8% and 1.3% respectively. Norway was supported by higher oil prices and Denmark by its more defensive composition. Sweden fell 1.9%, while Finland dropped 10.6%, hit by weakness in Nokia, Nordea and Wärtsilä as well as a weaker currency. All returns are in NOK. The fund outperformed its benchmark by 0.2% in October, as positive stock selection offset negative sector allocation. In sector allocation, our overweight in software and underweight in banks contributed positively. Our overweight in capital goods and the mandated underweight in energy more than offset this. Stock selection made a positive contribution. Genmab was the standout performer, rallying on strong phase 3 results for key pipeline drugs. DSV also contributed significantly, as third-quarter results suggested that integration issues at DB Schenker are coming under control. Hexagon rose on very strong third-quarter numbers, and Embracer continued to gain from well-received game releases. On the negative side, Nordea fell on the growing risk of new ECB capital requirements, while Atlas Copco, Konecranes and Epiroc retreated after softer third-quarter reports. The market remains caught between two risks with opposing implications for interest rates: a prolonged energy crisis stemming from the Iran conflict, and uncertainty over the pace of AI investment. Tail risks around a sustained energy shock, and its effects on inflation and growth, remain elevated. Our base case is still that the conflict is resolved and oil flows through the Strait of Hormuz are restored. Sentiment around the AI investment cycle also matters for the broader economic cycle, and is likely to remain a source of volatility, while the structural need for power generation and grid capacity remains intact. We therefore aim to keep the portfolio balanced, focusing on idiosyncratic, self-help return drivers, while adding long-duration defensive stocks as a hedge against a wider slowdown. During the month we increased our holding in Kone, as we expect the shares to perform better as clarity on the handling of the TKE acquisition improves. We also added to Ørsted, where we find the valuation attractive and expect the stock to benefit from lower long-term rates. These purchases were funded by reducing our holdings in Vestas, Nokia and Atlas Copco following solid year-to-date performance, reflecting increased uncertainty around the trajectory of datacentre capex.

Standardsetzung

Standard setting is an important element of active ownership. As part of this, we develop and publish expectation documents within important areas, which we use to contribute to the improvement of standards in the market, and to form the basis of engagements with companies.

Company risk: The risk that something will happen to one or more companies in which the fund have invested causing those investments to lose value. Concentration risk: The risk that a negative event or shift in a particular sector or geography to which the fund s investments are exposed causing those investments to lose value. Systematic risk: The risk that e.g. an economic shocks or political instability in the market in which the fund invests causing all of the fund s investments to lose value. Liquidity risk: The risk that one or more of the funds investments could become hard to value, or to sell at a desired time and price. Currency risk: The risk that a negative change in a currency to which the fund is exposed causing these currency denominated investments to lose value. Sustainability risk: The risk that the occurrence of an environmental, social or governance event would exert material negative impact on the value of a given investment and result in value fluctuation.

ISIN: LU1047850182. Bloomberg ticker: DSCNAIC LX. WKN: A1XFZF

SFDR-Klassifizierung

SFDR classification: Article 8 The fund promotes, in addition to other considerations, environmental and social aspects through its investment strategy.

Fondsmanager

Hans-Marius Lee Ludvigsen

Lead portfolio manager

Hans-Marius holds an Master of Science in Finance from the Norwegian School of Economics (NHH).

Hans-Marius joined us in 2019, as part of our Nordic Equities team and Portfolio Manager of DNB Fund Nordic Small Cap. He then came from a position as a sell side equity analyst at Swedbank/Kepler Cheuvreux (2015-2018) and as an analyst in a Nordic equity fund in Pareto Asset Management (2018-2019).

Fondsmanager

Andreas Bertheussen

Portfolio Manager

Andreas Holds a Master of Science in Nanotechnology from the Norwegian University of Science and Technology (NTNU).

Andreas entered the industry in 2011 with equity research in First Securities, Swedbank and Kepler Cheuvreux, before he joined us in September 2021 as part of the Nordic Equities Team.

