DNB Fund Renewable Energy

Classe di azioni

DNB Fund Renewable Energy A (ACC) EUR

Voto

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.

Norme e standard internazionali

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 Renewable Energy A (ACC) EUR

Informazioni legali

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.

Indicatore di sostenibilità

The fund has sustainable investments as its main objective.

This equity fund aims to maximise the return on the fund's investments over the long term, without taking undue risk. The fund is a thematic environmental fund and invests in sustainable solution providers for a better environment, with particular focus on green energy, electrification, energy efficiency and the circular economy. 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.

Dialoghi

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

Commenti

The MSCI World ended the month up ~1.1% in EUR terms. September was dominated by a sharp global bond market sell off, as rising oil prices, persistent inflation concerns and expectations of higher for longer interest rates pushed government bond yields materially higher. The US 10-year yield rose above 5%, while European and Japanese yields also reached multi-year highs. The Fed raised interest rates by 25bps, its first hike since 2023, reinforcing the market’s reassessment of the interest rate path. At the same time, oil moved above 100USD/bbl, driven by Middle East supply/transportation risks, adding to inflation and stagflation concerns. Equities were relatively resilient despite the bond and commodity volatility, supported particularly by strong AI-related earnings and investment, although higher rates and growing concerns about AI valuations created some pressure. IPO activity also deteriorated during September, with several high-profile companies (incl. Oura, Holtec, Softbank-backed SB Energy) delaying or slowing planned listings as rising bond yields, geopolitical uncertainty and growing scrutiny of AI valuations made investors more selective. OpenAI also pushed its IPO to at least 2026, adding to concerns around the sustainability of the AI investment cycle. This month, the portfolio experienced an absolute return of -3.05% in EUR, trailing the benchmark's return of -2.42%, resulting in a relative return of -0.63%. This marks a shift from last month's positive relative performance of 1.35%. Part of the underperformance to the broader market likely being linked to the rise in global long term interest rates experienced this month. Year to date, the portfolio has achieved an absolute return of 14.45%, with a commendable relative performance against the benchmark at 4.92%. On Semi was the top contributor on the rebound in AI theme after the summer selloff. Novonesis was the main detractor, though this was not driven by any significant news. Geopolitical uncertainty and energy security remain key market themes. Europe is arguably entering a renewed energy price shock, with natural gas, electricity and diesel prices rising and potentially set to remain elevated through 2027, putting further pressure on energy-intensive industries, freight and transport. Higher fossil fuel costs strengthen both the economic and political case for electrification, supporting demand for grid infrastructure, transmission networks, energy storage, EVs and heat pumps. In the US, the Administration is struggling with high gasoline prices and general affordability concerns together with local opposition related to data centres, which implies low approval ratings going into mid-term elections in November. We initiated a position in Lennox International during the month. Lennox International is a leading North American manufacturer of HVAC and refrigeration systems, including heat pumps, air conditioners, furnaces and commercial climate-control equipment. Its high-efficiency HVAC solutions reduce building energy consumption and support electrification, decarbonisation and the transition to lower-GWP refrigerants. Our portfolio is strategically positioned with a significant overweight in Novonesis Novozymes B, reflecting a 6.7% bet against the benchmark, underscoring our confidence in its potential to drive growth and innovation. This is complemented by substantial positions in Orsted AS and IMCD NV, highlighting our focus on companies that are at the forefront of sustainable energy solutions and advanced material distribution. On the flip side, we have taken a more cautious stance with underweight positions in Lotte Energy Materials Corp, Bloom Energy Corp, and Doosan Fuel Cell Co Ltd. This balanced approach ensures that while we capitalize on emerging opportunities within the renewable energy sector, we also maintain a prudent perspective on certain segments of the market. Our allocation strategy is designed to align with our overarching investment thesis while navigating the dynamic landscape of global equities. Aggregate earnings revisions on a 12-month forward basis were positive for the fund in September. Earnings multiples contracted during the month primarily explained by share prices falling whilst estimates increased. Fund currently trades at a significant discount to the MSCI World despite higher expected earnings growth for the fund.

Definizione di standard

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: LU0302296149. Bloomberg ticker: DNBREGY LX. WKN: A0MWAL

Classificazione SFDR

SFDR classification: Article 9 The fund has sustainable investments as its main objective.

Gestore/i del fondo

Christian Bergholt Rom

Lead portfolio manager

Christian holds an MSc in Business and Economics from BI Norwegian Business School.

