Nordea 1, SICAV Monthly Report · Security Name Country Sector Weight Naspers South Africa Consumer...

Nordea 1, SICAV

Monthly ReportJune 2017

South Africa 45.28

Egypt 15.56

Morocco 12.85

Kenya 8.94

United Kingdom 7.89

Mauritius 3.44

Tanzania, United Republic of 2.10

Nigeria 0.03

Uganda 0.02

Net Liquid Assets 3.88

Country Fund

Cumulative Fund Benchmark*

Year To Date -5.43

1 month -1.74

3 months -5.27

1 year 0.00

3 years -23.51

5 years -9.73

Since launch 13.20

Key Figures Fund Benchmark*

Annualised return in %** -8.55

Volatility in %** 13.15

Alpha in %**

Beta**

Sharpe ratio** -0.65

Correlation**

Information ratio**

Tracking error in %**

Discrete Year

STANLIB Asset Management Limited

Launch date 17/11/2008ISIN LU0390856663

Sedol B3FJZJ6

WKN A0RASM

Bloomberg ticker NAFEBPE LX

Number of holdings 50

Share class BP-EUR

Last NAV

AUM (Million EUR)

Minimum investment (EUR)

1.950Annual management fee in %

Manager

Fund Data

Maximum front end fee in % 5.00

No / No

AccumulatingFund category

Swing factor / Threshold

11.32

32.91

0

Financials 34.33

Consumer Discretionary 14.75

Consumer Staples 12.12

Telecommunication Services 11.85

Materials 10.07

Industrials 6.16

Real Estate 3.68

Health Care 1.86

Other 1.30


Sector Fund

The fund selects companies whose earnings are set to grow faster than the market and are driven by domestic economical growth. Sizes and industries differ, however focus is on large innovative companies concentrating on their core business as well as new future growth businesses. Initial allocation is foreseen to be approximately 50% invested in South-African equities and approximately 50 % in other African equities. Exposure to Pan-African equities will be increased according to market development and liquidity.

Investment Strategy

Performance in %

Security Name Country Sector Weight

Naspers South Africa Consumer Discretionary 8.92

Commercial International Bank Egypt Egypt Financials 4.60

Maroc Telecom Morocco Telecommunication Services 4.42

Safaricom Kenya Telecommunication Services 3.92

MTN Group South Africa Telecommunication Services 3.51

FirstRand South Africa Financials 3.33

Egyptian Financial Group-Hermes Holding Egypt Financials 2.88

MCB Group Mauritius Financials 2.73

Anglo American United Kingdom Materials 2.71

Sasol South Africa Materials 2.55

* No Benchmark** Annualized 3 year dataPerformances are in EUR

Fact Sheet | June 2017

Nordea 1 - African Equity Fund7654321

Risk and Reward Profile

Lower risk Higher risk

Performance (indexed at 100)

Top Holdings in %

Asset Allocation in %

Multi Assets Team


Sedol B45ZP79

WKN A1JHT2

Bloomberg ticker NMAPBIE LX


Share class BI-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



73.63

711.90

75,000

The fund uses numerous types of low-correlation investment strategies to provide dynamic exposure to multiple asset classes, within a universe consisting of a subset of equities, fixed income securities and currencies. The fund will implement the different strategies through pair trades, which combine a long position that is offset by a short position. Over time, the fund is aiming at building a market neutral portfolio. The product employs strict risk management guidelines with focus on risk-adjusted returns. It thereby offers investors a highly diversified portfolio with a high level of downside risk protection that translates into an ex-ante volatility target of 15%.

Investment Strategy

Performance in %

* Annualized 3 year data** Source: MSCI RiskManager*** for entire portfolio including derivatives**** As a % of total assetsPerformances are in EUR


Nordea 1 - Alpha 157654321




Exposure by Asset Class (%) **** Long Short Gross Net

Equity 136.00 -83.00 219.00 53.00

Fixed Income 94.00 -15.00 109.00 79.00

Currencies 122.00 -121.00 243.00 1.00

Cash and Cash Equivalents 30.00 0.00 30.00 30.00

Total 382.00 -219.00 601.00 163.00

Discrete Year

Equity 21.43

SAA Risk Balancing 21.43

X - Asset 21.43

Fixed Income 14.29

Volatility & Trading 14.29

Currency 7.14

Risk budget allocation in %

SuperStrategy

Cumulative Fund Annualized

Year To Date 8.50

1 month -1.30

3 months -1.70

1 year 5.46 5.46

3 years 28.36 8.68

5 years 46.15 7.88

Since launch 47.26 6.62

Key Figures Fund

Volatility in %* 9.26

Sharpe ratio* 0.94

Parametric VaR (20d, 99%)** 4.99

Modified Duration (in year)*** 6.74

China 33.41

India 19.40

South Korea 17.41

Taiwan 14.09

Hong Kong 5.28

Singapore 3.04

Indonesia 1.31

Philippines 1.18

Other 3.06


Country Fund


Year To Date 25.64 22.81

1 month 3.00 1.59

3 months 10.38 8.31

1 year 30.04 26.73

3 years 15.31 15.82

5 years 43.67 47.87



Annualised return in %** 4.86 5.02

Volatility in %** 16.24 15.09

Alpha in %** 0.00

Beta** 1.05

Sharpe ratio** 0.27 0.30

Correlation** 0.97

Information ratio** -0.04

Tracking error in %** 3.91

Discrete Year

Fundamental Equities


Sedol 4394226

WKN 973349

Bloomberg ticker FRTFEEI LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



23.72

138.00

0

Information Technology 40.86

Financials 19.98


Industrials 6.35

Real Estate 6.07

Health Care 5.80


Energy 1.88

Other 0.10


Sector Fund

This Sub-fund aims to preserve Shareholder’s capital and to provide an adequate rate of return on the investment by investing in Asian stocks. The Sub-fund is managed in accordance with the International Focus Equities Concept, an investment process which focuses on in-depth analysis of company fundamentals when selecting an investment target. The process seeks to identify attractively valued equities of companies with strong fundamentals. The process focuses on equities which, in the portfolio manager's view, are undervalued in relation to the company´s ability to generate cash flow over the long term.

Investment Strategy

Performance in %


Samsung Electronics South Korea Information Technology 8.25

Tencent Holdings China Information Technology 6.66

Alibaba Group Holding ADR China Information Technology 6.58

Taiwan Semiconductor Manufacturing Taiwan Information Technology 6.11

AIA Group Hong Kong Financials 4.11

Ping An Insurance Group Co of China China Financials 3.53

Housing Development Finance India Financials 3.29

Phoenix Mills India Real Estate 2.95

SK Hynix South Korea Information Technology 2.68

JD.com ADR China Consumer Discretionary 2.62

* MSCI AC Asia ex Japan - Net Return Index (Source: Datastream)** Annualized 3 year dataSince 30/10/2013, the fund is managed by the Nordea International Focus Equities Team. In the October 2013 prospectus, the Nordea 1 - Far Eastern Equity Fund has been renamed to Nordea 1 - Asian Focus Equity Fund.Performances are in USD


Nordea 1 - Asian Focus Equity Fund7654321




Top Holdings in %


China 68.84

Taiwan 19.78

Hong Kong 7.27

United States 1.03

Luxembourg 0.21


Country Fund



1 month 2.87 2.39

3 months 9.71 9.43

1 year 26.71 30.56

3 years 17.79 24.64

5 years





Alpha in %** -0.02

Beta** 0.99


Correlation** 0.98



Discrete Year



Sedol BH65Q32

WKN A1W72R

Bloomberg ticker NOCEBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



121.43

177.50

0


Financials 15.73


Health Care 10.45


Industrials 5.24

Materials 3.51

Real Estate 3.33

Other 3.85


Sector Fund

This Sub-fund aims to achieve long-term capital growth by investing in Chinese stocks (PRC, Hong Kong and Taiwan). The Sub-fund is managed in accordance with the International Focus Equities Concept, an investment process which focuses on in-depth analysis of company fundamentals when selecting an investment target. The process seeks to identify attractively valued equities of companies with strong fundamentals. The process focuses on equities which, in the portfolio manager's view, are undervalued in relation to the company´s ability to generate cash flow over the long term.

Investment Strategy

Performance in %





China Resources Pharmaceutical Group China Health Care 5.86

China Construction Bank China Financials 4.80


Dadi Early-Childhood Education Group Taiwan Consumer Discretionary 3.08

China Resources Beer Holdings China Consumer Staples 3.05


NetEase ADR China Information Technology 2.55

* MSCI Golden Dragon Index - Net Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Chinese Equity Fund7654321




Top Holdings in %



Year To Date -0.23 -0.50

1 month -0.41 -0.53

3 months -0.15 -0.41

1 year -0.99 -1.43

3 years 3.48 5.34

5 years 7.85 9.00





Average maturity 10.20

Effective Duration*** 4.84

Yield to maturity in % 0.40

Correlation** 0.95



Discrete Year

Danish Fixed Income Team


Sedol 4919856

WKN 973350

Bloomberg ticker FRTDANB LX


Share class BP-DKK

Last NAV

AUM (Million DKK)



Manager

Fund Data


No / No



378.13

126.12

0

AAA 97.07

AA

A

BBB

BB

B

CCC

<CCC

NR


Rating Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities domiciled in Denmark. The Sub-fund invests in bonds denominated in DKK. It invests in government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds with a good rating, and bonds issued by supranational institutions. The fund may further use derivative instruments to reduce risks. The fund aims to exploit market movements as well as the yield spreads between various credit risk segments.

Investment Strategy

Performance in %

Security Name Asset Type Rating Weight

Danish Government 1.75% 11-15-2025 Government Bonds AAA 29.50

Danish Government 3% 11-15-2021 Government Bonds AAA 22.59

Realkredit Danmark 1% 04-01-2018 SDRO A T Mortgage Institutions AAA 8.02

Nordea Kredit 2% 10-01-2047 SDRO 2 Mortgage Institutions AAA 7.34

Nykredit Realkredit CF 5% 07-01-2038 IO CIBOR 6M R Mortgage Institutions AAA 7.30

Danish Government 4% 11-15-2019 Government Bonds AAA 6.13

Realkredit Danmark 1% 04-01-2018 SDRO AR T Mortgage Institutions AAA 6.01

Nykredit Realkredit 2% 10-01-2047 SDO E Mortgage Institutions AAA 5.80


Realkredit Danmark 4% 10-01-2041 SDRO S Mortgage Institutions AAA 1.21

* Nordea Constant Maturity 5 Year Government Bond Index (Source: Datastream)** Annualized 3 year data*** Estimate based on the model portfolioWith effect from 6 September 2010 the benchmark changed from JPM Denmark Government Bond - Total Return Index to Nordea Constant Maturity 5 Year Government Bond Index. The fund performance prior to this date is measured in comparison to the previous benchmark used. These changes have been published in the prospectus, valid as of 6 September 2010.Performances are in DKK


Nordea 1 - Danish Bond Fund


7654321



Government Bonds 58.51

Mortgage Institutions 38.56


Asset Type Fund


Top Holdings in %

Denmark 84.68

United Kingdom 4.81


Country Fund



1 month -0.10 -0.02

3 months -0.24 -0.06

1 year -0.75 -0.22

3 years -1.64 -0.25

5 years -1.50 0.34



Annualised return in %** -0.55 -0.08



Duration in years 0.32

Yield to maturity in % -0.39

Correlation** 0.55



Discrete Year



Sedol 4339700

WKN 974177

Bloomberg ticker FRTDKRI LX


Share class BP-DKK

Last NAV

AUM (Million DKK)



Manager

Fund Data


No / No



165.18

93.39

0




Asset Type Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities denominated in DKK. The strategy is to invest mainly in DKK denominated short-term bonds and other short-term transferable debt securities listed on the Copenhagen Stock Exchange or traded in another regulated market within the OECD.

Investment Strategy

Performance in %

* Denmark Interbank 3 Month - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in DKK

Security Name Country Asset Type Weight

Nordea Kredit 2% 10-01-2017 SDRO 2 Denmark Mortgage Institutions 22.63

Nykredit Realkredit 1% 10-01-2017 SDO AR H Denmark Mortgage Institutions 20.49

Realkredit Danmark 1% 04-01-2018 SDRO AR T Denmark Mortgage Institutions 14.08

Denmark Treasury Bill 01-09-2017 Denmark Government Bonds 12.86

Realkredit Danmark 2% 01-01-2018 SDRO T Denmark Mortgage Institutions 8.67

Bank of Scotland plc. BOS 2018 United Kingdom Mortgage Institutions 4.81

DLR Kredit 2% 10-01-2017 SDO B Denmark Mortgage Institutions 4.31

Nykredit Realkredit FRN 01-01-2018 IO CIBOR 6M RO Denmark Mortgage Institutions 1.65


Top Holdings in %


Nordea 1 - Danish Kroner Reserve7654321





Year To Date 1.10

1 month -0.02

3 months 0.16

1 year 1.56

3 years 6.07

5 years 12.60

Since launch 130.88


Annualised return in %** 1.98





Correlation**

Information ratio**


Discrete Year



Sedol 5206847

WKN 986766

Bloomberg ticker FRODMBF LX


Share class BP-DKK

Last NAV

AUM (Million DKK)



Manager

Fund Data


No / No



230.88

4,725.86

0

AAA 94.92

AA 3.28

A

BBB

BB

B

CCC

<CCC

NR 0.31


Rating Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities domiciled in Denmark. Investments are made primarily in callable Danish mortgage backed bonds listed on the Copenhagen Stock Exchange. The holdings of Danish mortgage backed bonds in the Sub-fund will typically have high coupons in comparison with the general yield level of bonds with similar durations. Investments in Danish government bonds listed on the Copenhagen Stock Exchange are also permitted.

