Absolute net return is the fund's total return after fees, regardless of the performance of the benchmark index.
A fund class where income (dividends, interest) is automatically reinvested in the fund, which increases the NAV; No cash payments are made.
Active positions are portfolio positions that deviate from the benchmark index, either by being overweight or underweight.
Management fee is a recurring fee paid to the fund manager for managing the portfolio.
Alpha shows the percentage return for a fund above or below it, explained by the exposure to the broader market (beta).
A fund that uses more sophisticated financial techniques and instruments than traditional investment funds (derivative products, leverage, short-selling), to generate absolute returns instead of returns relative to a benchmark index. This approach also seeks to enhance results from the equity and bond markets.
The performance over a given period was changed to a year-round performance.
Standard deviation or annualized 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 a fund invests in: stocks, bonds, derivatives, money market instruments, real estate, commodities, etc.
AUM is the total market value of assets that a fund manager or institution manages on behalf of clients.
The reference limit is the highest cumulative excess return a class has had since its inception/reset.
Beta shows how much the fund's return, on average, moves in relation 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, which covers investment-grade bonds with a minimum issuance size of 500 million and maturities between 1 and 7 years. It is currency-hedged against EUR, making it suitable for euro-denominated portfolios seeking global credit exposure.
The deadline is the cutoff for sending 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 agreement.
Concentration risk is the risk that negative events in a sector or region where the fund is heavily invested lead to significant losses.
Observations that had a positive impact on the portfolio's performance in a given period.
Company risk is the risk that something happens to one or more companies the fund has invested in, which leads to these investments losing value.
Correlation shows how a fund's return moves in relation to the reference index. Highly correlated investments tend to move up and down together, while this is not the case for investments with low correlation.
Fees and charges investors may incur when they buy, hold, or sell shares in a fund.
A coupon is the interest paid on a bond to a bondholder until maturity. It can be paid at varying intervals, depending on the terms of the bond agreement (annually, semi-annually, or quarterly). Not all bonds have coupons, such as zero-coupon bonds which do not pay interest but are sold for less than their face value, which is what is paid at maturity.
Credit risk is the risk that a bond issuer or counterparty defaults on their financial obligations, resulting in a loss for the investor.
Currency risk is the risk that fluctuations in exchange rates negatively affect investments denominated in foreign currency.
A decrease in the value of an asset.
The derivative risk is the risk that certain derivatives may behave unexpectedly or expose the fund to losses that are significantly greater than the cost of the derivative.
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 fund's long-term consistency in matching its benchmark index. A positive tracking difference means that the fund has outperformed its benchmark index, while a negative difference indicates that the fund has performed worse.
Divestment is the full or partial disposal of a business unit, subsidiary, or asset of a company. From a holding perspective, it refers to when a portfolio company sells parts of its business, which can affect the company's valuation, strategic focus, or ESG profile.
A fund class where income (dividends, interest) is paid out to investors at regular intervals.
Diversification is a risk management strategy that involves spreading investments across different assets, sectors, or regions to reduce the impact of a single asset's poor performance. Diversification does not guarantee profit or completely protect against market losses.
Duration measures a bond's sensitivity to changes in interest rates. The higher the duration, the more likely the price will fluctuate when interest rates move.
Entry costs are fees paid when you buy into a fund. It is 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.
Issued by the German federal government and administered by Deutsche Finanzagentur, the 3-month Bubill is a short-term debt instrument with zero coupon. It is considered a risk-free benchmark and is widely used as a cash equivalent or collateral benchmark in the euro area.
Hedging is a strategy or transaction that has the opposite effect of another transaction, carried out to minimize a potential loss on the latter.
The highest historical value a fund must exceed before the manager is qualified to claim a new performance fee. This ensures that investors are not charged performance fees to cover previous losses.
Bonds rated by rating agencies at BB+ or lower. These bonds exhibit repayment risk and offer higher returns than Investment Grade bonds (rated above BB+).
A threshold sets a performance limit that must be surpassed before the manager earns a performance fee. Unlike the high-water mark, which is based on previous fund value, the hurdle rate is typically a fixed percentage (e.g., 5%) or linked to a benchmark index (e.g., risk-free rate or index return). Some funds use both mechanisms together.
