DNB Sport & Entertainment

Share class

Experiences are valuable. The fund invests in companies with a strong position in markets that are growing faster than ever.

DNB Sport & Entertainment is an actively managed equity fund that invests in the Sports and Entertainment industry worldwide. The main sectors for the fund are entertainment events (concerts, festivals, sports events), video games, sports equipment, music, fitness chains, film studios, sports clubs, and entertainment conglomerates like Disney and Sony.

This gives the fund an investment universe of around 190 companies with a total market value of approximately 2.3 trillion USD. Selecting from this universe, the fund will focus on investing in the companies with the highest quality and the best prospects for long term outperformance.

The quality assessment is based on thorough analyses of the companies' economics and sustainable competitive advantages. The fund places great emphasis on factors such as the breadth and depth of the brand portfolio, brand strength, competent management, competitive position, strategic partnerships, geographic and thematic diversification, and market access. High quality often correlates with the company's size, as sustainable competitive advantages typically provide better growth prospects over time. The fund's approach reflects a holistic assessment of both financial and strategic qualities, with the aim of identifying the companies that have the greatest long-term potential and best position in their respective markets.

DNB Sport & Entertainment is a thematic, focused equity fund that is suitable as a smaller, complementary component in a broader and more diversified portfolio.

Why invest in Sport & Entertainment?

DNB Sport & Entertainment A

Voting

En måte å påvirke selskaper på en positiv måte er gjennom å stemme på generalforsamlinger. Våre retningslinjer for stemmegivning innebærer at vi skal stemme på alle generalforsamlinger på samtlige norske selskaper vi har investeringer i. Vi har valgt en systematisk tilnærming til å avgjøre hvilke internasjonale selskapers generalforsamlinger vi vil stemme på.

International norms and standards

ESG-data er integrert i vårt porteføljestyringssystem, og brukes til å vurdere risiko og muligheter knyttet til ESG i investeringsbeslutninger.

DNB Sport & Entertainment A

Legal information

Dette faktaarket inneholder kun grunnleggende informasjon om fondet. Ytterligere informasjon finner du i fondets informasjonsbrosjyre, årsrapport og halvårsrapport, som er tilgjengelige på dnbam.com/no og kan bestilles gratis fra DNB Bank ASA, filial Norge. Risikoinformasjon: Historisk avkastning er ingen garanti for framtidig avkastning. Framtidig avkastning vil bl.a. avhenge av markedsutviklingen, forvalters dyktighet, verdipapirfondets risiko, samt kostnader ved tegning, forvaltning og innløsning. Avkastningen kan bli negativ som følge av kurstap. Nettsted: dnbam.com/no For ytterligere informasjon, vennligst kontakt din forhandler.

Sustainability indicator

Fondet fremmer, i tillegg til andre hensyn, miljørelaterte og sosiale aspekter gjennom sin investeringsstrategi.

Dette aksjefondet har som mål å maksimere avkastningen på fondets investeringer på lang sikt, uten å ta unødig risiko. Fondet investerer i aksjer i selskaper med inntekter fra aktiviteter knyttet til sport og underholdning, eksempelvis sportsutstyr, idrettsarrangementer, idrettslag eller underholdning, og som er hjemmehørende eller notert på børser og regulerte markeder over hele verden. Fondet er aktivt forvaltet. Fondets investeringsbeslutninger er basert på langsiktig fundamental analyse, som innebærer grundig analyse av selskaper, markeder og andre markedsfaktorer som kan påvirke selskapenes utvikling.

Dialogues

Vi engasjerer oss i dialog med selskaper. Dialogen kan omhandle spesifikke problemstillinger knyttet til ESG (reaktiv dialog), eller på generelt grunnlag bidra til å påvirke selskaper i en mer bærekraftig retning (proaktiv dialog). Nærmere beskrivelse av retningslinjer for ansvarlige investeringer og eksklusjonsliste er tilgjengelig på: https://dnbam.com/en/responsible-investments/esg-overview-dnb-funds

