Absolute net return is the fund’s total return after fees, regardless of benchmark performance.
A fund share class where income (dividends, interest) is automatically reinvested into the fund, increasing the NAV; no cash distributions are made.
Active positions are portfolio positions that deviate from the benchmark, by either being over- or underweight.
Alpha shows the percentage performance of a fund above or below that explained by its exposure to the broader market (beta).
Funds that use more sophisticated financial techniques and instruments than those of traditional investment funds (derivative products, leverage, short-selling), to generate absolute return rather than performance to a benchmark. This approach also seeks to decorrelate performances from equity and bond markets.
The performance over a given period converted into a full-year performance.
Standard deviation or annualised volatility is a measure of historical volatility. It is calculated by comparing the average return with the average variance from that return.
The asset class is the type of securities or other financial instruments in which a fund invests: equities, bonds, derivatives, monetary instruments, real estate, commodities, etc.
AUM is the total market value of assets a fund manager or institution manages on behalf of clients.
The benchmark is a reference index or a combination of reference indices that are used to assess the profitability of a fund manager compared to a pre-set target (e.g. VINX Small Cap, MSCI World Communication Services & Information Technology). If the benchmark is a fund management objective, it must be explicitly stated in the KIID.
The benchmark hurdle is the highest cumulative excess return that a Class has had since its inception/reset.
Beta shows the average extent a fund's return moves relative to the broader market. A fund with a beta above 1 moves on average more than the market and below 1 moves on average less than the market.
This is a corporate bond index from Bloomberg, covering investment-grade bonds with a minimum issue size of 500 million and maturities between 1 and 7 years. It is currency-hedged to EUR, making it suitable for euro-denominated portfolios seeking global credit exposure.
Company risk is the risk that something will happen to one or more companies in which the fund has invested, causing those investments to lose value.
Concentration risk is the risk that adverse events in a sector or region where the fund is heavily invested lead to significant losses.
Holdings that had a positive impact on portfolio performance during a given period.
Correlation shows how a fund's return moves in relation to the benchmark. Highly correlated investments tend to move up and down together, while this is not true for investments with low correlation.
Fees and charges investors may incur when buying, holding, or selling units in a fund.
A coupon is the interest paid on a bond to a bondholder until maturity. It can be paid at different intervals, depending on the terms and conditions of the bond agreement (yearly, half-yearly or quarterly.) Not all bonds have coupons, such as zero-coupon bonds which do not pay interest but cost less than their face value, which is what is paid out on maturity.
Credit risk is the risk that a bond issuer or counterparty will default on its financial obligations, resulting in a loss for the investor.
Currency risk is the risk that fluctuations in exchange rates negatively impact investments denominated in foreign currencies.
The cut-off is the deadline for submitting orders to the fund’s transfer agent in Luxembourg, as specified in the prospectus. Investors may need to submit their orders earlier through financial advisors or distributors, depending on the arrangement.
A decline in the value of an asset.
The derivate risk is the risk that certain derivatives could behave unexpectedly or could expose the fund to losses that are significantly greater than the cost of the derivative.
Holdings that had a negative impact on portfolio performance during a given period.
A fund share class where income (dividends, interest) is paid out to investors at regular intervals.
Diversification is a risk management strategy that involves spreading investments across various assets, sectors, or regions to reduce the impact of any single asset's poor performance. Diversification does not guarantee profits or protect entirely against market losses.
Divestment is the full or partial disposal of a business unit, subsidiary, or asset by a company. From a holdings perspective, it refers to when a portfolio company sells part of its operations, which may impact the company’s valuation, strategic focus, or ESG profile.
Duration measures a bond’s sensitivity to changes in interest rates. The higher the duration, the more its price is likely to fluctuate when interest rates move.
Emerging markets risk is the risk that investing in emerging markets leads to higher volatility or losses due to political, economic, or liquidity factors.
Entry costs are charges paid when buying into a fund. Also called a subscription fee.
ESG refers to environmental, social, and governance criteria used to assess a company’s ethical practices, sustainability, and long-term impact in investment analysis.
Exit costs are charges paid when exiting a fund. Also called a redemption fee.
The fund domicile is the country where a fund is legally registered and regulated. It determines the legal framework the fund operates under, including investor protections, reporting standards, and tax treatment.
Issued by the German Federal Government and administered by Deutsche Finanzagentur, the 3-month Bubill is a zero-coupon short-term debt instrument. It is considered a risk-free benchmark and widely used as a cash equivalent or collateral reference in the euro area.
Gross exposure is the total of a fund’s long and short positions expressed as a percentage of its assets. It reflects the overall size of market exposure without accounting for hedging.
Hedging is a strategy or transaction tending to the opposite effect of another transaction, undertaken to minimise a potential loss on the latter.
