DNB Fund Nordic High Yield

Andelsklasse

Kreditmöglichkeiten in einer Region, die für Stabilität und Transparenz bekannt ist.

Der nordische Hochzinsmarkt kombiniert attraktive laufende Erträge mit Stabilität und Risikostreuung. Die nordischen Länder haben starke Volkswirtschaften, eine niedrige Staatsverschuldung und eine hohe politische Stabilität. Schweden, Norwegen und Dänemark haben alle ein Top-Kreditrating (AAA), und die Region hat in der Vergangenheit eine große Widerstandsfähigkeit während sowohl Finanzkrisen als auch Pandemien gezeigt. Dies schafft eine robuste Grundlage für Investitionen in nordische Unternehmensanleihen mit hoher Rendite.

Der Fonds investiert in Anleihen, die von Unternehmen in Norwegen, Schweden, Dänemark und Finnland ausgegeben werden, und bietet breite Exponierung gegenüber einer Vielzahl von Sektoren wie Industrie, Immobilien, Finanzen und Technologie. Der nordische Hochzinsmarkt zeichnet sich durch hohe Transparenz, gute Kreditqualität und geringe Zinsempfindlichkeit aus, da viele der Anleihen einen variablen Zinssatz und eine kurze Laufzeit haben. Dies reduziert die Schwankungen im Wert des Fonds, wenn sich die Zinsen ändern. Das Ergebnis ist ein aktiv verwaltetes Portfolio, das attraktive Erträge mit geringerer Volatilität und guter Kreditqualität ausbalanciert.

DNB Fund Nordic High Yield investiert hauptsächlich in Unternehmen mit gutem fundamentalen Hintergrund und stabilen Cashflows, mit besonderem Schwerpunkt auf Anleihen im Segment BB+ bis B-. Der Fonds bevorzugt Anleihen mit variablem Zinssatz und kurzer Laufzeit, was eine geringe Zinsempfindlichkeit und eine Portfoliodauer von bis zu 2 Jahren ermöglicht.

Hauptinvestitionsbereiche:
Immobilien mit stabilen Cashflows, Transport und Logistik, Diversifizierte Finanzdienstleistungen, Banken und Kreditinstitute, Staat und öffentlicher Sektor sowie selektive Exponierung gegenüber Industrie und Energie.

Warum in diesen Fonds investieren

DNB Fund Nordic High Yield A (ACC) NOK

Kreditqualität

Percentage of the portfolio rated A- or better: 13%

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 High Yield A (ACC) NOK

Durchschnittliche Bewertung

Average rating for the portfolio: BBB

Nachhaltigkeitsindikator

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

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

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.

Credit risk: The risk that an issuer is unable to honour its debt obligations, or the fear of this risk could cause the value of their debt securities to fall. Interest rate risk: The risk that the values of fixed income securities will vary inversely with changes in interest rates. 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. 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: LU1303785791. Bloomberg ticker: DHYRANO LX. WKN: A2AJDP

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.

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.

This fixed income fund aims to deliver moderate returns on the fund's investments over the medium to long term without taking undue risk. The fund invests in fixed or floating rate debt securities and other debt instruments with minimum ratings of B- or equivalent credit quality at the time of acquisition. The issuers of such debt securities are principally domiciled in the Nordic region, i.e. Norway, Sweden, Finland, Denmark and Iceland; or, while not domiciled in the Nordic region, carry out the predominant portion of their business activities in the Nordic region; or have their debt securities primarily traded in the Nordic region. 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.

Kommentare

The Nordic High Yield market was relatively muted in September. Among key drivers were volatile oil prices and rising government rates. The primary market was active at the start of the month, but in early October the primary market seemed more selective. However, the Nordic high yield markets look firm overall, and current default rates are moderate. This month, the portfolio delivered an absolute return of -0.16% in EUR. Year to date, the portfolio has achieved an absolute return of 3.25% measured in EUR. The interest rate risk in the fund is 1.31 years, and the credit duration is estimated to be 2.58 years. Current yield is estimated to be 6.25% measured in EUR. Among other investments, we have invested in Accru Partners. After some widening in the credit spread during the month, Nordic high yield offers good prospects for an attractive return going forward. Nordic High Yield has had an impressive evolvement in the last 10-15 years and attracts Nordic as well as non-Nordic investors. Further it is our impression that the different funds in this market have healthy cash position buffers going forward. As such, we think Nordic High Yield can provide an attractive risk adjusted return going forward.