Comments

The benchmark index for DNB Sport & Entertainment is the MSCI All Countries World Index (MSCI ACWI). In September 2026 the MSCI ACWI increased by +1.6% in NOK. The best performing sector was Information Technology (+8.0%), while the worst performing sector was Materials (-4.7%). The two most important sectors for DNB Sport & Entertainment are Consumer Discretionary and Communication Services. These sectors were down -3.3% and up +7.3% respectively in NOK. In terms of geographical breakdown, the most important regions for DNB Sport & Entertainment are North America, Europe and Japan. In September, North America increased by +3.2%, Europe decreased by -1.3% and Japan increased by +4.8% in NOK. These figures were impacted by a currency translation tailwind relative to the NOK of +2.9% for USD, +0.4% for EUR and +4.5% for JPY. The month was characterized by increasing macro concerns around government debt levels and a return of the AI-trade reminiscent of the market environment during the start of the year. In September 2026 the fund’s NOK A class was up by +0.5%. The return figure was positively impacted by a currency translation tailwind of approximately +1.7%. The fund’s EUR A class was up by +0.3%. The best performing portfolio companies during the period were Everplay (+70.2%) and Embracer Group (+20.0%), while the worst performing portfolio companies were Lululemon (-20.0%) and Planet Fitness (-18.2%). 22 of the 71 companies that were part of the portfolio during the period contributed positively to fund returns and the median return for the portfolio was -3.2% excluding any currency effect. Comparatively, the median return for the ~200 companies that make up our investment universe was -3.7% in September. Year-to-date, the median return for the companies in our portfolio is -3.0% compared to -10.2% for the companies in our investment universe, excluding any currency effect. For the fund’s NOK A class, the year-to-date return is down by -4.8% including a negative currency translation effect of -6.3% while the fund’s EUR A class is up by +3.6%. For DNB Sport & Entertainment, performance was relatively resilient in a month when our universe of sport- and entertainment-related stocks saw weak returns. The market dynamics were reminiscent of the start of this year as semiconductor and AI-hardware stocks surged at the expense of most other sectors. We suspect that investors weighting up on AI-hardware are funding the purchases by selling out of everything else. Meanwhile, macroeconomic concerns around high sovereign debt levels and sluggish consumer sentiment are persistent headaches. That said, with consumer sentiment already at historically low levels it should not take much to marginally improve the outlook. This would likely be viewed as positive for consumer-facing sectors such as ours. One new position was added to the fund in September. Everplay is a UK-based developer of computer games focused on medium sized games within the simulation, children and indie segments. We are typically not too fond of medium sized game developers lacking strong own IP but found Everplay interesting given a depressed valuation after abysmal 2025 results. Meanwhile, 2026 looked much more interesting on the back of a stronger pipeline of game releases and a new CEO who is implementing sensible measures to improve operational quality. The first test of our thesis came already mid-month as Everplay released two new 1st person war games almost back-to-back. The first was well received and the second knocked it out of the park with the consequence that Everplay’s share price has surged by more than 70% from our initial investment. We are long-term investors and typically dislike selling shares that were just purchased but nevertheless had to trim our Everplay holding already at month-end to align it with our fundamental conviction of the company at a higher valuation. That said, we continue to believe that there remains upside in the Everplay share price, and that the success of the two war games released this month can translate into long term franchises with recurring revenue potential. Our small position in Warner Bros Discovery was completely exited during the month as the share price converged towards Paramount Skydance’s bid price of USD 31. DNB Sport & Entertainment is a thematic fund with a broad, global benchmark index. As such, we expect significant monthly volatility in fund returns relative to benchmark returns. We focus on finding and investing in high-quality companies with sustainable competitive advantages and strong long-term outlooks. The sport and entertainment sector is in the midst of an enduring commercialization trend and should further benefit from a growing global middle class and the evolution of hobbies and personal interests as conduits of self-realization. We aim to capture this opportunity and generate substantial long-term returns for our investors. From a structural perspective, ~1/3 of the portfolio is invested in an equal-weighted basket of the highest quality companies we can find, with the remainder to be spread across our 15-25 strongest conviction ideas. We believe that this combination of a broad foundation of high-quality companies supporting a lean structure with higher allocation allotted to the companies with the very best risk/reward characteristics provides the optimal architecture for long-term outperformance.

Selskapsrisiko: Fondets verdi kan påvirkes negativt av hendelser i enkeltselskaper. Konsentrasjonsrisiko: Fondets verdi kan påvirkes negativt av hendelse i en bestemt sektor/region. Systematisk risiko: Fondets verdi kan påvirkes negativt av skifte i markedskonjunkturer. Likviditetsrisiko: Fondets investeringer kan blir vanskelig å verdsette/selge på ønsket tidspunkt. Valutarisiko: Fondets verdi kan påvirkes negativt av kurssvingninger i valutamarkedet. Bærekraftsrisiko: Fondets verdi kan påvirkes negativt av en hendelse knyttet til miljø, sosiale faktorer eller virksomhetsstyring i selskapene som fondet investerer i.

