DNB Fund Financials

Share class

Invest in the infrastructure of the global economy.

The financial sector is a crucial part of the global economy and facilitates growth and efficiency. It includes banks, insurance companies, and various financial service firms, and accounts for over 17 percent of the MSCI World Index – only the technology sector is larger. The sector has been unpopular since the financial crisis, but many companies have strengthened their balance sheets, adapted to stricter regulations, and today stand with more robust and profitable business models.

New technology creates new opportunities for players in the financial sector. Digitalization enables established companies to deliver better and more efficient services, while also opening the door for new and innovative players that challenge traditional business models.

The actively managed equity fund invests in 30–50 companies across a broad range of financial subsectors. The fund seeks attractively valued companies with strong competitive positions, good returns on invested capital, and disciplined capital allocation. The fund is classified as Article 8 and integrates ESG factors into the investment process.

Main investment areas:
The fund invests broadly in the financial sector: banks, insurance companies, and a variety of financial service enterprises – from payment solutions, exchanges, and information services to asset management, investment banks, and credit rating agencies – as well as digital platforms and specialized niche players within fintech.

Why invest in this fund

DNB Fund Financials A (ACC) EUR

Voting

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.

International norms and 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 Financials A (ACC) EUR

Legal information

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.

Sustainability indicator

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 within banking, insurance and related financial activities, listed on exchanges and regulated markets worldwide. 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.

Dialogues

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

Comments

The financial sector rose by 3.5% in October, as measured by the MSCI World Financials Index in EUR, compared with a 1.0% gain for the broader market (MSCI World, EUR). Year to date the sector has risen by 13.4%, lagging the broader market's return of 16.7%. Bond markets remained in focus throughout October. Long-dated US yields reached their highest levels in 24 years early in the month, while credit investors became more selective, particularly towards heavily indebted companies financing the buildout of AI infrastructure. In France, Prime Minister Sébastien Lecornu presented the budget proposal on 1 October, aiming to reduce the fiscal deficit from an estimated 5.4% of GDP in 2026 to 5.0% in 2027. The proposed measures helped fuel widespread protests and civil unrest. Against this backdrop, the yield spread between French and German ten-year government bonds widened to more than 170 basis points, reaching levels last seen in 2011. A sharp rise in European gas prices added to the region's economic challenges. European bank stocks were weak in October, facing a combination of political, economic and sector-specific headwinds. Higher bank taxes in some countries added to these pressures, while better-than-expected third-quarter results failed to dispel uncertainty surrounding the outlook for 2027. DNB Financials had a return of 0.4% in October, unperforming its benchmark by 3.1 percentage points. All industry groups underperformed during the month, with banks particularly weak. At the company level, the largest negative contributions came from XP, Mizuho, Banco Santander, UBS Group, State Street, Goldman Sachs and BAWAG. The financial sector has gone through more than a decade where companies have built capital, and various stress tests from regulatory authorities show that the sector is well-prepared to withstand significant shocks in the economy. Furthermore, we believe that the financial sector is attractively valued and that capital return in the form of dividends and share buybacks will support the sector. Our focus is to create good returns for the unit holders in the fund DNB Financials by investing in attractively valued companies. Favouring businesses with sustainable competitive advantages, and robust long-term value-creation profiles.

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.

Standard setting

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.

ISIN: LU2814153792. Bloomberg ticker: DNFNCRT LX

SFDR classificiation

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

Fund manager(s)

Knut Bakkemyr

Lead portfolio manager

Knut holds a Master of Science in Business Administration from The Norwegian Business School BI.

Knut Bakkemyr joined DNB Asset Management in 2017. Prior to joining us Knut was an Investment Manager with Selvaag Invest for ten years from 2006, as well as an active board member in different companies during the years 2004-2017. Earlier on in his career he was an associate in the Financial Services department of PricewaterhouseCoopers, and he had an internship in First Securities.

Fund manager(s)

Kjell Morten Hjørnevik

Lead portfolio manager

Kjell Morten holds a Master of Science in Economics and Business Administration from the Norwegian School of Economics (NHH) and is a Certified European Financial Analyst (EFFAS) from the same institution (NHH).

Kjell Morten joined DNB Asset Management in 1999, serving as a portfolio manager within the Global Tactical Asset Allocation team. In 2008, he transitioned to the Nordic Equities team as a portfolio manager, where his responsibilities included oversight of the financial sector. He joined the Global Finance team in 2019. Prior to joining DNB Asset Management, Kjell Morten was a manager at the Union Bank of Norway.

ESG approaches

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

Conditions

Subscription fee: maximum 5%
Swing pricing: Yes
Liquidity: Daily
Recommended holding period: 7 years; *Same day as valuation day. **Per annum Source: DNB Asset Management
Minimum subscription: EUR 0,00
Performance fee: None
Redemption fee: None
Management fee: 1.50%
Cut-off: 11:59 CET; Conditions

Risk class (SRI 1-7)

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.

Information

Share class NAV: EUR 155.20
Asset class: Equity fund
Use of income: Accumulating
Share class inception date: 06.06.2024
Industry focus: Finance
Liquidity focus: Large to medium sized companies
Fund (AuM): EUR 182.87 million
Market focus: Across regions
Legal status: Mutual fund (UCITS)
Share class (AuM): EUR 0.03 million
Fund index: MSCI World Financials Index Net
Domicile: Luxembourg
Fund inception date: 06.06.2024
Investment process: Fundamentally driven management

Sustainability data

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. * MSCI World Financials Index Net; Fund
ESG score (from 1 to 10): 7.99

Cumulative performance

	YTD	Since launch	MTD	1 year
Fund	13.35 %	55.2 %	3.45 %	19.1 %
Index	17.25 %	59.34 %	3.46 %	20.24 %

Annualised return

	Since launch	1 year
Fund	19.79 %	19.11 %
Index	21.1 %	20.25 %

Calendar year

	Fund	Index
2025	18.5 %	13.51 %
2024	15.54 %	19.73 %

Risk information

	Rel.	Index	Fund
Number of companies	197	230	33
Alpha*	n/a	n/a	n/a
Beta*	n/a	n/a	n/a
Information Ratio*	n/a	n/a	n/a
Max drawdown	n/a	-18.22 %	-18.31 %
Sharpe Ratio*	n/a	n/a	n/a
Tracking Error*	n/a	n/a	n/a
Volatility*	n/a	n/a	n/a

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

Exclusion criteria (negative 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 Financials A (ACC) EUR: 155.2 (2026-11-12)
MSCI World Financials Index Net: 159.34 (2026-11-12)