The highest historical value a fund must exceed before the manager is eligible to charge a new performance fee. This ensures that investors are not charged performance fees for recovering past losses.
Bonds with a rating from ratings agencies of BB+ or less. These bonds display repayment default risk and carry higher yield than Investment Grade bonds (rated above BB+).
A hurdle rate sets a performance threshold that must be cleared before the manager earns a performance fee. Unlike the high-water mark, which is based on past fund value, the hurdle rate is usually a fixed percentage (e.g., 5%) or linked to a benchmark (e.g., risk-free rate or index return). Some funds use both mechanisms together.
The inception date is the official launch date of a fund or share class. It marks the start of its performance record and may be relevant for fee calculations and historical comparisons.
An index is made up of a predefined list of securities selected based on clear rules, such as company size, industry, geography, or credit rating. The value of the index changes as the prices of its underlying assets move. Indexes can serve as benchmarks to measure the performance of investment funds or portfolios.
Enterprise value as assessed via financial analysis. This value can be different from market value (share price).
ISIN is a 12-character code that uniquely identifies a specific securities issue.
The KID concisely presents the key information on the fund.
Liquidity refers to how easily an investment can be bought or sold without significantly affecting its price. The higher the liquidity, the easier it is to enter and exit positions without delays or wide price spreads.
Liquidity risk is the risk that one or more of the funds investments could become hard to value, or to sell at a desired time and price.
The long exposure measures the sum of all long positions in percentage (long book).
Published by LPX Group, this index tracks the 50 most liquid and representative listed private equity companies globally. It includes investment companies, business development companies (BDCs), and private equity firms listed on public exchanges.
Management fee is an ongoing fee paid to the fund manager for managing the portfolio.
Market risk is the potential for losses due to movements in market prices, such as changes in interest rates, stock prices, currencies, or commodities.
The largest loss measured from peak to trough until a new peak is attained.
This is a thematic index from MSCI Inc., designed to identify companies that generate a majority of their revenues from products and services that address major social and environmental challenges. It includes both developed and emerging markets and is aligned with the United Nations Sustainable Development Goals.
This is a widely used benchmark from MSCI Inc., representing large- and mid-cap equities across 24 emerging markets. The Net Return version reflects the reinvestment of dividends after the deduction of withholding taxes.
This index from MSCI Inc. represents the performance of large- and mid-cap segments of the Indian equity market. It includes approximately 85% of the free-float adjusted market capitalization in India and is presented as a net return index.
A sector-specific index from MSCI Inc., covering large- and mid-cap companies from developed markets within the Communication Services and Information Technology sectors. It includes companies involved in telecom, media, internet services, software, hardware, and IT consulting across 23 developed countries.
This is a sector index from MSCI Inc., including companies in the financial sector across developed markets. It covers banks, insurance companies, real estate firms, and asset managers, with performance calculated on a net return basis.
Published by MSCI Inc., this index consists of health care companies from developed markets, including pharmaceuticals, biotechnology, health care equipment, and services. It forms part of the MSCI World sector indices and is calculated on a net return basis.
Published by MSCI Inc., this index captures large- and mid-cap companies across 23 developed markets. The Net Return version reflects dividends reinvested after withholding tax, making it suitable for performance comparisons in fund reporting.
The NAV is obtained by dividing the total value of a fund’s assets (cash + price x quantity of the fund’s shares) by the number of shares/units outstanding.
This index, published by NBP, represents the performance of short-term, high-quality liquid instruments in NOK. It is designed as a benchmark for liquidity-focused fixed income portfolios and includes treasury bills and other short-dated securities.
Published by Norwegian Bond Pricing (NBP), this index aggregates the performance of high-yield bonds issued in the Nordic region. It includes sub-investment-grade debt from Sweden, Norway, Finland, and Denmark.
This is a short-duration Norwegian government bond index from NBP, designed to reflect the performance of sovereign bonds with an average interest rate duration of approximately 0.5 years. It is denominated in Norwegian kroner (NOK).
This fixed income index is maintained by Norwegian Bond Pricing (NBP) and includes floating-rate bonds backed by residential mortgages in the Norwegian market. It reflects the performance of local mortgage-backed instruments with minimal interest rate sensitivity.
Maintained by NBP, this index tracks Norwegian residential mortgage bonds with an average duration of 3 years. It includes a blend of RM1, RM2, and RM3 bond types and is denominated in NOK.
This index is compiled by NBP and includes a combination of floating-rate Norwegian residential mortgage bonds (RM1, RM2, and RM3). It serves as a broad reference for the floating-rate mortgage bond segment in NOK.
The net exposure measures the difference between all long positions minus all short positions in percentage. A fund is said to have a net long exposure if the long positions exceed the short positions. A net short position occurs when the short positions exceed the long positions.
Ongoing charges are based over 12 months of expenses ending the 31 December of the previous year. It is annually updated, but may be adjusted more frequently.