Investment Strategy

Performance in %



Realkredit Danmark 2% 10-01-2047 SDRO S Mortgage Institutions AAA 15.20

Nykredit Realkredit 2% 10-01-2047 SDO E Mortgage Institutions AAA 7.86

Nykredit Realkredit 2.5% 10-01-2047 SDO E Mortgage Institutions AAA 5.83

Swedbank Hypotek AB 3.75% 19-06-2019 Mortgage Institutions AAA 4.22

BRFkredit 2% 10-01-2047 SDO E Mortgage Institutions AAA 4.01

Danish Government 1.75% 11-15-2025 Government Bonds AAA 3.66

Stadshypotek AB 2.5% 18-09-2019 Mortgage Institutions AA 3.28

Nordea Kredit 2.5% 10-01-2047 SDRO 2 Mortgage Institutions AAA 3.22

Realkredit Danmark 2.5% 10-01-2047 SDRO S Mortgage Institutions AAA 2.77

* No Benchmark** Annualized 3 year data*** Estimate based on the model portfolioPerformances are in DKK


Nordea 1 - Danish Mortgage Bond Fund


7654321





Corporate Bonds 1.57


Asset Type Fund


Top Holdings in %

United States 24.08

United Kingdom 15.62

China 13.34

Switzerland 7.35

South Africa 6.79

India 6.66

Brazil 5.59

Spain 3.54

Other 15.28


Country Fund


Year To Date 11.65

1 month -2.26

3 months 0.27

1 year 15.33

3 years 17.92

5 years 52.00

Since launch 120.40




Alpha in %**

Beta**

Sharpe ratio** 0.48

Correlation**

Information ratio**


Discrete Year



Sedol B3FBT34

WKN A0RASQ

Bloomberg ticker NOEMBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



22.04

128.22

0




Industrials 2.64

Health Care 1.88

Real Estate 0.74


Sector Fund

The fund invests globally in companies, which are expected to benefit either directly or indirectly from the ongoing urbanisation trend and changing consumer behaviour in the emerging market economies. The aim is to select businesses that expect to generate a significant proportion of their earnings from consumers in Emerging Markets, e.g. by establishing themselves as the leading brands. Additionally the fund will focus investment around firms in developed markets that sell products and services targeted towards the marginal spending of the emerging consumer, benefiting from the expected increases in disposable income.

Investment Strategy

Performance in %



Nestle Switzerland Consumer Staples 5.52

Estee Lauder Cos United States Consumer Staples 4.90

British American Tobacco United Kingdom Consumer Staples 4.43

Procter & Gamble United States Consumer Staples 3.83

Reckitt Benckiser Group United Kingdom Consumer Staples 3.79

Colgate-Palmolive United States Consumer Staples 3.73

Industria de Diseno Textil Spain Consumer Discretionary 3.54

AMBEV Brazil Consumer Staples 3.28

China Resources Beer Holdings China Consumer Staples 3.10



Nordea 1 - Emerging Consumer Fund7654321




Top Holdings in %




1 month -0.48 -0.14

3 months 2.18 2.24

1 year 7.56 6.04

3 years 15.65 17.01

5 years 30.58 32.07








Correlation** 0.99



Discrete Year

PGIM Limited


Sedol B8972K1

WKN A1J0GT

Bloomberg ticker NEMBBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



135.05

1,605.97

0

AAA

AA 1.63

A 1.72

BBB 24.38

BB 29.23

B 29.68

CCC 5.42

<CCC

NR 3.22


Rating Fund

The fund invests into Emerging Market bonds labelled in hard currency (like USD) of sovereign and quasi-sovereigns entities. It might also opportunistically allocate to corporate and sovereign local currency bonds. The fund uses integrated bottom-up equity, sovereign, and corporate credit analysis that allow for early identification of superior businesses with greater long term potential for market re-rating.

Investment Strategy

Performance in %


Argentine Republic Governmen MULTI 31-12-2038 Government Bonds B 1.94

Iraq International Bond 5.8% 15-01-2028 Government Bonds NR 1.29

Petroleos Mexicanos 6.5% 02-06-2041 Corporate Bonds BBB 1.17

Turkey Government Internatio 6.875% 17-03-2036 Government Bonds BB 1.15

Petroleos de Venezuela SA 8.5% 27-10-2020 Corporate Bonds CCC 1.10

Egypt Government Internation 8.5% 31-01-2047 Government Bonds BBB 1.07

Hungary Government Internati 7.625% 29-03-2041 Government Bonds BBB 0.97

1MDB Global Investments Ltd 4.4% 09-03-2023 Corporate Bonds NR 0.90

Russian Foreign Bond - Eurob 12.75% 24-06-2028 Government Bonds BB 0.89

Panama Government Internatio 6.7% 26-01-2036 Government Bonds BBB 0.89

* JP Morgan Emerging Markets Bond Index Global Diversified (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Emerging Market Bond Fund


7654321






Asset Type Fund


Top Holdings in %



1 month -0.28 0.16

3 months 2.39 2.94

1 year 7.39 6.30

3 years 2.55 3.90

5 years








Correlation** 0.99



Discrete Year

PGIM Limited


Sedol B8NZT22

WKN A1J3ST

Bloomberg ticker NEBLBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



107.07

99.19

0

AAA

AA 0.63

A 16.90

BBB 22.61

BB 32.12

B 19.12

CCC 3.62

<CCC

NR 1.50


Rating Fund

This sub-fund shall invest a minimum of two-thirds of its total assets in debt securities issued by private borrowers and public authorities, which are domiciled or exercise the predominant part of their economic activity in an Emerging Market country. The fund will invest in bonds denominated in local currencies as well as in bonds denominated in hard currencies such as USD and EUR.

Investment Strategy

Performance in %


Brazil Notas do Tesouro Naci 10% 01-01-2021 Government Bonds BB 2.11

Thailand Government Bond 4.875% 22-06-2029 Government Bonds A 2.00

Mexican Bonos 8% 07-12-2023 Government Bonds A 1.77


Colombian TES 6% 28-04-2028 Government Bonds BBB 1.75

Republic of Poland Governmen 4% 25-10-2023 Government Bonds A 1.75


Malaysia Government Bond 3.8% 17-08-2023 Government Bonds A 1.38

Republic of South Africa Gov 8.25% 31-03-2032 Government Bonds BBB 1.31

Indonesia Treasury Bond 8.375% 15-03-2034 Government Bonds BB 1.26

* 50% JP EMBI GD and 50% JP GBI-EM GD (Source: Datastream)** Annualized 3 year dataOn 16 December 2016, the sub-fund Nordea 1 – Emerging Market Blend Bond Fund was renamed to Nordea 1 – Emerging Market Bond Opportunities Fund.Performances are in USD


Nordea 1 - Emerging Market Bond Opportunities Fund


7654321






Asset Type Fund


Top Holdings in %



1 month 0.16 0.20

3 months 2.08 1.98

1 year 7.00 6.81

3 years 10.15 15.12

5 years 26.26 31.10








Correlation** 0.97



Discrete Year

T. Rowe Price International Ltd


Sedol B4R0H10

WKN A1JP01

Bloomberg ticker NEMCBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



134.74

219.12

0

AAA

AA 2.52

A 5.75

BBB 22.49

BB 38.66

B 10.07

CCC 2.62

<CCC

NR 10.43


Rating Fund

This sub-fund shall invest a minimum of two-thirds of its total assets in debt securities issued in US Dollars by private borrowers, which are domiciled or exercise the predominant part of their economic activity in an Emerging Market country.

Investment Strategy

Performance in %


Banco Santander Chile 3.875% 20-09-2022 Corporate Bonds A 1.75

Banco de Bogota SA 6.25% 12-05-2026 Corporate Bonds BB 1.55

Emirates NBD Tier 1 Ltd MULTI Perpetual Corporate Bonds NR 1.51

SM Investments Corp 4.875% 10-06-2024 Corporate Bonds NR 1.42

SmarTone Finance Ltd 3.875% 08-04-2023 Corporate Bonds NR 1.41

CK Hutchison International 1 3.5% 05-04-2027 Corporate Bonds A 1.38

Grupo Aval Ltd 4.75% 26-09-2022 Corporate Bonds BB 1.32

ICTSI Treasury BV 5.875% 17-09-2025 Corporate Bonds NR 1.26

Millicom International Cellu 6% 15-03-2025 Corporate Bonds B 1.25

MTN Mauritius Investment Ltd 6.5% 13-10-2026 Corporate Bonds BB 1.25

* JPM Corporate Emerging Markets Bond Index Broad Diversified (Source: Bloomberg)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Emerging Market Corporate Bond Fund


7654321






Asset Type Fund


Top Holdings in %



1 month -0.24 -0.14

3 months 2.01 2.24

1 year 5.63 6.04

3 years

5 years



Annualised return in %**

Volatility in %**




Correlation**

Information ratio**


Discrete Year

International Fixed Income Team


Sedol BYM2VV9

WKN A142YW

Bloomberg ticker NOEHBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



111.64

146.58

0

AAA

AA 1.91

A 3.61

BBB 31.53

BB 24.49

B 25.32

CCC 3.61

<CCC

NR 2.17


Rating Fund

The fund invests in emerging markets sovereign debt, and aims to outperform its benchmark. The fund makes use of top-down asset allocation decisions inside the investment universe, bottom-up country analysis, and thematic investment themes that combine the outlook for global macro factors and country specific views. The investment team seeks to deliver positive risk-adjusted returns over a full market cycle, by employing this multi staged investment process in a consistent and risk-controlled fashion.

Investment Strategy

Performance in %


Indonesia Government Interna 8.5% 12-10-2035 Government Bonds BBB 1.28

Peruvian Government Internat 8.75% 21-11-2033 Government Bonds BBB 1.15

Honduras Government Internat 7.5% 15-03-2024 Government Bonds B 1.13

Uruguay Government Internati 7.875% 15-01-2033 Government Bonds BBB 1.11

Dominican Republic Internati 7.45% 30-04-2044 Government Bonds BB 1.09

Sri Lanka Government Interna 6.85% 03-11-2025 Government Bonds B 1.08

Serbia International Bond 7.25% 28-09-2021 Government Bonds BB 1.02

Colombia Government Internat 7.375% 18-09-2037 Government Bonds BBB 0.96

Zambia Government Internatio 8.5% 14-04-2024 Government Bonds B 0.92

Ukraine Government Internati 7.75% 01-09-2020 Government Bonds B 0.91

* JP Morgan Emerging Markets Bond Index Global Diversified (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Emerging Market Hard Currency Bond Fund


7654321






Asset Type Fund


Top Holdings in %



1 month 0.21 0.46

3 months 2.63 3.62

1 year 6.15 6.41

3 years -11.32 -8.17

5 years

Since launch -12.20 -5.57







Correlation** 0.99



Discrete Year

Nordea Intl Fixed Income Team


Sedol B8J4T12

WKN A1J3S0

Bloomberg ticker NELDBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



87.80

144.14

0

AAA 0.93

AA 0.99

A 35.71

BBB 28.37

BB 27.08

B 1.73

CCC

<CCC

NR


Rating Fund

This sub-fund shall invest a minimum of two-thirds of its total assets in debt securities issued in local currencies by sovereigns, supranational institutions, quasi sovereigns and private borrowers, which are domiciled or exercise the predominant part of their economic activity in an Emerging Market.

Investment Strategy

Performance in %


Mexican Bonos 6.5% 09-06-2022 Government Bonds A 4.71


Republic of Poland Governmen 5.75% 23-09-2022 Government Bonds A 4.29

Republic of Poland Governmen 2% 25-04-2021 Government Bonds A 2.90



Colombian TES 10% 24-07-2024 Government Bonds BBB 1.94


Malaysia Government Bond 4.16% 15-07-2021 Government Bonds A 1.66

Republic of South Africa Gov 7% 28-02-2031 Government Bonds BBB 1.65

* JP Morgan GBI Emerging Market Global Diversified (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Emerging Market Local Debt Fund


7654321






Asset Type Fund


Top Holdings in %



1 month 0.31 0.46

3 months 2.61 3.62

1 year 6.00 6.41

3 years

5 years




Volatility in %**




Correlation**

Information ratio**


Discrete Year



Sedol BYM2W16

WKN A142YQ

Bloomberg ticker NOELBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



112.90

80.12

0

AAA

AA 0.22

A 35.83

BBB 26.80

BB 28.68

B 2.24

CCC

<CCC

NR


Rating Fund

The fund invests in emerging markets sovereign debt, and aims to outperform its benchmark. The fund makes use of top-down asset allocation decisions inside the investment universe, bottom-up country analysis, and thematic investment themes that combine the outlook for global macro factors and country specific views. The investments are creating alpha from both rates and FX positions. The investment team seeks to deliver positive risk-adjusted returns over a full market cycle, by employing this multi staged investment process in a consistent and risk-controlled fashion.