After about four years as an Equity Analyst in Carnegie Securities, Christian joined the company in 2010 as part of the Renewable Energy Team and in charge of the long-short and long-only renewal energy strategies in the company.

Gestore/i del fondo

Laura McTavish

Senior Analyst

MSc in Carbon Finance from the University of Edinburgh, a BA (Hons) in Business with Economics from Glasgow Caledonian University and an Executive MBA in Finance from NHH (CEFA and APM certifications).

Two years of experience from S&P Trucost and two years as an ESG Analyst within DNB AM's ESG team. She joined the DNB Miljøinvest/DNB Renewable Energy team in January 2021.

Gestore/i del fondo

Stian Melhus Ueland

Portfolio Manager

He holds a Master of Science from London Business School and a PhD from the Massachusetts Institute of Technology (MIT).

Stian joined the company in February 2021, coming from a position as a portfolio manager at Norges Bank Investment Management (NBIM). He has worked with asset management since 2015

Approcci ESG

Dialogues: Yes
ESG integration: Yes
Voting: Yes
Thematic: Yes
Exclusions: Yes
Inclusions: Yes

Condizioni

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

Classe di rischio (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.

Informazioni

Share class NAV: EUR 243.72
Asset class: Equity fund
Use of income: Accumulating
Share class inception date: 16.08.2007
Industry focus: Theme environmental
Liquidity focus: Large to medium sized companies
Fund (AuM): EUR 188.98 million
Market focus: Across regions
Legal status: Mutual fund (UCITS)
Share class (AuM): EUR 113.90 million
Fund index: WilderHill New Energy Global Innovation Index
Domicile: Luxembourg
Fund inception date: 16.08.2007
Investment process: Fundamentally driven management

Dati di sostenibilità

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. *WilderHill New Energy Global Innovation Index; Fund
ESG score (from 1 to 10): 7.53

Performance cumulativa

	10 years	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	148,66 %	16,11 %	143,72 %	1,45 %	-1,26 %	21,94 %	13,55 %
Index	85,31 %	10,16 %	21,87 %	0,57 %	-27,76 %	18,11 %	8,17 %

Rendimento annualizzato

	10 years	Since launch	5 years	3 years	1 year
Fund	9,53 %	4,76 %	-0,25 %	6,83 %	13,56 %
Index	6,36 %	1,04 %	-6,29 %	5,7 %	8,18 %

Anno solare

	Fund	Index
2025	5,84 %	25,92 %
2024	-15,18 %	-21,19 %
2023	0,15 %	-13,93 %
2022	-12,51 %	-25,28 %
2021	20,01 %	-15,4 %
2020	55,54 %	124,68 %
2019	32,99 %	42,04 %
2018	-8,74 %	-15,04 %
2017	11,8 %	12,35 %
2016	8,34 %	-3,7 %

Informazioni sui rischi

	Rel.	Index	Fund
Number of companies	55	110	55
Alpha*	2,5 %	n/a	n/a
Beta*	0,79	n/a	n/a
Information Ratio*	0,09	n/a	n/a
Max drawdown	n/a	-72,36 %	-66,28 %
Sharpe Ratio*	n/a	0,12	0,2
Tracking Error*	12,63 %	n/a	n/a
Volatility*	n/a	21,57 %	19,58 %

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

Criteri di esclusione (screening negativo)

In addition to norm-based exclusions, the fund does not invest in companies that operate within:

Tobacco (production)

Controversial weapons

Cannabis for recreational use

Pornography (production)

Alcohol ≥ 5% of revenues (production)

Conventional weapons ≥ 5% (production)

Coal ≥ 1% of revenues + Absolute criterion

Gambling ≥ 5% of revenues (production)

Oil ≥ 10% of revenues

Hydraulic fracking ≥ 5% of revenues

Oil sands ≥ 5% of revenues

Uranium mining ≥ 5% of revenues

Excluded companies

DNB's instructions for responsible investments

Power generation > 100g CO2 e/kWh ≥ 50% of revenues

Nuclear power ≥ 5% of revenues

Gas ≥ 50% of revenues

Criteri di inclusione (screening positivo)

Excluded companies

The fund invests in sustainable solution providers for a better environment, with a particular focus on the areas of green energy, electrification, energy conservation, and circular economy.

Performance

DNB Fund Renewable Energy A (ACC) EUR: 243,72 (2026-10-09)
WilderHill New Energy Global Innovation Index: 121,87 (2026-10-09)