An index consists of a predefined list of securities selected based on clear rules, such as the company's size, industry, geography, or credit rating. The value of the index changes when the prices of the underlying assets move. Indices can serve as reference points to measure the returns of investment funds or portfolios.
Corporate value assessed through financial analysis. This value may differ from market value (share price).
ISIN is a 12-character code that uniquely identifies a specific security issuance.
KID presents a brief overview of the key information about the fund.
Liquidity refers to how easily an investment can be bought or sold without significantly affecting the price. The higher the liquidity, the easier it is to enter and exit positions without delays or large price differences.
Liquidity risk is the risk that one or more of the fund's investments may become difficult to value, or to sell at the desired time and price.
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 publicly listed private equity companies globally. It includes investment firms, business development companies (BDC), and private equity firms listed on exchanges.
Market risk is the potential for loss due to changes in market prices, such as changes in interest rates, stock prices, currencies, or commodities.
The largest wallpaper is measured from top to bottom to a new top now.
Transfer is the transfer of funds from the fund to the investor or between financial institutions, e.g., redemptions, income distributions, dividends.
This is a thematic index from MSCI Inc., designed to identify companies that generate the 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 UN's sustainable development goals.
This is a widely used reference index from MSCI Inc., which represents large- and mid-cap stocks in 24 emerging markets. The net return version reflects the reinvestment of dividends after deduction of withholding tax.
This index from MSCI Inc. represents the performance of the large- and mid-cap segments of the Indian stock market. It includes approximately 85% of the market value adjusted for free float in India and is presented as a net return index.
A sector-specific index from MSCI Inc., which covers large and mid-sized 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 in 23 developed countries.
This is a sector index from MSCI Inc., which includes companies in the financial sector in developed markets. It covers banks, insurance companies, real estate firms, and asset managers, with returns calculated on a net return basis.
Published by MSCI Inc., this index consists of healthcare companies from developed markets, including pharmaceuticals, biotechnology, health equipment, and services. It is part of the MSCI World sector indices and is calculated on a net return basis.
Published by MSCI Inc., this index includes large and mid-sized companies in 23 developed markets. The net return version reflects dividends reinvested after withholding tax, making it suitable for performance comparisons in fund reporting.
NAV is obtained by dividing the total value of a fund's assets (cash + price x number of the fund's shares) by the number of outstanding shares/units.
This index, published by NBP, represents the performance of short-term, high-quality liquid instruments in NOK. It is designed as a reference for liquidity-focused interest rate portfolios and includes government bonds and other short-term securities.
Published by Norwegian Bond Pricing (NBP), this index collects the performance of high-yield bonds issued in the Nordic countries. It includes sub-investment grade debt from Sweden, Norway, Finland, and Denmark.
This is a short-term Norwegian government bond index from NBP, designed to reflect the returns of government bonds with an average interest period of about 0.5 years. It is denominated in Norwegian kroner (NOK).
This interest index is maintained by Norwegian Bond Pricing (NBP) and includes floating rate bonds backed by mortgages in the Norwegian market. It reflects the performance of local mortgage-backed instruments with minimal interest rate sensitivity.
The index, maintained by NBP, tracks Norwegian mortgage bonds with an average maturity of 3 years. It includes a mix of RM1, RM2, and RM3 bond types and is denominated in NOK.
This index is compiled by NBP and includes a combination of Norwegian residential mortgage bonds with floating interest rates (RM1, RM2, and RM3). It serves as a broad reference for the segment of residential mortgage bonds with floating interest rates in NOK.
Net exposure measures the difference between all long positions minus all short positions in percentage. A fund is said to have net long exposure if the long positions exceed the short positions. A net short position occurs when the short positions exceed the long positions.
Considerations that had a negative impact on the portfolio's performance during a given period.
The potential gain or price increase that an investment can provide.
To hold more of a specific asset or sector compared to the benchmark index. Indicates higher conviction or expected better performance.
Performance fee is a fee paid to the manager if the fund performs better than a predefined benchmark or target rate, often at a high level.