SFDR-Klassifizierung

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

Fondsmanager

Anders Buvik

Lead portfolio manager

Anders is dr. oecon from Norwegian School of Economics NHH. For almost two decades he was also the supervisor of NFFs Renteanalytikerkurs, Part II.

Anders joined DNB Asset Management AS in October 2012 and has been the Lead Manager of the High Yield-mandates since the inception of the funds. He entered the Industry in 1995, at first for 11 years as partner in Ricardo Private Equity, then in DNB dealing with Bonds, Derivatives, Asset Allocation, Hedging, Risk Management, Analysis and Corporate Finance.

Fondsmanager

Svein Aage Aanes

Portfolio Manager

Svein Aage holds an MSc in Economics from the Norwegian School of Economics and Business Administration and he has completed a research stay at Harvard University. Svein Aage speaks English, German and Norwegian.

Svein Aage Aanes joined DNB Asset Management in 1998. As Head of Fixed Income and FX, Svein Aage has accumulated close to 25 years experience as a Portfolio Manager. In 2000 he was assigned to head up the team. Before joining DNB Asset Management, Svein Aage was a senior economist at Den norske Bank. He began his career in 1991 as an Assistant Professor and researcher in economics at the Norwegian School of Economics and Business Administration in Bergen.

Fondsmanager

Lene Christin Våge

Portfolio Manager

Lene holds a Master of Science in Finance from the Norwegian School of Economics and Business Administration (NHH) and a Master of Science in Insurance Mathematics from the University of Bergen (UIB).

Lene Våge joined us in 2014 as Portfolio Manager in the High Yield team. Prior to joining DNB Asset Management she worked as a risk analyst in Norges Bank Investment Management (NBIM), responsible for on cross-asset risk measuring and modelling. Lenes industry experience also includes sell side positions both in ABG Sundal Collier and Pareto Securities. Lene has accumulated experience in the industry since 2011.

ESG-Ansätze

Dialogues: Yes
ESG integration: Yes
Voting: No
Exclusions: Yes
Thematic: No
Inclusions: No

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: NOK 0.00
Performance fee: None
Redemption fee: None
Management fee: 0.80%
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: NOK 1541.72
Asset class: Fixed income fund
Use of income: Accumulating
Share class inception date: 17.01.2017
Industry focus: Across sectors
Liquidity focus: High yield
Market focus: Nordics
Fund (AuM): EUR 392.86 million
Legal status: Mutual fund (UCITS)
Share class (AuM): NOK 14.50 million
Fund index: NBP Nordic HY Aggregated Index
Domicile: Luxembourg
Fund inception date: 10.11.2015
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 30/09/2026.; Fund
ESG score (from 1 to 10): 6.28

Kumulative Performance

	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	4,36 %	54,17 %	-0,33 %	25,12 %	21,68 %	4,97 %
Index	4,8 %	78,64 %	-0,46 %	46,13 %	31 %	6,2 %

Annualisierte Rendite

	Since launch	5 years	3 years	1 year
Fund	4,54 %	4,59 %	6,74 %	4,97 %
Index	6,12 %	7,88 %	9,4 %	6,21 %

Kalenderjahr

	Fund	Index
2025	5,94 %	9,82 %
2024	9,74 %	11,79 %
2023	3,16 %	8,64 %
2022	-0,51 %	3,98 %
2021	8,19 %	6,74 %
2020	-3,2 %	1,31 %
2019	6,71 %	11,32 %
2018	1,42 %	-2,38 %
2017	9,23 %	4,59 %

Risikoinformationen

	Fund
Number of bonds (issuers)	197(131)
Credit spread duration	2,76
Max drawdown	-23,46 %
Effective duration	1,39
Sharpe Ratio*	1,02
Volatility*	2,07 %
YTM hedged portfolio (est.)	8,4 %

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

Ausschlusskriterien (negatives Screening)

Excluded companies

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

Tobacco (production)

Controversial weapons

DNB's instructions for responsible investments

Cannabis for recreational use

Pornography (production)

Oil sands ≥ 30% of revenues

Coal ≥ 30% of revenues + Absolute criterion

Performance

DNB Fund Nordic High Yield A (ACC) NOK: 1.541,72 (2026-10-22)
NBP Nordic HY Aggregated Index: 190,69 (2026-10-22)

Preis

DNB Fund Nordic High Yield A (ACC) NOK: 1.541,72 (2026-10-22)

Zinsduration

DNB Fund Nordic High Yield A (ACC) NOK: 1,39 (2026-10-22)
NBP Nordic HY Aggregated Index: 1,21 (2026-10-22)