DNB Fund Health Care

Clase de acciones

Invierte en un sector con estabilidad, innovación y relevancia global.

La salud es uno de los sectores más estables y críticos para la sociedad en la economía mundial. La demanda está impulsada por necesidades fundamentales, independientemente de los ciclos económicos, y cada vez más inversores ven el valor de una exposición a largo plazo en el sector. DNB Health Care proporciona acceso a un amplio y global universo de empresas que desarrollan soluciones para servicios de salud mejores, más eficientes y más accesibles.

Las empresas en el fondo operan en un sector impulsado por megatendencias estructurales como el envejecimiento de la población, el aumento de enfermedades relacionadas con el estilo de vida y la creciente priorización política de las inversiones en salud. El fondo invierte en áreas establecidas y emergentes dentro de fármacos, biotecnología, dispositivos médicos y servicios de salud, con un claro enfoque en la innovación y las necesidades de tratamiento futuro. Al mismo tiempo, nuevas tecnologías, como la inteligencia artificial y la automatización, se están adoptando rápidamente en la investigación, el desarrollo y el tratamiento de pacientes, lo que ofrece atractivas oportunidades de crecimiento y potencial para la creación de valor en diferentes entornos de mercado.

El fondo de acciones gestionado activamente invierte típicamente en 30–50 empresas a través de los subsegmentos del sector salud. El fondo busca empresas con buenas perspectivas de crecimiento, y una valuación y perfil de riesgo atractivos.

El proceso de inversión está estructurado y fundamentado, con un enfoque claro en la valuación y la gestión del riesgo. Los gestores identifican empresas de calidad con ventajas competitivas sostenibles y creación de valor a largo plazo, e incluyen también inversiones selectivas en empresas biotecnológicas medianas basadas en la propia experiencia sectorial de DNB.

Áreas principales de inversión: Fármacos, biotecnología, tecnología y servicios de investigación, diagnóstico, dispositivos médicos, servicios de salud e infraestructura, seguros de salud, servicios de salud digitales.

Por qué invertir en este fondo

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DNB Fund Health Care A (ACC) EUR

Votación

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.

Normas y estándares internacionales

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 Health Care A (ACC) EUR

Información legal

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.

Indicador de sostenibilidad

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 in healthcare, pharmaceuticals, medical devices, biotechnology and related sectors, 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.

Diálogos

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

Comentarios

October was a negative month for global equity markets, but a very strong month for the health care sector. Global equities declined 0.8% (MSCI World Index, measured in USD), primarily driven by weakness in communication services and technology, which fell 13% and 7%, respectively. Energy and consumer staples provided some support, gaining 13% and 11%, respectively. The health care sector also performed well, rising 9.9% (MSCI World Health Care Index, measured in USD), marking its second-best month in more than 30 years, both in absolute terms and relative to the broader market. Year to date, global equities have gained 11.3%, while the health care sector is up 16.1%. DNB Fund Health Care also delivered a strong monthly return, although it lagged the sector by 1.2 percentage points, but a weaker Euro exchange rate provided some support, resulting in a fund net return of 10.6% (measured in EUR). Year to date, the fund is up 17.3% and is 4.4pp behind the benchmark. The strong performance of the health care sector was primarily driven by large pharmaceutical and health care services companies, which gained 10-11% during the month. This reflected a rotation out of AI-related stocks and strong quarterly results from companies including Eli Lilly, AstraZeneca, Regeneron and several health insurers. Small- and mid-cap biotechnology and life sciences tools & services companies had a more subdued month, gaining 3-4%. This followed several months of strong performance, with biotech stocks up 25% over the past six months and life sciences stocks up 43%, while some disappointing clinical trial results and quarterly earnings reports also weighed on sentiment. Among the largest positive contributors to the fund's relative performance in October were several of our pharma holdings, particularly UCB, Regeneron, Roche and AstraZeneca, which gained 37%, 22%, 16% and 14%, respectively. These gains were driven by strong quarterly updates and upward revisions to earnings expectations, particularly at UCB, which significantly raised its earnings guidance for 2026. The fund also benefited from not holding Alnylam, which fell 33% during the month after the company reported weaker-than-expected growth in patient numbers for Amvuttra, raising concerns about future sales growth. Not owning Bristol Myers Squibb and GSK also contributed positively to relative performance, as both stocks underperformed the sector despite relatively solid quarterly results. Among the largest negative contributors were several of our biotech holdings, particularly Axsome Therapeutics, which fell 22% following weaker-than-expected prescription trends for Auvelity, the company's treatment for depression and agitation associated with Alzheimer's disease. Argenx declined 5% following disappointing clinical trial results in Sjögren's syndrome, while BioMarin Pharmaceutical fell 2%. The fund was also negatively affected by its overweight position in Dexcom, which declined 5% despite reporting strong quarterly results, and its underweight position in Eli Lilly, which gained 23% following a very strong earnings report. We made several changes to the portfolio during the month. We exited our position in Qiagen, which we had initiated the previous month, following the announcement that the company had entered into an acquisition agreement with private equity firm EQT at EUR 46.5 per share. We realised a gain of 16% on the investment. We also exited HCA Healthcare and re-established a position in Tenet Healthcare. Both companies operate hospitals in the US, but HCA's shares have gained 15% over the past three months and trade at a significantly higher valuation than Tenet. We also made several adjustments to our medical technology exposure ahead of the quarterly reporting season, increasing our positions in Edwards Lifesciences, Stryker, Dexcom and Intuitive Surgical, while reducing our holdings in Coloplast, Medtronic, Insulet and Siemens Healthineers. In addition, we took some profits in stocks that have performed particularly well recently and increased exposure to companies that have lagged the market. While we continuously adjust the portfolio as opportunities arise, our investment horizon remains long term. We do not attempt to predict short-term market movements, but instead focus on identifying high-quality companies with the potential to create value over time. We remain positive on the long-term outlook for the global health care sector, supported by continued innovation, demographic trends, the rising prevalence of lifestyle-related diseases and substantial investment needs in emerging economies. Our strategy is to capture the opportunities created by these structural trends while maintaining a disciplined approach to risk management.