Standard setting

Standardsetting er et viktig element i aktivt eierskap. Som en del av dette utvikler og publiserer vi forventningsdokumenter innen utvalgte fokusområder. Dokumentene brukes for å bidra til forbedring av standardene i markedet, og for å danne grunnlag for nærmere eierskapsdialog med enkeltselskaper.

ISIN: NO0013683276. Bloomberg ticker: DNBSOEA NO

SFDR classificiation

SFDR-klassifisering: Artikkel 8 Fondet fremmer, i tillegg til andre hensyn, miljørelaterte og sosiale aspekter gjennom sin investeringsstrategi.

Fund manager(s)

Øystein Kværner

Ansvarlig forvalter

Øystein har en Master of Business Administration (MBA) fra Columbia Business School, hvor han var en del av deres Value Investing Program. Han har også en mastergrad i jus (LLM) fra Universitetet i Oslo.

Øystein begynte i DNB Asset Management i 2025 for å etablere og forvalte DNB Sport & Entertainment. Før han begynte i DNB, var Øystein aksjeanalytiker hos det Oslo-baserte hedgefondet Taiga Fund Management fra 2015.

ESG approaches

Dialoger: Ja
ESG-integrering: Ja
Stemmegivning: Ja
Tematisk: Nei
Eksklusjoner: Ja
Innvelging: Nei

Conditions

Tegningsgebyr: Ingen
Svingprising: Ja
Anbefalt sparehorisont: 5 års
Likviditet: Daglig; *Samme dag som dag for verdsettelse. **Per år Kilde: DNB Asset Management
Minstetegning: NOK 0,00
Suksesshonorar: Ingen
Innløsningsgebyr: Ingen
Forvaltningshonorar (årlig): 0.85%
Tegningsfrist: 11:59 CET; Betingelser

Risk class (SRI 1-7)

Risikoskala fra 1 (laveste risiko) til 7 (høyeste risiko). Risikonivå 1 er ikke ensbetydende med en risikofri investering. Fondets plassering på skalaen er ikke fast, men vil normalt endre seg med tiden.

Information

Fondskurs: NOK 88,86
Aktivaklasse: Aksjefond
Akkumulerende / utbytteutdelende: Akkumulerende
Oppstart, andelsklasse: 22.10.2025
Industrifokus: Sport og underholdning
Likviditetsfokus: På tvers av store og små selskaper
Fond (kapital): NOK 92,07 millioner
Markedsfokus: Global (all countries)
Legalstruktur: Verdipapirfond (UCITS)
Andelsklasse (kapital): NOK 40,68 millioner
Fondsindeks: MSCI All Country World Index Net
Opprinnelsesland: Norge
Oppstart, fond: 22.10.2025
Investeringsprosess: Fundamentaldrevet forvaltning

Sustainability data

Karbonintensitet; Indeks; Kilde: MSCI ESG Research og interne vurderinger. 2026 MSCI ESG Research LLC. Reproduced by permission. Basert på beholdning fra 29.09.2026. *MSCI All Country World Index Net; Fond
ESG-score (fra 1 til 10): 6.22

Risk information

	Rel.	Ref.	Fond
Antall selskaper	2,343	2,413	70
Alpha*	n/a	n/a	n/a
Beta*	n/a	n/a	n/a
Information ratio*	n/a	n/a	n/a
Største hist. kursfall	n/a	-10.3 %	-20.95 %
Sharpe Ratio*	n/a	n/a	n/a
Tracking Error*	n/a	n/a	n/a
Volatilitet*	n/a	n/a	n/a

Kilde: DNB Asset Management * Disse nøkketallene beregnes 3 års rullerende basert på ukentlige avkastningsserier.

Exclusion criteria (negative screening)

Ekskluderte selskaper

I tillegg til normbaserte eksklusjoner, investerer ikke fondet i selskaper som opererer innenfor:

Tobakk (produksjon)

Kontroversielle våpen

DNBs instruks for ansvarlige investeringer

Cannabis til rusformål

Pornografi (produksjon)

Oljesand ≥ 30% av inntektene

Kull ≥ 30% av inntektene + Absolutt kriterie

Inclusion criteria (positive screening)

Ekskluderte selskaper

Performance

DNB Sport & Entertainment A: 88.86 (2026-10-08)
MSCI All Country World Index Net: 111.19 (2026-10-08)