DNB Fund Nordic High Yield

Classe d'actions

Opportunités de crédit dans une région connue pour sa stabilité et sa transparence

Le marché nordique des obligations à haut rendement combine un rendement attractif avec stabilité et diversification des risques. Les pays nordiques ont des économies solides, une faible dette publique et une haute stabilité politique. La Suède, la Norvège et le Danemark ont tous une note de crédit de premier ordre (AAA), et la région a déjà montré une grande résilience lors de crises financières et de pandémies. Cela crée une base robuste pour les investissements dans des obligations d'entreprises nordiques à haut rendement.

Le fonds investit dans des obligations émises par des entreprises en Norvège, en Suède, au Danemark et en Finlande, offrant une large exposition à divers secteurs tels que l'industrie, l'immobilier, la finance et la technologie. Le marché nordique des obligations à haut rendement se distingue par sa grande transparence, sa bonne qualité de crédit et sa faible sensibilité aux taux d'intérêt, car de nombreuses obligations ont un taux d'intérêt variable et une courte durée. Cela réduit les fluctuations de la valeur du fonds lorsque les taux d'intérêt changent. Le résultat est un portefeuille géré activement qui équilibre un rendement attractif avec une volatilité plus faible et une bonne qualité de crédit.

Le DNB Fund Nordic High Yield investit principalement dans des entreprises avec de bonnes bases fondamentales et des flux de trésorerie stables, en mettant particulièrement l'accent sur les obligations dans la tranche BB+ à B-. Le fonds préfère les obligations à taux d'intérêt variable et à courte durée, ce qui offre une faible sensibilité aux taux d'intérêt et une duration de portefeuille allant jusqu'à 2 ans.

Principaux domaines d'investissement:
Immobilier avec des flux de trésorerie stables, Transport et logistique, Services financiers diversifiés, Banques et institutions de crédit, État et secteur public, ainsi qu'une exposition sélective à l'industrie et à l'énergie.

Pourquoi investir dans ce fonds

Vidéos associées

Revenus fixes nordiques : Évolutions du marché au T1 et perspectives à venir

DNB Fund Nordic High Yield A (ACC) NOK

Qualité de crédit

Percentage of the portfolio rated A- or better: 10%

Normes et standards internationaux

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 Nordic High Yield A (ACC) NOK

Note moyenne

Average rating for the portfolio: BBB/BBB-

Indicateur de durabilité

The fund promotes, in addition to other considerations, environmental and social aspects through its investment strategy.

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

Credit risk: The risk that an issuer is unable to honour its debt obligations, or the fear of this risk could cause the value of their debt securities to fall. Interest rate risk: The risk that the values of fixed income securities will vary inversely with changes in interest rates. 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. 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.

Établissement de normes

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.

ISIN: LU1303785791. Bloomberg ticker: DHYRANO LX. WKN: A2AJDP

Vote

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.

Informations légales

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.

This fixed income fund aims to deliver moderate returns on the fund's investments over the medium to long term without taking undue risk. The fund invests in fixed or floating rate debt securities and other debt instruments with minimum ratings of B- or equivalent credit quality at the time of acquisition. The issuers of such debt securities are principally domiciled in the Nordic region, i.e. Norway, Sweden, Finland, Denmark and Iceland; or, while not domiciled in the Nordic region, carry out the predominant portion of their business activities in the Nordic region; or have their debt securities primarily traded in the Nordic region. 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.

Commentaires

The global energy situation continued to influence the financial markets in October. Further, a repricing of the some of the AI stocks took place, because of a shift of focus towards returns on assets in the AI sector. Credit wise, spreads of bonds issued by AI sensitive bonds widened. After an increase of interest rates globally earlier this year, rates seem to have settled, albeit at a higher level than earlier this year. In the Nordic High Yield market, spreads have widened somewhat and new issue volume has moderated, but as of now markets seems liquid and resilient. This month, the portfolio delivered an absolute return of -0.28% in EUR. Year to date, the portfolio has achieved an absolute return of 2.96% measured in EUR. The interest rate risk in the fund is 1.42 years, and the credit duration is estimated to be 2.82 years. Current yield is estimated to be 6.47% measured in EUR. Although there has been some spread widening in the global High Yield Markets in October, the widening currently seems modest and translates into higher estimated yield on the fund. We have reduced the cash exposure somewhat during October. We think current yield levels are attractive, and we think that Nordic High Yield will give a good risk adjusted return going forward.

