DNB Fund Technology

Share class

Invest in technology that shapes the future.

Technological advancement continues to accelerate at a rapid and disruptive pace, transforming how we work, communicate, and generate value. It plays a pivotal role in enhancing productivity across all sectors of society. The technology, media, and telecommunications industries benefit from robust and recurring revenue streams, underpinned by multiple long-term structural growth drivers. The widespread adoption of cloud computing and artificial intelligence has reached a maturity level that enables scalable implementation, laying the groundwork for sustained innovation and increased value creation.

Nearly 30% of the companies in the MSCI World Index are telecommunications, media, and technology companies. The technology sector encompasses a variety of sub-sectors, including hardware, software, e-commerce, and telecommunications. Due to its broad composition and global reach, the sector is often considered an important source of risk diversification and exposure to structural growth in the market.

The actively managed equity fund typically invests in between 40 and 60 companies across a wide range of sub-sectors, seeking those with reasonable valuations and attractive medium- to long-term growth prospects.

Stock selection is based on four pillars: identifying trends, value creation with a focus on capital allocation, earnings momentum, and medium- to long-term valuation.

Primary Investment Areas: Software and Services, Hardware and Electronics, Artificial Intelligence (AI), Cloud 2.0, Cybersecurity, Ultra-Fast Mobile Broadband – 5G, Internet of Things (IoT), Autonomous Transport, Automation, and Robotics.

Why invest in DNB Fund Technology

DNB Fund Technology A (ACC) USD

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 Technology A (ACC) USD

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 technology, media and telecommunications, 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

Stock market volatility in September, as measured by the VIX index, a widely used measure of U.S. stock market volatility, averaged at 16 for the month, below its long-term historical average. This month, the portfolio achieved an absolute return of 0.98 per cent in EUR, trailing the benchmark's return of 6.60 per cent. Year to date, the portfolio has delivered an absolute return of 24.96 per cent, with a relative performance of -2.10 per cent compared to the benchmark. Among the notable positive contributors in the long book were Skyworks, Embracer and TSMC, while Adyen, Intuit and Amazon.com detracted from performance. Skyworks contributed positively as management commentary increased confidence that the pending merger with Qorvo would close on schedule. Embracer also contributed positively, supported by continued share buybacks and improved refinancing terms, while TSMC rose after reporting strong monthly revenue, driven by continued demand for AI chips. Adyen detracted amid investor concerns that agentic commerce could disintermediate parts of the payments value chain. Intuit detracted as renewed concerns around AI-driven disruption weighed on software stocks. Amazon.com also detracted as investors focused on the potential impact of emerging AI shopping agents on its retail and advertising businesses. The technology-, media and telecom sectors are characterized by strong, stable earnings and there are several structural growth drivers in the sectors. We are still in the early innings of cloud computing and artificial intelligence and our belief is that this provides a strong foundation for growth going forward.

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: LU1047850349. Bloomberg ticker: DTECARU LX. WKN: A1XFZG

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)

Anders Tandberg-Johansen

Lead portfolio manager

Anders holds a Bachelor in Finance from BI Norwegian Business School.

Anders joined DNB Asset Management in 1998 as Portfolio Manager for the Norwegian technology portfolios. Before joining the company he served three years as a Technology Analyst at Enskilda Securities. As founding partner of the Global Technology Team, he has been Head of Global Technology Equities since 2002.

Fund manager(s)

Erling Thune

Portfolio Manager

Erling holds a Master of Science in Economics and Business Administration (Siviløkonom) from the Norwegian School of Economics (NHH).

Erling entered the Industry in 1993 as a journalist in Finansavisen whre he stayed for three years. Between 1996 and 2000 he was the Manager of Communications and Investor Relations at Elkjøp. Erling joined DNB Asset Management in January 2008 as Portfolio Manager in the area of Global Equities, focusing on the Telecommunications sector.

Fund manager(s)

Sverre Bergland

Portfolio Manager

Fund manager(s)

Erling Haugan Kise

Portfolio Manager

Mr. Kise holds an Honours Degree in Finance from The University of Melbourne, Australia, and an MSc in Financial Markets from EDHEC Business School, France.

Erling started his career in the company as an Intern summer of 2011. After three years with Norges Bank Investment Management (NBIM) he rejoined the company in 2014 as part of the Global Technology Team.

Fund manager(s)

Marius Wennersten

Junior Portfolio Manager

Marius holds a Bachelor"s degree in Economics and Business Administration from the Norwegian School of Economics (NHH).

Marius began his career as an intern with the technology team in 2022 and later interned at Boston Consulting Group and DNB Markets before returning to the team upon completing his studies in 2023. He covers cloud services, infrastructure software, and cybersecurity.

Fund manager(s)

Ola Sæther

Junior Portfolio Manager

Ola holds a Master"s degree in Industrial Economics and Technology Management from Norwegian University of Science and Technology (NTNU), including an exchange semester at UC Berkeley.

He joined the company as an intern in 2023 and worked part-time alongside his studies before transitioning into a full-time role as a junior portfolio manager on our tech team in 2025.

ESG approaches

Dialogues: Yes
ESG integration: Yes
Voting: Yes
Exclusions: Yes
Thematic: No
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: USD 0.00
Redemption fee: None
Performance fee: 10% of excess performance
Management fee: 1.50%
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: USD 73.13
Asset class: Equity fund
Use of income: Accumulating
Share class inception date: 10.08.2015
Industry focus: Technology
Liquidity focus: Large to medium sized companies
Market focus: Across regions
Fund (AuM): EUR 3252.88 million
Legal status: Mutual fund (UCITS)
Share class (AuM): USD 29.87 million
Fund index: MSCI World Communication Services & Information Technology
Domicile: Luxembourg
Fund inception date: 16.08.2007
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. *MSCI World Communication Services & Information Technology; Fund
ESG score (from 1 to 10): 7.1

Cumulative performance

	10 years	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	527.62 %	23.92 %	631.28 %	2.54 %	149.48 %	139.4 %	30.2 %
Index	528.33 %	24.01 %	564.52 %	0.95 %	128.05 %	127.12 %	28.99 %

Annualised return

	10 years	Since launch	5 years	3 years	1 year
Fund	20.17 %	19.49 %	20.07 %	33.77 %	30.04 %
Index	20.18 %	18.47 %	17.93 %	31.44 %	28.84 %

Calendar year

	Fund	Index
2025	38.73 %	23.76 %
2024	24.25 %	33.09 %
2023	41.64 %	51.44 %
2022	-22.17 %	-32.39 %
2021	18.12 %	25.45 %
2020	28.01 %	37.02 %
2019	30.27 %	40.31 %
2018	-0.01 %	-4.27 %
2017	35.23 %	27.33 %
2016	14.21 %	9.99 %

Risk information

	Rel.	Index	Fund
Number of companies	130	190	60
Alpha*	8.13 %	n/a	n/a
Beta*	0.78	n/a	n/a
Information Ratio*	0.19	n/a	n/a
Max drawdown	n/a	-36.91 %	-31.23 %
Sharpe Ratio*	n/a	1.29	1.61
Tracking Error*	8.74 %	n/a	n/a
Volatility*	n/a	21.33 %	18.48 %

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 Technology A (ACC) USD: 73.13 (2026-10-12)
MSCI World Communication Services & Information Technology: 769.08 (2026-10-12)