Investment Strategy

Performance in %


Mexican Bonos 6.5% 09-06-2022 Government Bonds A 5.38



Republic of Poland Governmen 2.5% 25-07-2027 Government Bonds A 2.66


Turkey Government Bond 10.6% 11-02-2026 Government Bonds BB 2.39

Brazil Letras do Tesouro Nac 01-01-2020 Government Bonds BB 2.35

Turkey Government Bond 8.5% 10-07-2019 Government Bonds BB 2.28



* JP Morgan GBI Emerging Market Global Diversified (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Emerging Market Local Debt Fund Plus


7654321






Asset Type Fund


Top Holdings in %

China 26.80

South Korea 15.87

India 15.68

Taiwan 11.80

Brazil 5.73

Russian Federation 4.38

Mexico 3.21

South Africa 2.82

Other 10.36


Country Fund



1 month 2.10 1.01

3 months 9.11 6.27

1 year 28.93 23.75

3 years 7.50 3.25

5 years





Alpha in %** 0.01

Beta** 0.97


Correlation** 0.94

Information ratio** 0.24


Discrete Year



Sedol B8GL1J8

WKN A1J2H0

Bloomberg ticker NEMFBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



133.48

47.51

0


Financials 20.13


Health Care 7.37

Real Estate 5.90

Industrials 4.08


Materials 1.78

Other 2.25


Sector Fund

This Sub-fund aims to preserve Shareholder’s capital and to provide an adequate rate of return on the investment by investing in Emerging Markets stocks. The Sub-fund is managed in accordance with the International Focus Equities Concept, an investment process which focuses on in-depth analysis of company fundamentals when selecting an investment target. The process seeks to identify attractively valued equities of companies with strong fundamentals. The process focuses on equities which, in the portfolio manager's view, are undervalued in relation to the company´s ability to generate cash flow over the long term.

Investment Strategy

Performance in %












* MSCI Emerging Markets Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Emerging Markets Focus Equity Fund7654321




Top Holdings in %


Taiwan 15.64

China 15.20

South Korea 14.05

India 12.36

Brazil 7.05

South Africa 4.25

Thailand 4.07

Hong Kong 3.61

Other 21.68


Country Fund



1 month 1.29 0.78

3 months 6.30 2.63

1 year 21.32 17.03

3 years 7.51 2.44

5 years





Alpha in %** 0.02

Beta** 0.93


Correlation** 0.95



Discrete Year

Copper Rock Capital Partners, LLC


Sedol BH65JN3

WKN A1W72Z

Bloomberg ticker NEMSBSD LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



110.81

174.51

0


Industrials 16.08


Financials 13.42

Materials 10.90

Health Care 8.90

Real Estate 5.31


Other 4.96


Sector Fund

The fund invests in small-cap stocks of emerging markets companies. These companies must either be domiciled in an Emerging Market or exercise the predominant part of their economic activity in Emerging Markets. At the time of purchase, the companies must have a market capitalization between USD 100 million and USD 5 billion. The fund’s aim is to generate alpha through a bottom-up and fundamental research approach.

Investment Strategy

Performance in %


Elite Material Taiwan Information Technology 1.87

Reliance Capital India Financials 1.67

Indraprastha Gas India Utilities 1.58

China General Plastics Taiwan Materials 1.57

Bizlink Holding Taiwan Industrials 1.57

Xinyi Glass Holdings Hong Kong Consumer Discretionary 1.54

Gourmet Master Taiwan Consumer Discretionary 1.48

China Lodging Group ADR China Consumer Discretionary 1.48

Loen Entertainment South Korea Consumer Discretionary 1.47

Lonking Holdings China Industrials 1.47

* MSCI Emerging Markets Small Cap - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Emerging Markets Small Cap Fund7654321




Top Holdings in %


China 26.34

South Korea 14.69

India 14.32

Taiwan 12.45

Brazil 4.90

South Africa 3.86

United Kingdom 3.57

Mexico 3.44

Other 12.67


Country Fund



1 month 1.97 1.01

3 months 9.43 6.27

1 year 27.94 23.75

3 years 8.51 3.25

5 years 40.38 21.41

Since launch 18.24 -0.17




Alpha in %** 0.02

Beta** 0.95


Correlation** 0.94



Discrete Year



Sedol B4V3771

WKN A1JHTL

Bloomberg ticker NEMSBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



118.24

2,634.59

0


Financials 21.62


Health Care 7.21

Real Estate 4.66


Industrials 2.45

Materials 2.32

Other 1.68


Sector Fund

This Sub-fund aims to achieve long-term capital growth by investing mainly in a diversified portfolio of equity or Equities Related Securities of companies, which are domiciled or exercise the predominant part of their economic activity in the Emerging Markets. The fund is managed by the International Focus Equities Team, based in Copenhagen, focusing on fundamental bottom-up research. Alpha is generated through stock selection and by actively incorporating an ESG based analysis as part of the investment process.

Investment Strategy

Performance in %












* MSCI Emerging Markets - Net Return Index (Source: Datastream)** Annualized 3 year dataWith effect from 23 August 2016, the official reference index of the fund is MSCI Emerging Markets - Net Return Index. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI Emerging Markets - Net Return Index.Performances are in USD


Nordea 1 - Emerging Stars Equity Fund7654321




Top Holdings in %


France 18.73


United States 13.89

Germany 12.43

Norway 6.79

Denmark 5.84

Netherlands 5.59

Sweden 4.98

Other 14.89


Country Fund



1 month -0.46 -0.53

3 months 0.42 0.39

1 year 1.13 1.25

3 years 7.20 8.37

5 years 24.66 24.64








Correlation** 0.99



Discrete Year

Nordea Credit Team


Sedol B1WL966

WKN 358442

Bloomberg ticker FRTGEUR LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



47.36

735.78

0

AAA 6.00

AA 6.71

A 29.68

BBB 50.17

BB 5.18

B

CCC

<CCC

NR 0.76


Rating Fund

This Sub-fund aims to preserve the Shareholders capital and to provide an adequate rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, into corporate bonds directly or indirectly through the use of derivatives, and into other types of transferable securities and money market instruments in anticipation of up and down market movements. This Sub-fund is further using its reference index as a tool for performance comparison purposes. This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in corporate bonds with fixed coupon or fixed and contingent coupon or variable coupon. The Sub-fund shall focus on corporate bonds issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

Investment Strategy

Performance in %

* ML EMU Corporate Bonds Index (Source: Datastream)** Annualized 3 year dataOn the 30/06/2008 the Nordea 1 - Global Bond Fund (DKK), launched on the 15/09/2003, was renamed which over time has finally become Nordea 1 - European Corporate Bond Fund. On the 30/06/2008 the investment policy of the fund was also changed. Ultimately on the 05/12/2008 the base currency of the fund was changed from DKK to EUR. Hence the performance is starting the 05/12/2008, the date as of which the current structure was fully established. The NAV history prior to this date is not used for performance comparison.Performances are in EUR

Security Name Country Rating Weight

Danfoss A/S 1.375% 23-02-2022 Denmark BBB 1.98

Cooperatieve Rabobank UA 6.875% 19-03-2020 Netherlands AAA 1.88

Nasdaq Inc 3.875% 07-06-2021 United States BBB 1.76

Global Switch Holdings Ltd 5.5% 18-04-2018 United Kingdom BBB 1.66

Nykredit Realkredit A/S 1.75% 28-01-2019 Denmark AA 1.63

Bank of America Corp MULTI 07-02-2025 United States BBB 1.55

JPMorgan Chase & Co 2.625% 23-04-2021 United States A 1.53

Wesfarmers Ltd 1.25% 07-10-2021 Australia A 1.52

Statkraft AS 1.5% 21-09-2023 Norway A 1.44

Credit Agricole SA/London 1% 16-09-2024 France A 1.34


Top Holdings in %


Nordea 1 - European Corporate Bond Fund


7654321



France 17.98


United States 13.94

Germany 12.46

Norway 6.95

Denmark 6.22

Netherlands 6.00

Sweden 4.79

Other 14.17


Country Fund



1 month -0.43 -0.53

3 months 0.55 0.39

1 year 1.67 1.25

3 years 8.58 8.37

5 years 27.90 24.64








Correlation** 0.97



Discrete Year

Nordea Credit Team


Sedol B3M51F5

WKN A1H9Y6

Bloomberg ticker NEDCBIE LX


Share class BI-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



137.24

86.34

75,000

AAA 6.42

AA 7.48

A 27.99

BBB 48.88

BB 5.15

B

CCC

<CCC

NR 1.27


Rating Fund

This Sub-fund aims to preserve the Shareholders capital and to provide a return exceeding the average return of the Euro corporate bond market. The investment manager actively uses derivatives in order to enhance returns and manage risks in the Sub-fund. This Sub-fund is further using its reference index as a tool for performance comparison purposes. This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in corporate bonds, asset-backed securities and covered bonds with fixed coupon or fixed and contingent coupon or variable coupon. The Sub-fund shall focus on corporate bonds and debt instruments issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe. A maximum of 20 percent of the net assets of this Sub-fund may be invested in asset-backed securities. At the time of the investment, the securities must have a long-term rating between AAA and BBB- or equivalent by any available rating agency (S&P, Moodys and Fitch).

Investment Strategy

Performance in %

* ML EMU Corporate Bonds Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR



Cooperatieve Rabobank UA 6.875% 19-03-2020 Netherlands AAA 1.90

Global Switch Holdings Ltd 5.5% 18-04-2018 United Kingdom BBB 1.90


Bank of America Corp MULTI 07-02-2025 United States BBB 1.54

JPMorgan Chase & Co 2.625% 23-04-2021 United States A 1.50

Wesfarmers Ltd 1.25% 07-10-2021 Australia A 1.42

Statkraft AS 1.5% 21-09-2023 Norway A 1.40

RTE Reseau de Transport d'El 2.875% 12-09-2023 France A 1.31

British Telecommunications P 1.125% 10-03-2023 United Kingdom BBB 1.31


Top Holdings in %


Nordea 1 - European Corporate Bond Fund Plus


7654321



France 16.03

Italy 12.81

Spain 12.68

Norway 11.84

Denmark 10.35

Austria 10.03

Sweden 6.11

Germany 3.56

Other 13.36


Country Fund


Year To Date 0.56 -0.12

1 month -0.24 -0.45

3 months 0.32 -0.15

1 year 0.40 -0.86

3 years 9.87 5.59

5 years 26.99 17.51








Correlation** 0.94



Discrete Year

Covered Bonds Team


Sedol 5096004

WKN 986135

Bloomberg ticker FRTGRBI LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / No



12.47

910.72

0

AAA 47.30

AA 7.79

A 27.67

BBB 7.20

BB 2.77

B 4.02

CCC

<CCC

NR


Rating Fund

The fund invests a minimum of two-thirds of its total assets (after deduction of cash) in high credit quality covered bonds which are admitted for official listing on a stock exchange or traded in another regulated market within the OECD and are issued by companies or financial institutions domiciled or exercising the predominant part of their economic activities in Europe. The fund's investment philosophy builds on a quantitative and risk-based approach.

Investment Strategy

Performance in %

* Iboxx EUR Covered Bond Index (Source: Datastream)** Annualized 3 year dataWith effect from 7 March 2014 the benchmark changed from 50% Iboxx Germany + 40% Iboxx France + 10% Iboxx Spain to Iboxx EUR Covered Bond Index. The fund performance prior to this date is measured in comparison to the previous benchmark used. These changes have been published in the prospectus, valid as of 7 March 2014.In the prospectus dated 30 January 2012 the Nordea 1 - Euro Bond Fund was renamed to Nordea 1 - European Covered Bond Fund, the investment policy of the sub-fund was modified and the NAV history prior to this date is not used for performance measurement.Performances are in EUR


Banca Monte dei Paschi di Si 5% 09-02-2018 Italy A 4.61

Programa Cedulas TDA Fondo d 4.25% 10-04-2031 Spain BBB 3.48

Swedbank Hypotek AB 3.75% 19-06-2019 Sweden AAA 3.19

Swedbank Hypotek AB 1% 15-09-2021 Sweden AAA 2.91

Kommunalkredit Austria AG 2.375% 26-08-2020 Austria A 2.90

Realkredit Danmark 1% 04-01-2019 SDRO A T Denmark AAA 2.87



SR-Boligkreditt AS 0.125% 08-09-2021 Norway AAA 2.45

Cie de Financement Foncier S 0.25% 16-03-2022 France AAA 2.35


Top Holdings in %


Nordea 1 - European Covered Bond Fund


7654321



United States 24.47


France 15.22

Germany 10.41

Spain 5.72

Netherlands 5.15

Ireland 3.78

Italy 3.56

Other 14.93


Country Fund


Year To Date 1.92

1 month -0.20

3 months 1.25

1 year 4.90

3 years 9.20

5 years 27.77

Since launch 27.03




Year To First Call 4.23

Duration to worst 3.77

Yield to worst in % 2.13

Correlation**

Information ratio**


Discrete Year

Nordea Credit Team


Sedol B777BK9

WKN A1JXU3

Bloomberg ticker NECCBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



127.03

1,183.69

0

AAA

AA

A

BBB 29.59

BB 49.41

B 19.49

CCC

<CCC

NR


Rating Fund

The fund invests in the universe of high yield and investment grade bonds to take advantage of structural inefficiencies created by rating agencies. More specifically, the fund invests in European corporate bonds (excluding financials) which have, at time of purchase, a long-term rating between BBB+ and B– or equivalent by any other available rating agency such as Moodys and Fitch. The cornerstone of the strategy is to exploit credit spreads/valuation variations between the different rating buckets revealing the best risk/adjusted returns. The fund follows a bottom-up approach which results in a conservative high conviction portfolio being built based on the credits’ solid fundamentals.

