DNB Fund Nordic Equities

Share class

Invest in the Nordics – a region built on trust, technology, and pace

Nordic stocks combine stability, innovation, and sustainable growth. The region is known for high productivity, strong institutions, and companies with international competitiveness. The Nordic countries have long been among the world leaders in digitalization, climate transition, and social trust, facilitating both economic growth and responsible corporate governance. This provides a solid foundation for investment opportunities in companies with long-term competitive strength.

The fund invests in companies from Sweden, Norway, Denmark, Finland, and Iceland, covering a wide range of sectors, from industry and technology to health and finance. Many of the companies are global leaders with strong export exposure and a focus on innovation. At the same time, the fund integrates strict sustainability criteria and excludes fossil energy, tobacco, and weapons, among others. The result is a portfolio that combines Nordic quality with a clearly future-oriented profile.

The actively managed equity fund typically invests in 30 to 50 carefully selected companies with strong prospects and reasonable valuations, drawn from a universe of over 200 covered companies. The fund seeks broad exposure across subsectors and focuses on attractive opportunities with medium to long-term growth prospects.

Stock selection is based on four pillars: identification of trends, value creation with a focus on capital allocation, the company's earnings momentum, and medium to long-term valuation.

Main investment areas:
Capital goods and industrial companies, Pharmaceuticals and biotechnology, Technological equipment, Financial services, Banks and credit institutions, Digitalization, Energy efficiency, and sustainable infrastructure.

Why invest in this fund

DNB Fund Nordic Equities D1 (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 Nordic Equities D1 (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 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.

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

In September, Nordic equities experienced a 3.2% decline, largely influenced by the intensifying US-Iran conflict, which propelled oil prices and pushed long-term interest rates to new highs. This rate increase benefited banks but posed challenges for real estate stocks. The AI hardware sector saw support from innovative products like Meta’s Muse, adversely affecting some consumer stocks due to concerns over potential disruptions to subscription-based business models. Finland emerged as the region's strongest market, with a 0.4% gain driven by significant advances in Forum and Nokia. Conversely, Sweden, Denmark, and Norway saw declines of 2-3% as the broader market trended downward. All returns are reported in NOK. In September, the fund demonstrated robust performance, surpassing its benchmark by 0.7%. This outperformance was driven by solid stock selection and strategic sector allocation. The portfolio's performance was bolstered by strategic sector allocation, particularly our overweight position in utilities and underweight stance in financial services. However, gains were partially offset by the adverse impact of our overweight in the insurance sector and a mandated underweight in energy. In September, stock selection positively influenced returns, with Embracer leading the charge as early feedback on upcoming game releases boosted earnings expectations. Bravida maintained its strong performance by securing additional data center orders, while NIBE thrived amid rising European gas prices, fueling demand for heat pumps. Nokia, AstraZeneca, and Cynca also contributed positively to the fund. Conversely, DSV faced challenges due to ongoing uncertainties surrounding the DB Schenker integration. Munters experienced a significant decline after confirming supply chain issues impacting 2H26 earnings. Sampo's performance was negatively affected by renewed market concerns over AI agents potentially squeezing margins in consumer-facing sectors. Despite the heightened tail risks of a prolonged energy crisis stemming from the Iran conflict, and its potential impact on inflation and growth, our base case anticipates a resolution. We expect oil flows through the Strait of Hormuz to be restored, allowing markets to shift focus back to a generally positive macroeconomic environment. Anticipating continued volatility in energy markets, AI sentiment, and Ukraine ceasefire developments, we remain committed to a balanced portfolio with unique self-help return drivers. In September, we strategically enhanced our fund by incorporating Kesko, capitalizing on promising prospects from its acquisition of Dahl in Norway. We also added Nibe and Beijer Ref to our portfolio, as their valuations have become appealing amid increasingly favorable end-market indicators. Additionally, we participated in Linjemontage's IPO, gaining valuable exposure to the Nordic grid expansion. Meanwhile, we increased our underweight position in Novo Nordisk due to a lack of near-term catalysts and redirected capital towards Genmab, where optimism is more justified. These adjustments were financed through profit-taking from high-performing stocks like Cynca and Vestas.

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.

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 classificiation

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

Fund manager(s)

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).

Fund manager(s)

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 approaches

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

Conditions

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

Risk class (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.

Information

Share class NAV: EUR 259.32
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 47.75 million
Legal status: Mutual fund (UCITS)
Share class (AuM): EUR 1.16 million
Fund index: VINX Benchmark Net Index Capped
Domicile: Luxembourg
Fund inception date: 07.01.1998
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 30/09/2026. *VINX Benchmark Net Index Capped; Fund
ESG score (from 1 to 10): 8.26

Cumulative performance

	10 years	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	116.96 %	8.9 %	159.32 %	1.18 %	12.35 %	38.31 %	14.51 %
Index	149.35 %	9.66 %	186.44 %	0.95 %	29.08 %	39.24 %	16.18 %

Annualised return

	10 years	Since launch	5 years	3 years	1 year
Fund	8.05 %	7.99 %	2.36 %	11.41 %	14.44 %
Index	9.57 %	8.86 %	5.24 %	11.66 %	16.1 %

Calendar year

	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 %

Risk information

	Rel.	Index	Fund
Number of companies	142	185	43
Alpha*	-0.86 %	n/a	n/a
Beta*	1.06	n/a	n/a
Information Ratio*	-0.05	n/a	n/a
Max drawdown	n/a	-34.05 %	-34.08 %
Sharpe Ratio*	n/a	0.67	0.59
Tracking Error*	3.29 %	n/a	n/a
Volatility*	n/a	14.74 %	16.11 %

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

Exclusion criteria (negative 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

Inclusion criteria (positive 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: 259.32 (2026-10-12)
VINX Benchmark Net Index Capped: 930.39 (2026-10-12)