Establecimiento de estándares

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: LU1660425346. Bloomberg ticker: DNBHCAC LX. WKN: A2DVRC

Clasificación SFDR

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

Gestor(es) de fondos

Rune Sand-Holm

Lead portfolio manager

Rune holds a Master of Science in Finance from the Norwegian Business School (BI), a Certified European Financial Analyst (CEFA) and Executive MBA in Finance / Advanced portfolio management from the Norwegian School of Economics (NHH), and an ongoing Bachelor of Science in Medicine from the Norwegian University College of Health Sciences (NHFH).

Rune joined the company in April 2020 as an Analyst within the Health Sector and Portfolio Manager. Before joining the company he was a sell-side Equity Analyst at Carnegie (2012-2014) and Nordea (2014-2020).

Gestor(es) de fondos

Benedicte Kilander Bakke

Portfolio Manager

Benedicte is a doctor of dental surgery and holds an MBA from the Norwegian School of Economics and Business Administration (NHH), Norway. She is also a certified AFA-analyst from the Norwegian School of Economics and Business Administration (NHH).

After five years in DNB Corporate Banking focusing on financing of international health care companies, Bendikte joined us in 2018 as Portfolio Manager in the Health Care team. With over 20 years previous experience from the industry in different positions in international pharmacutical and smaller biotech companies, she has also been on the board of several both listed and unlisted companies in the sector.

Gestor(es) de fondos

Anesa Mulabecirovic Sahnoun

Portfolio Manager

Anesa holds a PhD in Medicine from King's College London and the University of Bergen, as well as an Executive MBA from the Norwegian School of Economics, NUS and Bocconi. She has published more than 10 scientific articles and received the Young Investigator Award for her research.

Anesa is a trained medical doctor with more than 15 years of clinical experience from Norwegian and international hospitals. Anesa joined DNB Asset Management in 2021 and is a portfolio manager in the healthcare team. Prior to DNB, she worked as an investment analyst in a specialized healthcare Venture Capital fund. She has held leadership roles in European and Norwegian medical professional organizations, including EuroSon and EFSUMB, and serves as an expert advisor to the Research Council of Norway.

Enfoques ESG

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

Condiciones

Subscription fee: maximum 5%
Swing pricing: Yes
Recommended holding period: 7 years
Liquidity: Daily; *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: 13:00 CET; Conditions

Clase de riesgo (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.

Información

Share class NAV: EUR 21.16
Asset class: Equity fund
Use of income: Accumulating
Share class inception date: 10.10.2017
Industry focus: Health care
Liquidity focus: Large to medium sized companies
Market focus: Across regions
Fund (AuM): EUR 135.79 million
Legal status: Mutual fund (UCITS)
Share class (AuM): EUR 0.49 million
Fund index: MSCI World Health Care Index
Domicile: Luxembourg
Fund inception date: 10.10.2017
Investment process: Fundamentally driven management

Datos de sostenibilidad

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 Health Care Index; Fund
ESG score (from 1 to 10): 6.61

Rendimiento acumulativo

	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	19,74 %	111,59 %	2,12 %	39,52 %	37,65 %	27,83 %
Index	23,58 %	143,52 %	1,61 %	42,6 %	41,81 %	28,1 %

Rentabilidad anualizada

	Since launch	5 years	3 years	1 year
Fund	8,6 %	6,89 %	11,24 %	27,86 %
Index	10,3 %	7,36 %	12,35 %	28,12 %

Año calendario

	Fund	Index
2025	4,16 %	1,24 %
2024	4,98 %	7,88 %
2023	-0,83 %	0,24 %
2022	2,93 %	0,79 %
2021	29,89 %	28,9 %
2020	-8,28 %	4,14 %
2019	21,59 %	25,51 %
2018	9,56 %	7,68 %
2017	-0,24 %	-1,58 %

Información de riesgo

	Rel.	Index	Fund
Number of companies	72	111	39
Alpha*	-0,74 %	n/a	n/a
Beta*	0,99	n/a	n/a
Information Ratio*	-0,23	n/a	n/a
Max drawdown	n/a	-26,64 %	-25,06 %
Sharpe Ratio*	n/a	0,6	0,52
Tracking Error*	4,84 %	n/a	n/a
Volatility*	n/a	14,36 %	14,7 %

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

Criterios de exclusión (filtrado negativo)

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

Rendimiento

DNB Fund Health Care A (ACC) EUR: 21,16 (2026-11-10)
MSCI World Health Care Index: 243,52 (2026-11-10)