Investment Strategy

Performance in %



Volkswagen International Fin MULTI Perpetual Germany BBB 2.45

International Game Technolog 4.75% 15-02-2023 United States BB 2.35

Grifols SA 3.2% 01-05-2025 Spain B 2.18

Vattenfall AB MULTI 19-03-2077 Sweden BB 1.96

La Financiere Atalian SAS 4% 15-05-2024 France B 1.84

Virgin Media Secured Finance 5% 15-04-2027 United Kingdom BB 1.84

Electricite de France SA MULTI Perpetual France BB 1.83

EDP - Energias de Portugal S MULTI 16-09-2075 Portugal B 1.81

Snam SpA 0.875% 25-10-2026 Italy BBB 1.81

Ardagh Packaging Finance PLC 2.75% 15-03-2024 Ireland BB 1.79


Top Holdings in %


Nordea 1 - European Cross Credit Fund


7654321



France 21.03

United States 15.17


Germany 11.95

Netherlands 5.95

Italy 4.91

Sweden 4.21

Switzerland 3.84

Other 17.82


Country Fund



1 month -0.50 -0.53

3 months 0.36 0.39

1 year 0.83 1.25

3 years 6.23 8.37

5 years 20.50 24.64








Correlation** 0.97



Discrete Year

Nordea Credit Team


Sedol B4N7X73

WKN A1C6BM

Bloomberg ticker EDCPBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



125.52

83.37

0

AAA 2.03

AA 10.15

A 35.35

BBB 47.32

BB 2.82

B

CCC

<CCC

NR 0.13


Rating Fund

The fund aims to preserve the shareholders capital and to provide an adequate risk-adjusted rate of return on the investment. The investment manager aims to invest the assets of the fund into Euro-denominated corporate bonds directly or indirectly through the use of derivatives, and into other types of Euro-denominated transferable securities and money market instruments in anticipation of positive and negative market movements. This sub-fund targets a limited exposure to any specific issuer or sector relative to its reference index.

Investment Strategy

Performance in %

* ML EMU Corporate Bonds Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Credit Agricole SA/London 3.125% 05-02-2026 France A 0.98

BMW Finance NV 0.5% 21-01-2020 Germany A 0.95

Credit Suisse AG/London 1% 07-06-2023 Switzerland A 0.85

Avinor AS 1.75% 20-03-2021 Norway AA 0.82


Volkswagen International Fin MULTI Perpetual Germany BBB 0.80


TOTAL SA MULTI Perpetual France A 0.78

Allianz SE MULTI Perpetual Germany A 0.77

Heathrow Funding Ltd 1.875% 23-05-2022 United Kingdom A 0.76


Top Holdings in %


Nordea 1 - European Diversified Corporate Bond Fund


7654321



Switzerland 17.71

Italy 15.52


Netherlands 9.72

Germany 9.09

Ireland 8.45

Spain 6.36

France 5.66

Other 9.26


Country Fund


Year To Date 7.93

1 month 1.38

3 months 4.28

1 year 16.01

3 years 16.05

5 years

Since launch 60.95




Year To First Call 6.33



Correlation**

Information ratio**


Discrete Year

Nordea Credit Team


Sedol B7WP9F9

WKN A1J53Z

Bloomberg ticker NEBDBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



160.95

285.33

0

AAA 0.00

AA 3.41

A 21.05

BBB 36.37

BB 28.92

B 3.21

CCC

<CCC

NR


Rating Fund

This Sub-fund aims to provide an adequate rate of return on the investment. The Sub-fund invests primarily in financial sector corporate, covered as well as Contingent Convertible bonds directly or indirectly through the use of derivatives. This Sub-fund shall invest a minimum of two-thirds of its Total Assets in bonds and credit default swaps issued by European financial institutions. This geographic requirement applies to the issuing entity itself or to the ultimate parent company of the issuing entity.

Investment Strategy

Performance in %

* No Benchmark** Annualized 3 year dataIn the prospectus dated 07 March 2014 the Nordea 1 - Euro Bank Debt Fund was renamed to Nordea 1 - European Financial Debt Fund, and the investment policy of the sub-fund has been modified.Performances are in EUR


Banca Popolare di Vicenza 2.75% 20-03-2020 Italy A 6.04

UBS Group AG MULTI Perpetual Switzerland BB 5.36

Lloyds Bank PLC MULTI Perpetual United Kingdom BB 5.05

Bank of Ireland 10% 19-12-2022 Ireland BB 4.61

Demeter Investments BV for S MULTI 15-08-2052 Switzerland BBB 4.41

BAWAG PSK Bank fuer Arbeit u 8.125% 30-10-2023 Austria BBB 4.06

Credit Agricole Assurances S MULTI Perpetual France BBB 3.59

Demeter Investments BV for Z MULTI 01-10-2046 Switzerland A 3.46

de Volksbank NV MULTI 05-11-2025 Netherlands BBB 3.27

Talanx Finanz Luxembourg SA MULTI 15-06-2042 Germany BBB 3.08


Top Holdings in %


Nordea 1 - European Financial Debt Fund


7654321




Switzerland 16.89

Germany 11.97

France 10.64

Denmark 6.66

Italy 6.04

Netherlands 4.65

Spain 4.16

Other 7.33


Country Fund



1 month -2.25 -2.48

3 months 0.90 0.68

1 year 15.28 17.96

3 years

5 years




Volatility in %**

Alpha in %**

Beta**

Sharpe ratio**

Correlation**

Information ratio**


Discrete Year



Sedol BQWJFN4

WKN A12B0W

Bloomberg ticker NEFEBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



117.04

170.46

0

Financials 21.50



Health Care 11.85

Industrials 9.85

Energy 8.65



Other 6.15


Sector Fund

This Sub-fund aims to achieve long-term capital growth by investing in European stocks. The Sub-fund is managed in accordance with the International Focus Equities Concept, an investment process which focuses on in-depth analysis of company fundamentals when selecting an investment target. The process seeks to identify attractively valued equities of companies with strong fundamentals. The process focuses on equities which, in the portfolio manager's view, are undervalued in relation to the company´s ability to generate cash flow over the long term.

Investment Strategy

Performance in %



Royal Dutch Shell United Kingdom Energy 5.32

Novartis Switzerland Health Care 5.31

SAP Germany Information Technology 4.70

Novo Nordisk B Denmark Health Care 4.14

Prudential United Kingdom Financials 4.09

Reckitt Benckiser Group United Kingdom Consumer Staples 3.99

British American Tobacco United Kingdom Consumer Staples 3.09

Swedbank A Sweden Financials 3.01

Intesa Sanpaolo Italy Financials 2.97

* MSCI Europe - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Nordea 1 - European Focus Equity Fund7654321




Top Holdings in %



United States 17.31

Luxembourg 8.22

Germany 7.01

France 6.16

Ireland 4.11

Italy 3.83

Switzerland 2.89

Other 12.42


Country Fund



1 month -0.03 0.28

3 months 2.26 2.27

1 year 10.24 10.15

3 years 15.68 15.32

5 years 55.43 53.98








Correlation** 0.93



Discrete Year

Capital Four Management A/S


Sedol B1WL8P8

WKN 529937

Bloomberg ticker NIMEHEU LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



32.61

4,300.74

0

AAA 0.86

AA

A

BBB 8.17

BB 35.76

B 40.14

CCC 2.71

<CCC 0.12

NR 2.59


Rating Fund

The fund seeks to preserve shareholder capital and to provide a return exceeding the average return of the European high-yield bond market. The fund uses its reference index as a benchmark for investment purposes. The fund invests a minimum two-thirds of its net assets in high-yield fixed-income and floating-rate debt securities that are issued by private borrowers and public authorities domiciled in Europe or predominantly active in Europe. The fund may invest up to one-third of its net assets in debt securities denominated in currencies other than the Funds base currency or which do not meet the above restrictions regarding country or geographical area, as well as in money market instruments. In addition, the fund may invest up to 10% of its net assets in equity securities. The investment manager aims to hedge non-Euro investments to Euro, this is achieved via derivatives.

Investment Strategy

Performance in %

* ML European Ccy HY Constrained - Total Return Index (EUR Hedged) (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Royal Bank of Scotland Group United Kingdom B 3.33

SFR Group SA 5.625% 15-05-2024 France B 1.73

MPT Operating Partnership LP 3.325% 24-03-2025 United States BBB 1.72

Matterhorn Telecom SA 3.625% 01-05-2022 Luxembourg B 1.68

Grifols SA 3.2% 01-05-2025 Spain B 1.68

Dufry Finance SCA 4.5% 01-08-2023 Switzerland BB 1.59

SIG Combibloc Holdings SCA 7.75% 15-02-2023 Luxembourg B 1.55

HBOS Capital Funding LP MULTI Perpetual United Kingdom BB 1.52

AA Bond Co Ltd 5.5% 31-07-2022 United Kingdom B 1.49

Alliance Automotive Finance 6.25% 01-12-2021 United Kingdom B 1.43


Top Holdings in %


Nordea 1 - European High Yield Bond Fund


7654321




France 17.25

Switzerland 14.30

Germany 11.35

Italy 8.80

Netherlands 6.53

Spain 4.94

Finland 2.24

Other 7.54


Country Fund



1 month -2.31 -3.04

3 months 3.04 1.95

1 year 23.60 22.06

3 years 34.35 32.13

5 years 93.32 103.30





Alpha in %** 0.01

Beta** 0.92


Correlation** 0.94



Discrete Year



Sedol B3LZLQ7

WKN A0RGH4

Bloomberg ticker NOSMBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



631.19

604.06

0

Industrials 26.69


Financials 10.59

Materials 9.55

Health Care 8.06



Real Estate 4.61

Other 13.37


Sector Fund

The fund taps into a potential investment universe of small and mid-size companies having a stock-market value between two and ten billion Euros (as measured at the time of acquisition), which are domiciled or exercise the predominant part of their economic activity in Europe. Additionally, the fund focuses on researching structural growth industries in order to identify companies with long term earnings power. Portfolio managers invest in market leaders within an industry and pay only for companies which stand to deliver the best Growth at Reasonable Price (GARP).

Investment Strategy

Performance in %


Clariant Switzerland Materials 3.59

Teleperformance France Industrials 3.40

RPC Group United Kingdom Materials 3.31

Orpea France Health Care 3.27

Greencore Group United Kingdom Consumer Staples 3.09

St James's Place United Kingdom Financials 3.09

Altran Technologies France Information Technology 2.99

TKH Group Netherlands Industrials 2.96

iShares STOXX Europe 600 Oil & Gas UCITS ETF DE Germany Other 2.94

Informa United Kingdom Consumer Discretionary 2.76

* Dow Jones STOXX Mid 200 - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Nordea 1 - European Small and Mid Cap Equity Fund7654321




Top Holdings in %



Denmark 13.29

Sweden 11.15

Switzerland 9.47

Germany 8.76

Italy 7.83

Netherlands 2.90

France 2.84

Other 7.42


Country Fund



1 month -2.43 -2.48

3 months 0.03 0.68

1 year 19.38 17.96

3 years 22.08 19.19

5 years 68.20 69.77





Alpha in %** 0.02

Beta** 0.89


Correlation** 0.94



Discrete Year

European Value Partners AG


Sedol 4703350

WKN 973347

Bloomberg ticker FRTIEEQ LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



59.88

1,451.84

0

Industrials 21.24



Energy 9.66

Health Care 7.56

Financials 6.14


Materials 2.20

Real Estate 1.53


Sector Fund

The fund seeks to provide durable positive absolute returns by applying a disciplined value style approach. The managers consider themselves as business rather than stock market investors. Their approach concentrates on long-term investment and not on market specific factors and short-term phenomena. This means focussing on selecting businesses that will offer upside potential with limited downside risk. The belief that certain businesses have a greater earning power forms the basis of this process. Earning power is defined as a companys ability to generate substantial discretionary free cash flow over a sustained period of time. The managers believe that only in this way can a company generate wealth for its shareholders, and provide long-term capital appreciation. Investments are made on a business by business basis, irrespective of market capitalisation, sector or industry, and only when share prices represent a significant discount to the intrinsic value of the business.

