DNB Fund Nordic High Yield

Aktieklass

Kreditmöjligheter i en region känd för stabilitet och transparens

Den nordiska högavkastande marknaden kombinerar attraktivt löpande avkastning med stabilitet och riskspridning. De nordiska länderna har starka ekonomier, låg statsskuld och hög politisk stabilitet. Sverige, Norge och Danmark har alla högsta kreditbetyg (AAA), och regionen har tidigare visat stor motståndskraft under både finanskriser och pandemier. Detta skapar en robust grund för investeringar i nordiska företagsobligationer med hög ränta.

Fonden investerar i obligationer utgivna av företag i Norge, Sverige, Danmark och Finland, och ger bred exponering mot en rad sektorer som industri, fastighet, finans och teknik. Den nordiska högavkastande marknaden utmärker sig med hög transparens, god kreditkvalitet och låg räntekänslighet, då många av obligationerna har rörlig ränta och kort löptid. Detta minskar svängningarna i fondens värde när räntorna ändras. Resultatet är en aktivt förvaltad portfölj som balanserar attraktiv avkastning med lägre volatilitet och god kreditkvalitet.

DNB Fund Nordic High Yield investerar huvudsakligen i företag med goda fundamentala förutsättningar och stabila kassaflöden, med särskild vikt på obligationer i segmentet BB+ till B-. Fonden föredrar obligationer med rörlig ränta och kort löptid, vilket ger en låg räntekänslighet och en portföljduration på upp till 2 år.

Huvudinvesteringsområden:
Fastigheter med stabila kassaflöden, Transport och logistik, Diversifierade finansiella tjänster, Bank och kreditinstitut, Stat och offentlig sektor, samt selektiv exponering mot industri och energi.

Varför investera i den här fonden

Relaterade videor

Kvartalsuppdatering räntor Q1-2026: Geopolitik, energipriser och nya ränteutsikter

DNB Fund Nordic High Yield A (ACC) NOK

Kreditkvalitet

Percentage of the portfolio rated A- or better: 12%

Internationella normer och standarder

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

Genomsnittligt betyg

Average rating for the portfolio: BBB

Hållbarhetsindikator

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

Dialoger

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

Standardsättning

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.

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.

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

Röstning

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.

Juridisk information

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.

Kommentarer

The Nordic High Yield market was relatively muted in September. Among key drivers were volatile oil prices and rising government rates. The primary market was active at the start of the month, but in early October the primary market seemed more selective. However, the Nordic high yield markets look firm overall, and current default rates are moderate. This month, the portfolio delivered an absolute return of -0.16% in EUR. Year to date, the portfolio has achieved an absolute return of 3.25% measured in EUR. The interest rate risk in the fund is 1.31 years, and the credit duration is estimated to be 2.58 years. Current yield is estimated to be 6.25% measured in EUR. Among other investments, we have invested in Accru Partners. After some widening in the credit spread during the month, Nordic high yield offers good prospects for an attractive return going forward. Nordic High Yield has had an impressive evolvement in the last 10-15 years and attracts Nordic as well as non-Nordic investors. Further it is our impression that the different funds in this market have healthy cash position buffers going forward. As such, we think Nordic High Yield can provide an attractive risk adjusted return going forward.

SFDR-klassificering

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

Fondförvaltare

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.

Fondförvaltare

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.

Fondförvaltare

Lene Christin Våge

Portfolio Manager

Lene holds a Master of Science in Finance from the Norwegian School of Economics and Business Administration (NHH) and a Master of Science in Insurance Mathematics from the University of Bergen (UIB).

Lene Våge joined us in 2014 as Portfolio Manager in the High Yield team. Prior to joining DNB Asset Management she worked as a risk analyst in Norges Bank Investment Management (NBIM), responsible for on cross-asset risk measuring and modelling. Lenes industry experience also includes sell side positions both in ABG Sundal Collier and Pareto Securities. Lene has accumulated experience in the industry since 2011.

ESG-tillvägagångssätt

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

Villkor

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

Riskklass (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.

Information

Share class NAV: NOK 1544.39
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 403.45 million
Legal status: Mutual fund (UCITS)
Share class (AuM): NOK 14.49 million
Fund index: NBP Nordic HY Aggregated Index
Domicile: Luxembourg
Fund inception date: 10.11.2015
Investment process: Fundamentally driven management

Hållbarhetsdata

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.; Fund
ESG score (from 1 to 10): 6.28

Periodavkastning

	YTD	Since launch	MTD	5 years	3 years	1 year
Fund	4,54 %	54,44 %	−0,16 %	25,59 %	21,72 %	5,23 %
Index	5,04 %	79,04 %	−0,24 %	46,64 %	31,35 %	6,51 %

Snittavkastning

	Since launch	5 years	3 years	1 year
Fund	4,57 %	4,66 %	6,77 %	5,2 %
Index	6,17 %	7,96 %	9,51 %	6,48 %

Årsavkastning

	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 %

Risk information

	Fund
Number of bonds (issuers)	195(131)
Credit spread duration	2,67
Max drawdown	−23,46 %
Effective duration	1,34
Sharpe Ratio*	1,02
Volatility*	2,07 %
YTM hedged portfolio (est.)	8,41 %

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

Uteslutningskriterier (negativ screening)

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

Utveckling

DNB Fund Nordic High Yield A (ACC) NOK: 1 544,39 (2026-10-12)
NBP Nordic HY Aggregated Index: 191,12 (2026-10-12)

Pris

DNB Fund Nordic High Yield A (ACC) NOK: 1 544,39 (2026-10-12)

Ränteduration

DNB Fund Nordic High Yield A (ACC) NOK: 1,34 (2026-10-12)
NBP Nordic HY Aggregated Index: 1,22 (2026-10-12)