ESG-Ansätze

Dialogues: Yes
ESG integration: Yes
Voting: Yes
Exclusions: Yes
Thematic: Yes
Inclusions: Yes

Bedingungen

Subscription fee: None
Swing pricing: Yes
Liquidity: Daily
Recommended holding period: 7 years; *Same day as valuation day. **Per annum Source: DNB Asset Management
Minimum subscription: EUR 1’000’000.00
Redemption fee: None
Performance fee: None
Management fee: 0.75%
Cut-off: 13:00 CET; Conditions

Risikoklasse (SRI 1-7)

SRRI scale from 1 (lowest risk) to 7 (highest). Risk 1 is not equal to a risk-free investment. This indicator can change from time to time.

Summary risk indicator from 1 (lowest risk) to 7 (highest). Risk 1 is not equal to a risk-free investment. This indicator can change from time to time.

Informationen

Share class NAV: EUR 271.52
Asset class: Equity fund
Use of income: Accumulating
Share class inception date: 19.05.2014
Industry focus: Across sectors
Liquidity focus: Large to medium sized companies
Market focus: Nordics
Fund (AuM): EUR 49.39 million
Legal status: Mutual fund (UCITS)
Share class (AuM): EUR 1.21 million
Fund index: VINX Benchmark Net Index Capped
Domicile: Luxembourg
Fund inception date: 07.01.1998
Investment process: Fundamentally driven management

Nachhaltigkeitsdaten

Carbon intensity; Index; Source: MSCI ESG Research and internal assessments. 2026 MSCI ESG Research LLC. Reproduced by permission. Based on holdings as at 30/10/2026. * VINX Benchmark Net Index Capped; Fund
ESG score (from 1 to 10): 8.11

Kumulative Performance

	10 years	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	135,97 %	14,02 %	171,52 %	1,92 %	9,63 %	49,09 %	17,11 %
Index	169,24 %	14,54 %	199,19 %	1,31 %	23,91 %	50,99 %	17,89 %

Annualisierte Rendite

	10 years	Since launch	5 years	3 years	1 year
Fund	8,96 %	8,33 %	1,86 %	14,21 %	17,13 %
Index	10,41 %	9,18 %	4,38 %	14,69 %	17,9 %

Kalenderjahr

	Fund	Index
2025	9,42 %	13,76 %
2024	3,97 %	2,41 %
2023	9,39 %	13,12 %
2022	-20,66 %	-16,95 %
2021	12,09 %	29,5 %
2020	31,66 %	18,97 %
2019	33,47 %	24,59 %
2018	-10,54 %	-6,42 %
2017	9,21 %	10,41 %
2016	5,34 %	3,14 %

Risikoinformationen

	Rel.	Index	Fund
Number of companies	142	186	44
Alpha*	-1,1 %	n/a	n/a
Beta*	1,07	n/a	n/a
Information Ratio*	-0,11	n/a	n/a
Max drawdown	n/a	-34,05 %	-34,08 %
Sharpe Ratio*	n/a	0,79	0,68
Tracking Error*	3,4 %	n/a	n/a
Volatility*	n/a	14,34 %	15,85 %

Source: DNB Asset Management * These figures are calculated 3 years rolling based on weekly return series.

Ausschlusskriterien (negatives Screening)

In addition to norm-based exclusions, the fund does not invest in companies that operate within:

Tobacco (production)

Controversial weapons

Cannabis for recreational use

Pornography (production)

Alcohol ≥ 5% of revenues (production)

Conventional weapons ≥ 5% (production)

Coal ≥ 5% of revenues + Absolute criterion

Gambling ≥ 5% of revenues (production)

Oil sands ≥ 5% of revenues

Excluded companies

DNB's instructions for responsible investments

Einschlusskriterien (positives Screening)

Excluded companies

The fund uses positive screening to include companies that have a potential positive impact on the environment. Seven green areas are in focus: climate change, water management, energy efficiency, waste management, water and air pollution, deforestation and biodiversity.

Performance

DNB Fund Nordic Equities D1 (ACC) EUR: 271,52 (2026-11-12)
VINX Benchmark Net Index Capped: 971,81 (2026-11-12)