Investment Strategy

Performance in %


NKT Denmark Industrials 4.79


A.P. Moeller - Maersk B Denmark Industrials 3.59

Unilever Netherlands Consumer Staples 2.90


Ericsson B Sweden Information Technology 2.87

LVMH Moet Hennessy Louis Vuitton France Consumer Discretionary 2.84

Cie Financiere Richemont Switzerland Consumer Discretionary 2.63

Royal Dutch Shell United Kingdom Energy 2.62

Swatch Group Switzerland Consumer Discretionary 2.49

* MSCI Europe - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Nordea 1 - European Value Fund7654321




Top Holdings in %



Year To Date 0.99

1 month -0.76

3 months 0.18

1 year -0.91 -0.91

3 years 4.12 1.35

5 years



Annualised return in % 1.35

Volatility in % 2.54

Modified Duration** 3.05

Yield to Maturity in %** 0.88

Weighted Average rating** AA

Discrete Year

Multi Assets Team


Sedol B6VGVZ0

WKN A1T96A

Bloomberg ticker NGFIBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



106.16

3,298.94

0

The fund offers a robust diversification across fixed income asset classes and regions. Using active management, the fund aims to preserve capital and provide positive returns in excess of cash over an investment cycle. The objective is to build an unconstrained bond product, designed to address a constantly changing environment in the fixed income space, such as interest rates fall and rise as well as changes in credit spreads. The fund will use active currency management to mitigate risk without reducing the return expectancy.

Investment Strategy

Performance in %

* No Benchmark** Source: Nordea Investment Management AB*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesIn the December 2014 prospectus, the Nordea 1 - Global Fixed Income Alpha Fund was renamed to Nordea 1 - Flexible Fixed Income Fund.Performances are in EUR


Nordea 1 - Flexible Fixed Income Fund7654321




Security Name Weight

Australia Government Bond 5.5% 21-04-2023 8.09

ISHARES EM LOCAL GOV BND UCITS ETF 4.62

Canadian Government Bond 1.5% 01-06-2023 4.51

United States Treasury Note/ 1.75% 30-04-2022 4.31



United Kingdom Gilt 3.75% 07-09-2021 3.57

Bundesrepublik Deutschland 0.5% 15-02-2026 3.46

ISHARES JPM USD EM BND UCITS ETF 3.12


Geograph. Mod. Duration Fund

Others 1.63

United States 1.27

United Kingdom 0.42

Europe ex-UK -0.28

Total 3.05

Short Duration -33.36 %

Short Credit -2.62 %

Credit IG 3.65 %

Cash 5.06 %

Emerging Market Debt 7.71 %

Other Government Bonds 11.61 %

Covered bonds 24.59 %

High Quality Government Bonds 63.43 %

Gross exposure ****

Top Holdings in %

Rating *** Fund

AAA 84.46

AA 7.34

A 5.81

BBB 2.39

BB

B

CCC

<CCC

NR

EURO 95.26 %

Emerging Markets 1.87 %

USD 1.74 %

Developed, non EURO 1.13 %

Currency Exposure ****


Year To Date 0.88

1 month -1.01

3 months -0.12

1 year 1.58 1.58

3 years 5.86 1.92

5 years 6.08 1.19



Annualised return in % 1.92

Volatility in % 3.09

Modified Duration** 3.31

Yield to Maturity in %** 0.85

Weighted Average rating** AA

Discrete Year

Multi Assets Team


Sedol B74CWW6

WKN A1JYYS

Bloomberg ticker NCDSBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



107.69

149.19

0

This Sub-fund aims to preserve the Shareholders capital and to provide an adequate risk-adjusted rate of return on the investment. The investment manager invest the assets of the Sub-fund, within the limitations stated below, predominantly into European governmental bonds. The investment manager uses the pricing of the Credit Default Swap market as a guideline to select bonds with low credit risk. This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in bonds and interest-bearing securities issued or guaranteed by an European State, by a central, regional or local authority, by a central bank in Europe or by supranational entities such as the European Central Bank, the European Union, the European Investment Bank or the European Financial Stability Facility. This Sub-fund may invest up to one-third of its total assets in other government bonds, sovereign bonds, supranational bonds, corporate bonds, warrants on bonds and other debt instruments such as money market instruments issued by banks, insurance companies, other governments and other organisations. Such other bonds and debt instruments may be denominated in various currencies and issued by worldwide borrowers.

Investment Strategy

Performance in %

* No Benchmark** Source: Nordea Investment Management AB*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesOn December, 16th 2016 the investment policy of the sub-fund has been modified and the sub-fund was renamed from Nordea 1 – Global Short Duration Bond Fund to Nordea 1 – Flexible Fixed Income Plus Fund. The performance figures shown prior to that date were achieved under circumstances that no longer apply.Performances are in EUR


Nordea 1 - Flexible Fixed Income Plus Fund7654321




Net Equity Exposure 5.49 %

Security Name Weight




ISHARES EM LOCAL GOV BND UCITS ETF 4.54

Realkredit Danmark 1% 04-01-2018 SDRO A T 3.30

United Kingdom Gilt 2.25% 07-09-2023 3.10

ISHARES JPM USD EM BND UCITS ETF 3.05

Bundesrepublik Deutschland 0.5% 15-02-2026 3.03

Realkredit Danmark 1% 04-01-2019 SDRO A T 2.77



Others 1.64

United States 1.42

United Kingdom 0.40

Europe ex-UK -0.15

Total 3.31

Short Duration -29.19 %

Short Credit -1.54 %

Emerging Market Debt 3.32 %

Equity Beta 5.49 %

Cash 6.08 %

Other Government Bonds 11.83 %


High Quality Government Bonds 61.40 %

Gross exposure ****

Top Holdings in %

Rating *** Fund

AAA 84.89

AA 8.48

A 4.40

BBB 2.22

BB

B

CCC

<CCC

NR

EURO 96.26 %



USD 0.26 %


United States 36.42

Japan 14.51

Italy 9.88

Spain 8.04

United Kingdom 7.30

France 7.17

Germany 5.77

Poland 2.75

Other 5.94


Country Fund



1 month -1.62 -1.63

3 months -3.80 -3.80

1 year -7.27 -6.89

3 years 15.93 18.41

5 years 10.06 11.10








Correlation** 0.98



Discrete Year



Sedol 4703372

WKN 973354

Bloomberg ticker FRTGBDI LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



16.96

146.59

0

AAA 59.49

AA 16.41

A 13.82

BBB 8.04

BB

B

CCC

<CCC

NR


Rating Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by an OECD member state or companies registered in such countries. Investments are made in government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds with a good rating, and bonds issued by supranational institutions. The fund may further use derivative instrument to reduce risks. The fund aims to exploit market movements as well as the yield spreads between various credit risk segments.

Investment Strategy

Performance in %

* JP Morgan GBI Global - Total Return Index (Source: Datastream)** Annualized 3 year dataIn the March 2009 prospectus, the Nordea 1 - Global Bond Fund (EUR) has been renamed to Nordea 1 - Global Bond Fund.Performances are in EUR


United States Treasury Note/ 1.625% 15-11-2022 United States AAA 7.64

Italy Buoni Poliennali Del T 4.5% 01-02-2018 Italy A 4.33



Japan Government Ten Year Bo 1.3% 20-03-2020 Japan AA 3.19


United States Treasury Note/ 4% 15-08-2018 United States AAA 3.08


Republic of Poland Governmen 2.5% 25-07-2026 Poland A 2.75

French Republic Government B 0.000000% 25-05-2022 France AAA 2.73


Top Holdings in %


Nordea 1 - Global Bond Fund


7654321



United States 46.04

Germany 12.45

Japan 10.28

France 6.72

United Kingdom 3.66

Spain 3.47

Canada 2.77

Brazil 2.04

Other 10.26


Country Fund


Year To Date 7.23

1 month -0.98

3 months -0.37

1 year 29.88

3 years 40.49

5 years 112.48

Since launch 61.70




Alpha in %**

Beta**

Sharpe ratio** 0.80

Correlation**

Information ratio**


Discrete Year

Nordea Intl Focus Equities Team


Sedol B2Q4WQ9

WKN A0NEG2

Bloomberg ticker NOCEBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



16.17

257.70

0

Industrials 39.04

Materials 15.93


Utilities 10.66



Health Care 3.10

Real Estate 2.86


Sector Fund

This fund aims to achieve long-term capital growth through a diversified portfolio of equity or equity related investments in companies, which are expected to benefit either directly or indirectly from developments related to environmental challenges such as climate change. The fund shall invest globally and shall invest a minimum of two thirds of its total assets in equities, other equity shares such as co-operative shares and participation certificates, dividend right certificates, warrants on equities and equity rights.

Investment Strategy

Performance in %


Ecolab United States Materials 4.04

National Grid United Kingdom Utilities 3.66

Red Electrica Corp Spain Utilities 3.47

Johnson Controls International United States Industrials 3.40

Hexcel United States Industrials 2.99

Weyerhaeuser United States Real Estate 2.86

Bunge United States Consumer Staples 2.78

West Fraser Timber Canada Materials 2.77

Air Liquide France Materials 2.73

International Paper United States Materials 2.59

* No Benchmark** Annualized 3 year dataOn 23 August 2016, the sub-fund Nordea 1 – Climate and Environment Equity Fund was renamed to Nordea 1 – Global Climate and Environment Fund.Performances are in EUR


Nordea 1 - Global Climate and Environment Fund7654321




Top Holdings in %


United States 51.24

Japan 9.33

Germany 6.21

United Kingdom 6.06

Canada 4.55

France 4.49

Taiwan 3.57

Switzerland 3.33

Other 10.59


Country Fund


Year To Date 6.22

1 month 0.12

3 months 1.85

1 year 11.48

3 years

5 years

Since launch 10.19



Volatility in %**

Alpha in %**

Beta**

Sharpe ratio**

Correlation**

Information ratio**


Discrete Year

Diversified Equity Team


Sedol BYPHNJ3

WKN A2ACVV

Bloomberg ticker NOGDBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



110.19

56.07

0

Financials 15.97

Health Care 14.52




Industrials 10.21


Utilities 5.63

Other 10.91


Sector Fund

The fund invests in equities globally (with Emerging Markets exposure up to 10%) based on a quantitative, bottom-up investment process supplemented by fundamental overlay. The fund aims to outperform global equities over a full market cycle while delivering an attractive yield. The portfolio focuses on high quality and attractively valued companies that apply a capital discipline to return surplus capital to shareholders, by identifying the best “total yield” (dividend yield and share buy-backs) companies. The portfolio is well diversified (75-100 holdings) across sectors, regions and market capitalization.

Investment Strategy

Performance in %


Johnson & Johnson United States Health Care 2.31

Pfizer United States Health Care 2.03

AbbVie United States Health Care 2.01


Total France Energy 1.73

Public Service Enterprise Group United States Utilities 1.67

Dr Pepper Snapple Group United States Consumer Staples 1.61

DTE Energy United States Utilities 1.61

CVS Health United States Consumer Staples 1.60

Dow Chemical United States Materials 1.58

* No Benchmark** Annualized 3 year dataPerformances are in USD


Nordea 1 - Global Dividend Fund7654321




Top Holdings in %


United States 75.00

United Kingdom 6.12

Canada 5.24

Germany 2.05

France 1.67

Netherlands 1.49

Luxembourg 1.22

Italy 1.21

Other 2.99


Country Fund



1 month 0.63 0.46

3 months 3.82 3.55

1 year 11.92 12.60

3 years 7.29 10.54

5 years 31.45 39.77






Yield to worst in %*** 4.96


Correlation** 0.97



Discrete Year

MacKay Shields LLC


Sedol B62PCH5

WKN A1CTP3

Bloomberg ticker GLBHYBP LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



16.05

600.81

0

AAA

AA 0.72

A 0.42

BBB 9.70

BB 44.27

B 35.41

CCC 5.32

<CCC 0.63

NR 0.49


Rating Fund

The fund seeks to achieve attractive risk-adjusted return by identifying target bonds and eliminating uncompensated risk. The fund manager rigorously screens the investment universe for risk in order to quantify upside potential using bond analysis, not equity-style analysis. By targeting the sweet spot for risk compensation, the managers goal is to eliminate rather than include bonds. The underlying belief is that to deliver attractive returns it is more important to recognise which bonds not to include in the portfolio, than to focus on the ones that should be selected.