Classification SFDR

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

Gestionnaire(s) de fonds

Anders Buvik

Lead portfolio manager

Anders is dr. oecon from Norwegian School of Economics NHH. For almost two decades he was also the supervisor of NFFs Renteanalytikerkurs, Part II.

Anders joined DNB Asset Management AS in October 2012 and has been the Lead Manager of the High Yield-mandates since the inception of the funds. He entered the Industry in 1995, at first for 11 years as partner in Ricardo Private Equity, then in DNB dealing with Bonds, Derivatives, Asset Allocation, Hedging, Risk Management, Analysis and Corporate Finance.

Gestionnaire(s) de fonds

Svein Aage Aanes

Portfolio Manager

Svein Aage holds an MSc in Economics from the Norwegian School of Economics and Business Administration and he has completed a research stay at Harvard University. Svein Aage speaks English, German and Norwegian.

Svein Aage Aanes joined DNB Asset Management in 1998. As Head of Fixed Income and FX, Svein Aage has accumulated close to 25 years experience as a Portfolio Manager. In 2000 he was assigned to head up the team. Before joining DNB Asset Management, Svein Aage was a senior economist at Den norske Bank. He began his career in 1991 as an Assistant Professor and researcher in economics at the Norwegian School of Economics and Business Administration in Bergen.

Gestionnaire(s) de fonds

Andreas Roti

Portfolio Manager

Andreas Roti has a Master of Science in Finance from Aarhus University, a Bachelor's degree in Economics from the University of Bergen and is an NFF Fixed Income Analyst.

Andreas has worked in the DNB Group since 2014, when he started as a credit analyst at DNB Bank covering customers in the shipping and offshore segment. From 2018 Andreas took up a position as portfolio manager in DNB Livsforsikring following up investments in fixed income and credit, as well as working with responsible and sustainable investments. Andreas Roti started in DNB Asset Management in 2022 as portfolio manager.

Approches ESG

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

Conditions

Subscription fee: None
Swing pricing: Yes
Liquidity: Daily
Recommended holding period: 7 years; *Same day as valuation day. **Per annum Source: DNB Asset Management
Minimum subscription: NOK 0.00
Redemption fee: None
Performance fee: None
Management fee: 0.80%
Cut-off: 13:00 CET; Conditions

Classe de risque (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.

Informations

Share class NAV: NOK 1549.63
Asset class: Fixed income fund
Use of income: Accumulating
Share class inception date: 17.01.2017
Industry focus: Across sectors
Liquidity focus: High yield
Market focus: Nordics
Fund (AuM): EUR 397.88 million
Legal status: Mutual fund (UCITS)
Share class (AuM): NOK 15.13 million
Fund index: NBP Nordic HY Aggregated Index
Domicile: Luxembourg
Fund inception date: 10.11.2015
Investment process: Fundamentally driven management

Données de durabilité

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.; Fund
ESG score (from 1 to 10): 6.44

Performance cumulative

	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	4,89 %	54,96 %	0,29 %	25,58 %	22,81 %	5,18 %
Index	5,09 %	79,12 %	0,25 %	46,21 %	30,77 %	6,12 %

Rendement annualisé

	Since launch	5 years	3 years	1 year
Fund	4,57 %	4,66 %	7,09 %	5,18 %
Index	6,12 %	7,89 %	9,35 %	6,12 %

Année civile

	Fund	Index
2025	5,94 %	9,82 %
2024	9,74 %	11,79 %
2023	3,16 %	8,64 %
2022	-0,51 %	3,98 %
2021	8,19 %	6,74 %
2020	-3,2 %	1,31 %
2019	6,71 %	11,32 %
2018	1,42 %	-2,38 %
2017	9,23 %	4,59 %

Informations sur les risques

	Fund
Number of bonds (issuers)	200(133)
Credit spread duration	2,71
Max drawdown	-23,46 %
Effective duration	1,36
Sharpe Ratio*	1,13
Volatility*	2,03 %
YTM hedged portfolio (est.)	8,47 %

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

Critères d'exclusion (filtrage négatif)

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 Nordic High Yield A (ACC) NOK: 1 549,63 (2026-11-10)
NBP Nordic HY Aggregated Index: 191,21 (2026-11-10)

Prix

DNB Fund Nordic High Yield A (ACC) NOK: 1 549,63 (2026-11-10)

Durée de taux d'intérêt

DNB Fund Nordic High Yield A (ACC) NOK: 1,36 (2026-11-10)
NBP Nordic HY Aggregated Index: 1,2 (2026-11-10)