A legally required document that provides comprehensive information about the fund's objectives, risks, fees, investment strategy, and structure.
Rebalancing is the process of adjusting a portfolio to align 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 shares or stocks in a fund.
The benchmark index is a reference index or a combination of reference indices used to assess the profitability of a fund manager compared to a predetermined target (e.g. VINX Small Cap, MSCI World Communication Services & Information Technology). If the benchmark index is a fund management target, it must be explicitly stated in the KIID.
The difference between the fund's return and the benchmark return. A way to measure the active manager's value creation (or loss).
In general, any investment involves a risk of capital loss.
Risk in emerging markets is the risk that investment in emerging markets leads to higher volatility or losses due to political, economic, or liquidity factors.
The risk-free return, also known as the risk-free rate, is the return on an investment without the risk of economic loss, usually based on short-term government bonds. It serves as a baseline for evaluating other investments and is used in performance measures such as the Sharpe ratio.
Gross exposure is the sum of a fund's long and short positions expressed as a percentage of its assets. It reflects the total size of market exposure without taking into account hedging.
Running costs are based on 12 months of expenses that end on December 31 of the previous year. It is updated annually but can be adjusted more frequently.
The Sharpe ratio shows the fund's risk-adjusted development. 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 as a percentage (short book).
SICAV funds resemble open-end equity funds in the USA. 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.
The spread is the difference between the actuarial return on a bond and that on a risk-free loan with the same maturity. It shows the risk premium that the issuer must offer the investor to compensate for the risk associated with investing in the security. The more risky the investment, the higher the risk premium that must be offered.
SRI is a guide for the risk level of this product compared to other products. The risk of the product may be significantly higher if it is held for less than the recommended storage time.
Standard deviation or annualized volatility is a measure of historical volatility. It is calculated by comparing the average return with the average variance from that return.
The start date is the official launch date for a fund or a share class. It marks the beginning of the performance record and may be relevant for fee calculations and historical comparisons.
Exit costs are fees paid upon exiting a fund. Also called redemption fees.
Drawing is when an investor buys units or shares in a fund.
Sustainability risk is the risk that ESG-related events (environmental, social, governance) significantly reduce the value of an investment.
Swing pricing is an anti-dilution technique that protects long-term investors from direct and indirect costs associated with capital activities in the fund. The fund's long-term returns are maintained with this solution.
Systematic risk is the risk that broad market events, such as economic shocks or political instability, negatively affect all fund investments.
The fund's domicile is the country where a fund is legally registered and regulated. It establishes the legal framework under which the fund operates, including investor protection, reporting standards, and tax treatment.
TER reflects the total annual costs of managing and operating a fund, expressed as a percentage of the fund's assets, in basis points. It includes management fees, administrative costs, and other operating expenses, excluding transaction costs.
Total return represents the total return on an investment, including both capital gains and income (such as dividends or interest) over a given period. It provides a comprehensive picture of how much an investor has earned.
The volatility of the fund's excess return compared to the reference return. It quantifies how closely a manager's return pattern follows the reference index.
Transaction costs are costs associated with the purchase or sale of securities within the fund (e.g., brokerage, buy/sell 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 the marketing of investment funds throughout the EU under a unified regulation. UCITS funds are designed to offer a high level of investor protection and transparency.
SICAVs can be divided into sub-funds. This means that a SICAV can consist of different types of securities, each representing 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 easily and at low cost convert securities in one sub-fund to securities in another. The funds listed on DNB's website are all sub-funds.
Holds less of an asset or sector than the benchmark index. Used when portfolio managers have lower conviction or expect underperformance.
Delivered by NASDAQ OMX, this is a reference index for Nordic stocks with a cap weight to reduce the concentration of individual stocks. It includes large and mid-sized companies from the Nordics and reflects the return on a net return basis.
A stock index published by NASDAQ OMX, which follows the performance of small companies listed on Nordic exchanges. It includes companies from Sweden, Denmark, Finland, Norway, and Iceland, and is adjusted for free float and market capitalization.
Volatility measures the degree of fluctuations in an investment's price over time. Higher volatility indicates larger price swings and potentially higher risk, while lower volatility suggests a more stable development.
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.