Holding more of a particular asset or sector compared to the benchmark. Indicates higher conviction or expected outperformance.
Performance fee is a fee paid to the manager if the fund outperforms a predefined benchmark or hurdle rate, often subject to a high-water mark.
A legally required document providing comprehensive information about the fund’s objectives, risks, fees, investment strategy, and structure.
Rebalancing is the process of adjusting a portfolio to realign it with its target allocations. For example, if a fund aims for 25% bonds and market changes distort this ratio, rebalancing restores the intended distribution.
Redemption is when an investor sells their units or shares in a fund.
The difference between the fund return and the benchmark return. A way to measure active manager value-add (or loss).
Remittance is the transfer of funds from the fund to the investor or between financial institutions, e.g. redemptions, income distributions, dividends.
Generally speaking, every investment presents a risk of loss of capital.
The risk-free return, also known as the risk-free rate, is the return on an investment with no risk of financial loss, typically based on short-term government bonds. It serves as a baseline for evaluating other investments and is used in performance metrics like the Sharpe ratio.
The Sharpe ratio shows the fund's risk-adjusted performance. It is calculated by dividing the excess return (portfolio return minus risk-free return) by the volatility.
The short exposure measures the sum of all short positions in percentage (short book).
SICAV funds are similar to open-end mutual funds in the U.S. Shares in the fund are bought and sold based on the fund's current NAV, and the fund’s capital changes as shares are issued or redeemed.
Spread is the difference between the actuarial rate of return on a bond and that on a risk-free loan with the same duration. It shows the risk premium that the issuer must offer the investor to compensate for the risk incurred by investing in the security. The riskier the investment, the higher the risk premium that must be offered.
The SRI is a guide to the level of risk of this product compared to other products. The risk of the product may be significantly higher if held for less than the recommended holding period.
Standard deviation or annualised volatility is a measure of historical volatility. It is calculated by comparing the average return with the average variance from that return.
SICAVs can be divided into sub-funds. This means that a SICAV can consist of different types of securities, each making up a separate part of the fund’s assets. Each time a sub-fund is issued, a prospectus is made available to investors, explaining its specific investment policy. Investors can convert securities held in one sub-fund into securities in another, easily and at low cost. The funds as listed on DNB's website are all sub-funds
Subscription is when an investor buys units or shares in a fund.
Sustainability risk is the risk that ESG-related events (environmental, social, governance) materially reduce the value of an investment.
Swing pricing is an anti-dilution technique which protects long term investors from the direct and indirect costs of capital activities in the fund. The long-term performance of the fund is maintained with this solution.
Systematic risk is the risk that broad market events, such as economic shocks or political instability, negatively impact all fund investments.
The TER reflects the total annual costs of managing and operating a fund, expressed as a proportion of the fund's assets, in basis points. It includes management fees, administrative costs, and other operational expenses, excluding transaction costs.
Total return represents the overall performance of an investment, including both capital gains and income (such as dividends or interest) over a given period. It provides a comprehensive view of how much an investor has earned.
Tracking difference measures the gap between the performance of an index and its benchmark index over time. Unlike tracking error, which reflects short-term fluctuations, tracking difference highlights the long-term consistency of the fund in matching its benchmark. A positive tracking difference means the fund has outperformed its benchmark, while a negative tracking difference indicates the fund has underperformed.
The volatility of the fund's excess returns over its benchmark returns. It quantifies how closely a manager's return pattern follows that of the benchmark.
Transaction costs are costs related to buying or selling securities within the fund (e.g. brokerage, bid/ask spread).
A transfer agent is an entity responsible for processing investor transactions, maintaining shareholder records, and handling subscriptions/redemptions in a fund.
UCITS is a European regulatory framework that allows investment funds to be marketed across the EU under a unified set of rules. UCITS funds are designed to offer a high level of investor protection and transparency.
Holding less of an asset or sector than the benchmark. Used when portfolio managers has lower conviction or expects underperformance.
The potential gain or price appreciation an investment could deliver.
Provided by NASDAQ OMX, this is a benchmark index of Nordic equities with capped weightings to reduce single-stock concentration. It includes large- and mid-cap companies from the Nordic region and reflects performance on a net return basis.
An equity index published by NASDAQ OMX, tracking the performance of small-cap companies listed on Nordic stock exchanges. It includes firms from Sweden, Denmark, Finland, Norway, and Iceland and is free-float adjusted and market-cap weighted.
Volatility measures the degree of fluctuation in an investment's price over time. Higher volatility indicates larger price swings and potentially higher risk, while lower volatility suggests more stable performance.
Published by WilderHill Indexes, this index tracks global companies focused on innovative clean energy and environmental technologies. It includes businesses involved in renewable energy, energy storage, electrification, and low-carbon solutions.