Investment Strategy

Performance in %

* BofA ML Developed Markets High Yield Constrained Index (Source: Datastream)** Annualized 3 year data*** Source: MacKay Shields LLC (preliminary numbers)With effect from 23 August 2016, the fund’s reference index changed from ML Global High Yield Constrained - Total Return Index to BofA ML Developed Markets High Yield Constrained Index. The fund performance prior to this date is compared to the previous reference index used.”Performances are in USD


ArcelorMittal 7.5% 15-10-2039 France BB 1.36

Sprint Capital Corp 8.75% 15-03-2032 United States B 1.15

Icahn Enterprises LP / Icahn 6% 01-08-2020 United States BB 1.04

Telecom Italia Capital SA 6.375% 15-11-2033 Italy BB 0.92

Ally Financial Inc 8% 01-11-2031 United States BB 0.90

Huntsman International LLC 4.875% 15-11-2020 United States B 0.83

Dell International LLC / EMC 8.35% 15-07-2046 United States BBB 0.83

First Data Corp 7% 01-12-2023 United States B 0.83

Altice Luxembourg SA 7.75% 15-05-2022 Luxembourg B 0.82

Hartford Financial Services FRN 12-02-2047 United States BBB 0.81


Top Holdings in %


Nordea 1 - Global High Yield Bond Fund


7654321



United States 52.18

United Kingdom 8.69

Germany 5.72

France 5.09

Denmark 3.85

Ireland 2.62

Taiwan 2.55

Japan 2.48

Other 16.51


Country Fund



1 month 0.94 0.45

3 months 6.77 4.27

1 year 18.67 18.78

3 years

5 years




Volatility in %**

Alpha in %**

Beta**

Sharpe ratio**

Correlation**

Information ratio**


Discrete Year

Fundamental Equities Team


Sedol BYPHNR1

WKN A2ACVN

Bloomberg ticker NGIEBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



112.50

26.06

0

Health Care 17.65



Industrials 14.72

Financials 14.35


Materials 2.82

Real Estate 2.58

Energy 1.90


Sector Fund

The fund is a bottom-up driven long only equity fund with a global scope. On top of the fundamental bottom-up stock picking the fund has portfolio construction and risk management overlays to align the portfolio with the portfolio managers’ top-down views. The fund is benchmark agnostic, although the MSCI All Country World Index can be used for performance comparison purpose and deviation from the index could be large from time to time. The portfolio does not have market capitalisation constraint, but the portfolio may generally consist of companies with a market cap of USD 3-10 billion. The fund will mainly invest in growth/quality companies which possess a clear sustainable competitive advantage. The remaining part of the portfolio is open to invest in more opportunistic ideas and the resulting portfolio will consist of 50-60 holdings.

Investment Strategy

Performance in %



Rotork United Kingdom Industrials 3.13

Globus Medical United States Health Care 2.96

Philip Morris International United States Consumer Staples 2.93



Kerry Group Ireland Consumer Staples 2.62

Autoliv United States Consumer Discretionary 2.62

Jones Lang LaSalle United States Real Estate 2.58


* MSCI All Country World - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Global Ideas Equity Fund7654321




Top Holdings in %



Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch

Statistical Information *** Fund

Beta 0.03

Long Positions 88.00

Short Positions 97.00

Discrete Year

ClariVest Asset Management LLC


Sedol BYMP9J2

WKN A2ATHS

Bloomberg ticker NOGLBPU LX

Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data

Maximum front end fee in % 5.00 10.00


Performance Fee in %

102.87

21.39

0

The fund is a global long short equity portfolio which aims to provide a return of 5%-8% p.a. gross of fees over a full market cycle with a volatility of 5%-8% p.a. The portfolio aims to be close to beta neutral (+/- 0.1) with a low net exposure (0%-20%). The investment philosophy is largely anchored in the academic findings of behavioural finance. The fund follows a fundamentally based, bottom-up investment process that seeks to minimise uncompensated risk. By investing long in securities around the globe experiencing unexpected earnings growth, and conversely short selling companies around the globe experiencing unexpected earnings contractions, the team expects to add value on both the long and short sides via stock selection.

Investment Strategy

Performance in %

* No Benchmark** Annualized 3 year data*** Source: ClariVest Asset Management LLCPerformances are in USD


Nordea 1 - Global Long Short Equity Fund - USD Hedged7654321



Due to local regulatory restrictions, we are not allowed to show performance on share classes less than 1 year old.


Equity Exposure (%) *** Long Short Gross Net

Equity 70.48 -68.71 139.19 1.77

Top Ten Countries (%) *** Long Short

United States 49.67

China 7.33 -7.61

United Kingdom 2.31 -3.65

Japan 1.85 -1.76

Australia 1.13 -1.09

Thailand 1.13

France 1.10

Germany 1.09

Sweden 0.96

Malaysia 0.95

United States Of America -47.11

Hong Kong -1.60

Finland -1.28

Italy -1.14

Taiwan -0.80

Mexico -0.77

Sectors (%) *** Long Short

Consumer Discretionary 19.44 -18.23

Industrials 16.47 -9.72

Information Technology 16.32 -12.10

Financials 5.87 -9.37

Health Care 3.52 -4.86

Consumer Staples 3.32 -6.70

Real Estate 1.80 -1.49

Utilities 1.68 -2.05

Energy 1.19 -2.95

Materials 0.89 -0.57

Telecommunication Services 0.00 -0.68


Volatility in %**

Sharpe ratio**

United States 63.29

Switzerland 7.44

China 5.99

United Kingdom 5.21

Sweden 4.12

Hong Kong 4.02

Canada 1.90

Belgium 1.80

Other 2.64


Country Fund



1 month -0.21 -0.96

3 months 1.08 -2.22

1 year 18.58 15.70

3 years 40.34 38.24

5 years





Alpha in %** -0.01

Beta** 1.10


Correlation** 0.93



Discrete Year

Loomis, Sayles & Company, L.P


Sedol BGY6X73

WKN A1W729

Bloomberg ticker NGLBPEU LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



149.45

116.83

0

Financials 23.43



Industrials 9.69

Health Care 7.76


Materials 6.03

Energy 1.94


Sector Fund

The fund invests in equities worldwide in accordance with a bottom-up driven investment process which is designed to identify opportunities through fundamental research, as well as understand the drivers of value for the companies within the investable universe. The fund applies a high conviction approach resulting in a concentrated portfolio with a high active share. Stock picking should be the principal alpha driver of the fund. In the long run, the fund aims to outperform the MSCI All Country World – Net Return Index

Investment Strategy

Performance in %



Facebook United States Information Technology 4.61

Sherwin-Williams United States Materials 4.34

Roper Technologies United States Industrials 4.31



Marriott International United States Consumer Discretionary 4.00

UnitedHealth Group United States Health Care 3.43

Alphabet United States Information Technology 3.19

Legal & General Group United Kingdom Financials 3.15

* MSCI AC World - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Nordea 1 - Global Opportunity Fund7654321




Top Holdings in %


United States 60.44

Germany 10.07

United Kingdom 9.11

France 5.90

Japan 2.43

Netherlands 2.38

South Korea 2.20

Italy 2.13

Other 3.16


Country Fund



1 month -1.02 -1.03

3 months -1.17 -2.45

1 year 13.44 15.13

3 years 37.71 39.91

5 years 78.26 90.76





Alpha in %** -0.02

Beta** 1.15


Correlation** 0.96



Discrete Year



Sedol B64HF14

WKN A0RDXL

Bloomberg ticker NORGLPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



20.34

315.31

0


Financials 16.37

Health Care 13.72


Industrials 11.73


Energy 5.52


Materials 1.43


Sector Fund

The fund follows a disciplined investment process based on fundamental approach, which combines quantitative and qualitative research. The focus is on finding the winners within various industries and also the factors that drive their growth and profitability. The fund invests globally in competitive and dynamic companies which exhibit attractive valuation and predictability. The fund has a long term investment horizon and avoids companies with operational or financial risks.

Investment Strategy

Performance in %




Cisco Systems United States Information Technology 4.86

Visa United States Information Technology 4.59

Pfizer United States Health Care 4.42

Starbucks United States Consumer Discretionary 4.37

Varian Medical Systems United States Health Care 4.20

Diageo United Kingdom Consumer Staples 4.20

Citigroup United States Financials 3.72


* MSCI World - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Nordea 1 - Global Portfolio Fund7654321




Top Holdings in %


United States 50.74

Japan 10.98

Hong Kong 8.95

United Kingdom 7.52

Germany 5.01

France 3.32

Austria 2.49

Spain 2.44

Other 7.61


Country Fund



1 month 0.86 0.74

3 months 5.90 2.71

1 year 4.95 0.21

3 years 13.09 11.41

5 years 42.84 43.58





Alpha in %** 0.01

Beta** 0.91


Correlation** 0.97



Discrete Year

Cohen & Steers Capital Mgmt Inc


Sedol B4QX635

WKN A1JREV

Bloomberg ticker NGREBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



158.31

713.73

0

Real Estate 93.34



Sector Fund

This Sub-funds investment objective is to achieve long-term capital growth by investing globally in equity securities of companies that are engaged principally in the real estate industry.

Investment Strategy

Performance in %


Essex Property Trust United States Real Estate 4.04

HCP United States Real Estate 3.94

Cheung Kong Property Holdings Hong Kong Real Estate 3.27

Sun Hung Kai Properties Hong Kong Real Estate 3.11

UDR United States Real Estate 3.10

Sumitomo Realty & Development Japan Real Estate 3.00

Deutsche Wohnen Germany Real Estate 2.96

Sun Communities United States Real Estate 2.90

Kilroy Realty United States Real Estate 2.84

Red Rock Resorts United States Consumer Discretionary 2.67

* FTSE EPRA/NAREIT Developed - Net Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Global Real Estate Fund7654321




Top Holdings in %


United States 53.02

Japan 10.87

United Kingdom 8.38

Germany 3.47

Hong Kong 2.83

Italy 2.60

Australia 2.44

France 1.82

Other 10.69


Country Fund



1 month 1.95 1.56

3 months 3.40 4.25

1 year 19.32 20.90

3 years 11.28 18.24

5 years





Alpha in %** -0.01

Beta** 0.84


Correlation** 0.92



Discrete Year

Thompson, Siegel & Walmsley LLC


Sedol BKSZZ78

WKN A1XFPE

Bloomberg ticker NOGSPOT LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



113.64

370.67

0



Industrials 13.18

Financials 11.76


Materials 6.19

Real Estate 5.85

Health Care 5.09

Other 9.91


Sector Fund

The fund invests globally and shall invest a minimum of two-thirds of its Total Assets worldwide in equities and Equities Related Securities which have a market capitalization (at the time of purchase) between USD 200 million and USD 10 billion or are included in the benchmark of the sub- fund. The fund is managed in accordance with an investment process which is designed to identify companies - through a bottom-up fundamental research approach - that are mispriced and possess factors that can close the gap between the market price and intrinsic value.

Investment Strategy

Performance in %


United Natural Foods United States Consumer Staples 2.08

Antero Resources United States Energy 1.91

ARRIS International United States Information Technology 1.82

Gaming and Leisure Properties United States Real Estate 1.78

AES United States Utilities 1.72

Uniti Group United States Real Estate 1.72

Blackhawk Network Holdings United States Information Technology 1.65

AMC Networks United States Consumer Discretionary 1.62

Compass Minerals International United States Materials 1.57

News United States Consumer Discretionary 1.56

* MSCI World Small Cap Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Global Small Cap Fund7654321




Top Holdings in %


United States 59.88

Japan 11.16

United Kingdom 5.91

France 3.58

Canada 3.56

Italy 2.24

Netherlands 2.04

Hong Kong 1.97

Other 9.22


Country Fund


Year To Date 0.99

1 month -1.16

3 months -2.98

1 year 5.08

3 years 43.39

5 years 86.44

Since launch 134.44




Alpha in %**

Beta**

Sharpe ratio** 1.15

Correlation**

Information ratio**


Discrete Year

Stable Equities / Multi Assets Team


Sedol B1WL9H7

WKN 591135

Bloomberg ticker UGBLEQP LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



20.49

2,795.96

0

Health Care 24.61





Industrials 8.02

Financials 7.04

Utilities 5.75

Other 8.18


Sector Fund

The fund applies a unique process to construct a portfolio of boring equities with stable returns based on an objective, computer driven, quantitative stock screening model. The process identifies companies that operate in established lines of business, generating consistently stable earnings, dividends, cash flows, etc. This stability helps dampen price volatility of such companies stocks, making them less risky than the broader market. There is also a high degree of portfolio diversification with 100 to 150 stocks typically making up the portfolio, thereby adding a further layer of stability. The goal then is to offer investors the benefits of long-term return opportunities in the global equity markets, without the risk of significant capital losses in the short to medium term as is the case with conventional hot stocks.

