DNB Fund Financials

Clase de acciones

Invierte en el sector financiero global.

El sector financiero es una parte fundamental de la economía mundial y facilita el crecimiento y la eficiencia. Incluye bancos, compañías de seguros y diversas empresas de servicios financieros, y representa más del 17 por ciento del índice MSCI World – solo el sector tecnológico es más grande. El sector ha sido impopular desde la crisis financiera, pero muchas empresas han fortalecido su balance, se han adaptado a regulaciones más estrictas y hoy se presentan con modelos de negocio más robustos y rentables.

La nueva tecnología crea nuevas oportunidades para los actores en el sector financiero. La digitalización permite a las empresas establecidas ofrecer servicios mejores y más eficientes, al mismo tiempo que abre la puerta a nuevos e innovadores actores que desafían los modelos de negocio tradicionales.

El fondo de acciones gestionado activamente invierte en 30–50 empresas dentro de un amplio espectro de subsector financieros. El fondo busca empresas valoradas de manera atractiva con fuertes posiciones competitivas, buen retorno sobre el capital invertido y una asignación de capital disciplinada. El fondo está clasificado como artículo 8 e integra factores ESG en el proceso de inversión.

Principales áreas de inversión:
El fondo invierte ampliamente en el sector financiero: bancos, compañías de seguros y una diversidad de empresas de servicios financieros – desde soluciones de pago, bolsas e información de servicios hasta gestión de capital, bancos de inversión y agencias de calificación – así como plataformas digitales y actores especializados en nichos dentro de la tecnología financiera.

¿Por qué invertir en este fondo?

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DNB Fund Financials 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 Financials 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 within banking, insurance and related financial activities, 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

The financial sector declined by 3.4% in September, as measured by the MSCI World Financials Index in EUR, compared with a 1.1% gain for the broader market (MSCI World, EUR). Year to date the sector has risen by 9.5%, trailing the broader market’s 15.6% return. Rates remained in focus in September. The Federal Reserve delivered its first rate hike in three years and signalled further tightening ahead. The US 10-year Treasury yield rose 50bp during the month, reaching a high of 5.3%, levels last seen in 2007. Concerns over France’s large budget deficit, combined with the approaching 2027 presidential election, pushed the French-German 10-year yield spread above 100bp on September 18 for the first time in 14 years, before ending the month at 127bp. Meanwhile, AI remained a key theme. In September, Meta launched its AI agent, MUSE, in the US market, further highlighting the potential for AI agents to reduce customer switching costs over time and put pressure on margins across areas such as bank deposits, insurance, advisory services and fee-based products. DNB Financials had a return of -4.5% in September, representing an underperformance versus benchmark of 1.1pp. The underperformance where driven by Financial Services, Banks and Payments. At the company level, the largest negative contributions came from Bank of America, UBS and Goldman Sachs. Investment banks were weak in September, with industry participants offering some muted commentary on third-quarter activity at a Financials conference in New York. While third-quarter activity is seasonally softer, we believe the recent weakness is more reflective of elevated rate volatility and some uncertainty around the timing of AI-related capital formation, rather than a deterioration in the underlying investment cycle. The financial sector has gone through more than a decade where companies have built capital, and various stress tests from regulatory authorities show that the sector is well-prepared to withstand significant shocks in the economy. Furthermore, we believe that the financial sector is attractively valued and that capital return in the form of dividends and share buybacks will support the sector. Our focus is to create good returns for the unit holders in the fund DNB Financials by investing in attractively valued companies. Favouring businesses with sustainable competitive advantages, and robust long-term value-creation profiles.

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: LU2814153792

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

Knut Bakkemyr

Lead portfolio manager

Knut holds a Master of Science in Business Administration from The Norwegian Business School BI.

Knut Bakkemyr joined DNB Asset Management in 2017. Prior to joining us Knut was an Investment Manager with Selvaag Invest for ten years from 2006, as well as an active board member in different companies during the years 2004-2017. Earlier on in his career he was an associate in the Financial Services department of PricewaterhouseCoopers, and he had an internship in First Securities.

Gestor(es) de fondos

Kjell Morten Hjørnevik

Lead portfolio manager

Kjell Morten holds a Master of Science in Economics and Business Administration from the Norwegian School of Economics (NHH) and is a Certified European Financial Analyst (EFFAS) from the same institution (NHH).

Kjell Morten joined DNB Asset Management in 1999, serving as a portfolio manager within the Global Tactical Asset Allocation team. In 2008, he transitioned to the Nordic Equities team as a portfolio manager, where his responsibilities included oversight of the financial sector. He joined the Global Finance team in 2019. Prior to joining DNB Asset Management, Kjell Morten was a manager at the Union Bank 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
Liquidity: Daily
Recommended holding period: 7 years; *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: 11:59 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 150.56
Asset class: Equity fund
Use of income: Accumulating
Share class inception date: 06.06.2024
Industry focus: Finance
Liquidity focus: Large to medium sized companies
Fund (AuM): EUR 177.30 million
Market focus: Across regions
Legal status: Mutual fund (UCITS)
Share class (AuM): EUR 0.02 million
Fund index: MSCI World Financials Index Net
Domicile: Luxembourg
Fund inception date: 06.06.2024
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 30/09/2026. *MSCI World Financials Index Net; Fund
ESG score (from 1 to 10): 7.94

Rendimiento acumulativo

	YTD	Since launch	MTD	1 year
Fund	9,96 %	50,56 %	0,77 %	18,38 %
Index	11,48 %	51,5 %	1,82 %	17,23 %

Rentabilidad anualizada

	Since launch	1 year
Fund	18,96 %	18,4 %
Index	19,27 %	17,24 %

Año calendario

	Fund	Index
2025	18,5 %	13,51 %
2024	15,54 %	19,73 %

Información de riesgo

	Rel.	Index	Fund
Number of companies	194	229	35
Alpha*	n/a	n/a	n/a
Beta*	n/a	n/a	n/a
Information Ratio*	n/a	n/a	n/a
Max drawdown	n/a	-18,22 %	-18,31 %
Sharpe Ratio*	n/a	n/a	n/a
Tracking Error*	n/a	n/a	n/a
Volatility*	n/a	n/a	n/a

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 Financials A (ACC) EUR: 150,56 (2026-10-15)
MSCI World Financials Index Net: 151,5 (2026-10-15)