Investment Strategy

Performance in %



Nippon Telegraph & Telephone Japan Telecommunication Services 2.56

Amgen United States Health Care 2.54

Zimmer Biomet Holdings United States Health Care 2.49

KDDI Japan Telecommunication Services 2.41

Walgreens Boots Alliance United States Consumer Staples 2.24

Cognizant Technology Solutions United States Information Technology 2.21

Laboratory Corp of America United States Health Care 2.19

Verizon Communications United States Telecommunication Services 2.07


* No Benchmark** Annualized 3 year dataIn the prospectus dated 15 January 2010, the Nordea 1 - Global Core Equity Fund was renamed to Nordea 1 - Global Stable Equity Fund - Unhedged; the investment policy of the sub-fund was modified and the NAV history prior to this date is not used for performance measurement.In the March 2016 prospectus, the Nordea 1 - Global Stable Equity Fund – Unhedged has been renamed to Nordea 1 - Global Stable Equity Fund.Performances are in EUR


Nordea 1 - Global Stable Equity Fund7654321




Top Holdings in %


United States 56.65

Japan 10.56

United Kingdom 5.60

Canada 3.38

France 3.37

Italy 2.13

Netherlands 1.93

Hong Kong 1.88

Other 8.75


Country Fund


Year To Date 5.95

1 month 0.00

3 months 1.60

1 year 7.14

3 years 25.83

5 years 76.11

Since launch 71.00




Alpha in %**

Beta**

Sharpe ratio** 0.95

Correlation**

Information ratio**


Discrete Year



Sedol B1LCPM8

WKN A0LGS7

Bloomberg ticker NORSBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



17.10

1,817.78

0

Health Care 23.10





Industrials 7.57

Financials 6.69

Utilities 5.42

Other 7.65


Sector Fund

The fund applies a unique process to construct a portfolio of equities with stable returns based on an objective, computer driven, quantitative stock screening model. The process identifies companies that operate in established lines of business, generating consistently stable earnings, dividends, cash flows, etc. This stability helps dampen price volatility of such companies stocks, making them less risky than the broader market. There is also a high degree of portfolio diversification with 100 to 150 stocks typically making up the portfolio, thereby adding a further layer of stability. The goal then is to offer investors the benefits of long-term return opportunities in the global equity markets, without the risk of significant capital losses in the short to medium term as is the case with conventional hot stocks. At least 90% of the portfolio currency risk will be hedged against the Base Currency of the Sub-fund (EUR).

Investment Strategy

Performance in %



Nippon Telegraph & Telephone Japan Telecommunication Services 2.45

Amgen United States Health Care 2.44


KDDI Japan Telecommunication Services 2.32

Walgreens Boots Alliance United States Consumer Staples 2.15

Cognizant Technology Solutions United States Information Technology 2.13

Laboratory Corp of America United States Health Care 2.08

Verizon Communications United States Telecommunication Services 1.99




Nordea 1 - Global Stable Equity Fund - Euro Hedged7654321




Top Holdings in %


United States 50.70

United Kingdom 7.89

Germany 6.72

France 5.56

Ireland 3.34

Japan 3.09

Netherlands 2.98

Switzerland 2.98

Other 13.25


Country Fund



1 month 0.56 0.45

3 months 6.49 4.27

1 year 15.31 18.78

3 years

5 years




Volatility in %**

Alpha in %**

Beta**

Sharpe ratio**

Correlation**

Information ratio**


Discrete Year



Sedol BYQPXR4

WKN A2AJ9F

Bloomberg ticker NOGSBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



114.69

22.42

0


Health Care 16.03

Financials 14.75

Industrials 13.88



Materials 3.71

Real Estate 2.12


Sector Fund

The fund is a global, long only equity fund which aims to generate a sustainable outperformance of 3% p.a. compared to the MSCI World AC – Net Return Index. The portfolio follows a bottom-up stock selection approach and invests in companies with a sustainable competitive advantage, which allows them to deliver high and stable returns. The management team aims to invest in companies exposed to change which should allow them to grow over a 5-7 year investment horizon. The fund has a strong ESG (environmental, social and governance) bias, with the aim of investing in companies with well managed ESG profiles and/or that contribute to solutions relating to global ESG challenges.

Investment Strategy

Performance in %




Kerry Group Ireland Consumer Staples 3.34

Varian Medical Systems United States Health Care 3.32


Nabtesco Japan Industrials 3.09

Autoliv United States Consumer Discretionary 3.05

ING Groep Netherlands Financials 2.98



* MSCI All Country World - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Global Stars Equity Fund7654321




Top Holdings in %


Characteristics since inception in % Fund

Performance 19.42

Performance p.a. 1.93

Volatility 9.27

Worst month -6.30

Best month 7.46

Maximum drawdown -22.91

Maximum profitless period (in months) 19m


Year To Date 1.01

1 month -2.28

3 months -1.08

1 year -2.94

3 years -1.67

5 years 18.33

Since launch 19.42

Metzler Asset Management GmbH


Sedol B2Q4WY7

WKN A0NDW9

Bloomberg ticker NOHLAPE LX


Share class AP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


20.00

DistributingFund category


58.74

87.50

0

Top long and top short positions

SHORT LONGEquity (in %)

FTSE/JSE TOP 40 A.S.I.FU.

-0.98

IBOVESPA INDEX FUTURES

-0.39

10.71 SMI-FUTURES (REV. KONTR.)

10.10 E-MINI NASDAQ 100 FUTURES

Bonds (Duration in Year)

THREE-YEAR TREAS. BD FUT.

-1.12

10-YR CANADIAN GOV.BD.FU.

-0.66

0.74 EURO-BUND-FUTURE

0.67 10-YR JAP. GOV. BOND FUT.

Forex (in %)

JPY -20.32

USD -15.99

5.31 MXN

4.35 PLN

The fund takes advantage of climbing (long) and falling (short) prices across some a wide range of equity, fixed income and currency markets worldwide. This is done via an innovative, prognosis-free quantitative system based on mathematical algorithms. These indicate, on a daily basis, how many long or short positions should be taken in the various markets, relying on the recent price trends. As a result positive returns can be achieved under any market conditions, independently from forecasts or market opinions, and with risk tempered by the diversification across several different markets.

Investment Strategy

Performance in %

* No Benchmark** Calculation based on the AP-EUR share class.Performances are in EUR


Nordea 1 - Heracles Long/Short MI Fund7654321




Rolling volatility in %

Correlation to Heracles since inception ** Fund

EMU Corporate Total Return Index -0.06

HFRI Fund Weighted Composite (EUR) -0.15

JPM GBI Global (EUR hedged) 0.42

MSCI World (EUR) -0.06

UBS Bloomberg CMCI Composite EUR TR -0.09

Performance Contribution by Asset class in % Risk Breakdown by Asset Class (Ex ante) in %

India 93.96


Country Fund



1 month 0.29 -0.78

3 months 3.58 2.91

1 year 25.03 17.85

3 years 25.41 13.71

5 years





Alpha in %** 0.04

Beta** 0.90


Correlation** 0.94



Discrete Year

ICICI Prudential Asset Mgmt Co Ltd


Sedol B86SRQ8

WKN A1J04M

Bloomberg ticker NOINBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



170.14

405.05

0

Financials 20.77


Health Care 10.65

Utilities 10.10


Materials 8.65


Industrials 5.98

Other 10.78


Sector Fund

The fund shall invest a minimum two thirds of its total assets in equity and equity related securities issued by companies, which are domiciled or exercise the predominant part of their economic activity in India. It may also invest in equity arbitrage, debt, money market instruments (to the extent permitted) for defensive considerations. It actively uses derivatives (index futures) with an endeavor to reduce volatility and to protect downside of the fund. The fund aims to provide opportunity to capture the potential of the Indian equity markets at a nascent stage of the country’s evolution cycle.

Investment Strategy

Performance in %


Power Grid Corp of India India Utilities 5.65

ICICI Bank India Financials 5.40

Infosys India Information Technology 5.02

Bharti Airtel India Telecommunication Services 4.28

HCL Technologies India Information Technology 3.77

Tata Steel India Materials 3.43

HDFC Bank India Financials 3.23

Cipla India Health Care 3.10

State Bank of India India Financials 2.82

Tata Chemicals India Materials 2.70

* MSCI India 10/40 - Net Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - Indian Equity Fund7654321




Top Holdings in %




1 month 0.13 0.09

3 months 2.36 2.08

1 year 12.87 12.37

3 years 7.89 10.93

5 years








Correlation** 0.97



Discrete Year

Aegon USA Investment Management, LLC


Sedol B7R52Z5

WKN A1KAC5

Bloomberg ticker NIHYBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



122.14

189.21

0

AAA

AA 0.21

A

BBB 6.12

BB 36.84

B 41.73

CCC 6.69

<CCC 0.36

NR 1.67


Rating Fund

The fund invests worldwide into High Yield Bonds issued by companies. The fund seeks to achieve attractive risk-adjusted return by using a fundamental and research driven approach to investing in the high yield investment universe. Traditional and distressed credit analysis is the driver of the investment process and is at the core of the portfolio construction. The distressed credit analysis helps evaluate opportunities in the lower quality portion of the high yield market where dislocations may occur.

Investment Strategy

Performance in %


Univision Communications Inc 6.75% 15-09-2022 Corporate Bonds BB 1.14

Petrobras Global Finance BV 5.375% 27-01-2021 Corporate Bonds BB 0.93

UniCredit SpA MULTI 19-06-2032 Corporate Bonds BB 0.89

GMAC Capital Trust I MULTI 15-02-2040 Corporate Bonds B 0.87

Hughes Satellite Systems Cor 7.625% 15-06-2021 Corporate Bonds BB 0.86

Valeant Pharmaceuticals Inte 4.5% 15-05-2023 Corporate Bonds B 0.82

Ziggo Secured Finance BV 5.5% 15-01-2027 Corporate Bonds BB 0.80

MGM Resorts International 6.625% 15-12-2021 Corporate Bonds BB 0.78

Scientific Games Internation 10% 01-12-2022 Corporate Bonds B 0.73

HCA Inc 7.5% 15-02-2022 Corporate Bonds B 0.72

* ML Global High Yield Constrained - Total Return Index (USD Hedged) (Source: Datastream)** Annualized 3 year dataWith effect from 7 September 2015 the benchmark changed from Merrill Lynch Global High Yield Constrained to Merrill Lynch Global High Yield Constrained hedged USD. The fund performance prior to this date is measured in comparison to the previous benchmark used.Performances are in USD


Nordea 1 - International High Yield Bond Fund - USD Hedged


7654321




Open Bond Funds 1.42



Asset Type Fund


Top Holdings in %

Brazil 56.00

Mexico 31.57

Chile 7.58

Peru 1.68

Colombia 1.05

Argentina 0.58


Country Fund



1 month -1.34 -0.76

3 months -8.92 -7.85

1 year 12.92 12.02

3 years -9.64 -2.26

5 years -3.73 -7.91





Alpha in %** -0.03

Beta** 0.91

Sharpe ratio** -0.15 -0.03

Correlation** 0.96



Discrete Year

Itaú USA Asset Management Inc.


Sedol B23S383

WKN A0MWQF

Bloomberg ticker NLABPEU LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



10.31

79.03

0

Financials 29.72

Materials 16.84


Industrials 8.80

Energy 7.63


Utilities 5.70


Other 3.68


Sector Fund

The fund aims to outperform the MSCI LatAm 10/40 Index over a three year period through an active top-down and bottom-up, fundamentally oriented investment approach combined with local market insights. The top-down analysis mainly determines country allocation, while the bottom-up analysis has a greater impact on stock picking inside a given country. The most important source of excess return will be stock-picking. The fund is not restricted to stocks which can be qualified as either value or growth. It has a target excess return of 3% per annum above the benchmark and an ex-ante tracking error of ± 6% per annum. The portfolio will hold on average 40-60 stocks, with no short selling allowed. The manager seeks to remain fully invested with a max cash position of 5% although usually this figure will be less than 2%.

Investment Strategy

Performance in %


Fomento Economico Mexicano ADR Mexico Consumer Staples 5.60

Grupo Financiero Banorte Mexico Financials 5.01

Itau Unibanco Holding Brazil Financials 3.99

BM&FBovespa SA - Bolsa de Valores Mercadorias e Fu Brazil Financials 3.75

Banco Bradesco Brazil Financials 3.51

Petroleo Brasileiro ADR Brazil Energy 3.42

America Movil ADR Mexico Telecommunication Services 3.39

Itau Unibanco Holding ADR Brazil Financials 3.09

Mexichem Mexico Materials 2.46

Grupo Cementos de Chihuahua Mexico Materials 2.30

* MSCI EM Latin America 10/40 - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Nordea 1 - Latin American Equity Fund7654321




Top Holdings in %



Year To Date 1.89

1 month 0.17

3 months 1.11

1 year 4.03

3 years 3.85

5 years 14.24

Since launch 18.70




Average maturity*** 1.35

Interest rate duration*** 0.90


Correlation**

Information ratio**


Discrete Year

MacKay Shields LLC


Sedol B5MN164

WKN A1H9ZT

Bloomberg ticker NLDUBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



11.87

644.55

0

AAA 0.09

AA

A 0.45

BBB 18.42

BB 50.50

B 23.49

CCC 1.55

<CCC

NR


Rating Fund

The fund seeks to achieve attractive risk-adjusted return by identifying target bonds through eliminating uncompensated risk. The fund manager rigorously screens the investment universe for risk in order to quantify upside potential using bond analysis, not equity-style analysis. By targeting the sweet spot for risk compensation, the managers goal is to eliminate rather than to include bonds. The underlying belief is that to deliver attractive returns it is more important to recognise which bonds not to include in the portfolio, than to focus on the ones that should be selected. This fund focuses primarily on maintaining a low duration using high yield instruments and Treasury futures. The investment process is dominated by bottom-up security selection, with macroeconomic analysis as an integral part.

Investment Strategy

Performance in %


NXP BV / NXP Funding LLC 4.125% 15-06-2020 Corporate Bonds BBB 1.63

Constellation Brands Inc 3.875% 15-11-2019 Corporate Bonds BBB 1.61

General Motors Financial Co 3.15% 30-06-2022 Corporate Bonds BBB 1.56

American Axle & Manufacturin 5.125% 15-02-2019 Corporate Bonds B 1.48

CIT Group Inc 3.875% 19-02-2019 Corporate Bonds BB 1.45

Hologic Inc 5.25% 15-07-2022 Corporate Bonds BB 1.44

Level 3 Financing Inc 5.375% 15-08-2022 Corporate Bonds BB 1.44

Ball Corp 4.375% 15-12-2020 Corporate Bonds BB 1.43

1011778 BC ULC / New Red Fin 4.625% 15-01-2022 Corporate Bonds B 1.35

Hughes Satellite Systems Cor 6.5% 15-06-2019 Corporate Bonds BBB 1.34

* No Benchmark** Annualized 3 year data*** Source: MacKay Shields LLC (preliminary numbers)Performances are in USD


Nordea 1 - Low Duration US High Yield Bond Fund


7654321






Asset Type Fund

Treasury Future Exposure -30.71


Top Holdings in %

Multi Assets Team


Sedol B4TMSZ5

WKN A0YHE7

Bloomberg ticker NORMABP LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



11.84

1,173.89

0

The fund uses numerous types low-correlation investment strategies to provide dynamic exposure to multiple asset classes, within a universe consisting of a subset of equities, fixed income securities and currencies. The fund will implement the different strategies through pair trades, which combine a long position that is offset by a short position. Over time, the fund is aiming at building a market neutral portfolio. The product employs strict risk management guidelines with focus on risk-adjusted returns. It thereby offers investors a highly diversified portfolio with a high level of downside risk protection that translates into an ex-ante volatility target of 10%.

Investment Strategy

Performance in %

* Annualized 3 year data** Source: MSCI RiskManager*** for entire portfolio including derivatives**** As a % of total assetsPerformances are in EUR


Nordea 1 - Multi-Asset Fund7654321




Exposure by Asset Class (%) **** Long Short Gross Net

Equity 85.00 -52.00 137.00 33.00

Fixed Income 75.00 -9.00 84.00 66.00

Currencies 97.00 -96.00 193.00 1.00

Cash and Cash Equivalents 24.00 0.00 24.00 24.00

Total 281.00 -157.00 438.00 124.00

Discrete Year

Equity 21.43

SAA Risk Balancing 21.43

X - Asset 21.43

Fixed Income 14.29

Volatility & Trading 14.29

Currency 7.14

Risk budget allocation in %

SuperStrategy


Year To Date 4.50

1 month -1.09

3 months -1.50

1 year 2.25 2.25

3 years 16.77 5.30

5 years 31.26 5.59


Key Figures Fund


Sharpe ratio* 0.88


Modified Duration (in year)*** 4.43

Sweden 32.81

Finland 29.30

Denmark 18.58

Norway 11.93

United States 3.16

United Kingdom 2.86

Canada 0.11


Country Fund



1 month -0.11 -1.00

3 months 5.32 3.80

1 year 16.13 16.97

3 years 18.99 24.43

5 years 64.13 80.52

Since launch 711.60 1,182.32




Alpha in %** -0.01

Beta** 0.93


Correlation** 0.91



Discrete Year

Nordic Equities / Fundamental Equities Team


Sedol 4919867

WKN 973346

Bloomberg ticker FRTISEQ LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



81.16

250.84

0

Industrials 22.64

Financials 22.19


Health Care 11.17

Materials 8.18




Energy 3.40


Sector Fund

The fund taps into a potential investment universe of Nordic-listed companies. This means that the fund has access to world-class companies with strong global market positions, offering broad sector exposure within a relatively compact geographical area. The Nordic region has enjoyed more robust growth than Europe as a whole over the past 10 years. Nordic companies have sound financials and are positioned to benefit from global equity growth. Essentially the funds investment approach involves a fundamental bottom-up process, focusing on internal research and targeting stocks with three common characteristics: attractive valuation, positive earnings momentum and positive news flow. The stock market is screened using both external and internal sources with respect to key parameters, such as FCFy, EV/EBITDA, EV/EBIT, P/E, etc. Both absolute and relative valuations are considered, with quantitative research supporting, but not determining, the weight allocation.

Investment Strategy

Performance in %



Sampo A Finland Financials 7.56

Atlas Copco A Sweden Industrials 5.76

Nokia Finland Information Technology 4.93

Volvo B Sweden Industrials 4.75

Huhtamaeki Finland Materials 4.68

Tryg Denmark Financials 3.58

Autoliv SDB United States Consumer Discretionary 3.16

Nordea Bank Sweden Financials 3.14

Swedish Match Sweden Consumer Staples 2.89

* MSCI Nordic 10/40 Index (Net Dividends Reinvested) (Source: Datastream)** Annualized 3 year dataWith effect from 23 November 2015 the benchmark changed from MSCI Nordic - Net Return Index to MSCI Nordic - 10/40 Index (Net Dividends Reinvested). The fund performance prior to this date is measured in comparison to the previous benchmark used. These changes have been published in the prospectus, valid as of 23 November 2015.Performances are in EUR


Nordea 1 - Nordic Equity Fund7654321




Top Holdings in %


Sweden 52.08

Finland 16.66

Denmark 10.43

Norway 6.24

Switzerland 3.93


Country Fund



1 month -0.37 -0.69

3 months 4.57 4.94

1 year 32.00 25.35

3 years 57.29 50.21

5 years 124.35 136.81





Alpha in %** 0.02

Beta** 1.02


Correlation** 0.96



Discrete Year



Sedol B1LCPG2

WKN A0LGUG

Bloomberg ticker NORESCF LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



24.05

155.90

0

Industrials 31.33


Materials 7.45

Health Care 6.75


Financials 4.33

Real Estate 3.33


Other 3.77


Sector Fund

The fund invests a minimum of three-fourths of its net assets in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates and warrants on transferable securities issued by companies which are domiciled in the Nordic region. It invests according to a fundamental bottom up stock picking approach, whereby The fund manager identifies stocks than will benefit in the future. Stocks are selected on the basis of attractive valuation, positive earnings momentum and positive news flow.

Investment Strategy

Performance in %


MTG B Sweden Consumer Discretionary 5.52

Fenix Outdoor Int. B Switzerland Consumer Discretionary 3.93

Holmen B Sweden Materials 3.56

SECTRA B Sweden Health Care 2.58

Bure Equity Sweden Financials 2.36

Systemair Sweden Industrials 2.28

Uponor Finland Industrials 2.13

Outotec Finland Industrials 2.12

Securitas B Sweden Industrials 1.80

AcadeMedia Sweden Consumer Discretionary 1.65

* Carnegie Small CSX Return Nordic (Source: Datastream)** Annualized 3 year dataPerformances are in EUR


Nordea 1 - Nordic Equity Small Cap Fund7654321




Top Holdings in %


Sweden 29.76

Finland 27.02

Denmark 17.97

Norway 14.57

United States 4.08

United Kingdom 3.32


Country Fund


Year To Date 8.53

1 month 0.04

3 months 5.59

1 year 12.51

3 years 25.49

5 years

Since launch 47.90




Alpha in %**

Beta**

Sharpe ratio** 0.67

Correlation**

Information ratio**


Discrete Year



Sedol B92NY41

WKN A1T958

Bloomberg ticker NRDIBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



147.90

61.79

0


Industrials 21.58

Financials 16.83

Health Care 8.89

Materials 8.59





Sector Fund

The fund invests in Nordic-listed companies which are domiciled or exercise the predominant part of their economic activity in the Nordic region (Sweden, Norway, Denmark and Finland). This means that the fund has access to both world-class companies with strong global market positions and domestic companies positioned to become the winners of tomorrow. The Nordic region has enjoyed more robust growth than Europe as a whole over the past decade and its companies have sound financials and are positioned to benefit from global equity growth. The fund invests in a concentrated portfolio of Nordic's best positioned companies across all market capitalization with a mid-cap bias, using a pure fundamental bottom-up analysis focusing on internal research. The investment universe is screened using both internal and external sources where both absolute and relative valuations are considered.

Investment Strategy

Performance in %





Huhtamaeki Finland Materials 5.23




Jyske Bank Denmark Financials 4.30

Schibsted ser. B Norway Consumer Discretionary 4.28

Trelleborg B Sweden Industrials 4.25



Nordea 1 - Nordic Ideas Equity Fund7654321




Top Holdings in %


Sweden 36.59

Finland 26.07

Denmark 14.83

Norway 12.59

United States 3.54

Switzerland 2.15

United Kingdom 0.55


Country Fund


Year To Date 10.09

1 month -0.67

3 months 5.25

1 year 16.92

3 years

5 years

Since launch 27.19



Volatility in %**

Alpha in %**

Beta**

Sharpe ratio**

Correlation**

Information ratio**


Discrete Year



Sedol BPCX0N4

WKN A12AD7

Bloomberg ticker NOSEBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



127.19

52.34

0

Industrials 25.92


Financials 17.84

Health Care 12.99




Materials 1.21

Energy 1.13


Sector Fund

This Sub-fund aims to achieve long-term capital growth by investing mainly in a diversified portfolio of equity or Equities Related Securities of companies, which are domiciled or exercise the predominant part of their economic activity in the Nordic countries. The fund is managed by the Fundamental Equities Team, based in Stockholm, focusing on fundamental bottom-up research. Alpha is generated through stock selection and by actively incorporating an ESG based analysis as part of the investment process.

Investment Strategy

Performance in %







Autoliv SDB United States Consumer Discretionary 3.54

Nordea Bank Sweden Financials 3.29

F-Secure Finland Information Technology 3.07


Trelleborg B Sweden Industrials 2.74



Nordea 1 - Nordic Stars Equity Fund7654321




Top Holdings in %


United States 97.72


Country Fund



1 month 2.04 0.86

3 months 2.02 2.87

1 year 17.28 17.83

3 years 5.04 27.63

5 years 74.03 91.84





Alpha in %** -0.08

Beta** 1.12


Correlation** 0.92



Discrete Year

Eagle Asset Management Inc


Sedol B753GC6

WKN A1J0G1

Bloomberg ticker NNAABPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



176.15

1,024.04

0



Financials 14.60

Industrials 13.91

Health Care 13.32

Energy 9.05


Real Estate 3.12

Other 5.04


Sector Fund

The portfolio strives to provide clients with above market investment performance with downside protection over a market cycle by following a VARG (Value and ReasonableGrowth) approach, which entails a classic valuation-oriented style with a focus on growth catalysts. The benefit of using VARG is that the value protects from paying too much fora company, while the reasonable growth hurdle protects from falling into value traps and unlocks future stock value. The investable universe for the Nordea 1 North American AllCap Fund consists of companies in the Russell 3000 Index. The final outcome is a focused portfolio of 30 to 50 stocks with no systemic or dominant thematic biases and ideallywith a beta below or equal to that of the Russell 3000 Index.

Investment Strategy

Performance in %


Microsoft United States Information Technology 4.82

Delphi Automotive United States Consumer Discretionary 4.32

Procter & Gamble United States Consumer Staples 4.05

Darling Ingredients United States Consumer Staples 3.96

Union Pacific United States Industrials 3.83

Aetna United States Health Care 3.73


Apple United States Information Technology 3.69

Ingersoll-Rand United States Industrials 3.57

Delta Air Lines United States Industrials 3.51

* Russell 3000 - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - North American All Cap Fund7654321




Top Holdings in %




1 month 0.16 0.11

3 months 2.27 2.14

1 year 12.08 12.75

3 years 12.74 14.05

5 years








Correlation** 0.97



Discrete Year

Aegon USA Investment Management, LLC


Sedol B8L6R67

WKN A1KADC

Bloomberg ticker NNAHBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



125.43

578.59

0

AAA

AA

A

BBB 6.57

BB 31.75

B 43.63

CCC 7.77

<CCC 0.36

NR 3.19


Rating Fund

The fund invests into High Yield Bonds issued by companies which are domiciled or exercise the predominant part of their economic activity in the United States of America. The fund seeks to achieve attractive risk-adjusted return by using a fundamental and research driven approach to investing in the high yield investment universe. Traditional and distressed credit analysis is the driver of the investment process and is at the core of the portfolio construction. The distressed credit analysis helps evaluate opportunities in the lower quality portion of the high yield market where dislocations may occur.

Investment Strategy

Performance in %


SPDR Barclays Capital High Yield Bond ETF Open Bond Funds NR 1.48

iShares iBoxx $ High Yield Corporate Bond ETF Open Bond Funds NR 1.48

Virgin Media Finance PLC 6.375% 15-04-2023 Corporate Bonds B 1.18

Univision Communications Inc 6.75% 15-09-2022 Corporate Bonds BB 1.09

GMAC Capital Trust I MULTI 15-02-2040 Corporate Bonds B 0.91

International Game Technolog 6.5% 15-02-2025 Corporate Bonds BB 0.90

CenturyLink Inc 7.65% 15-03-2042 Corporate Bonds BB 0.81

CHS/Community Health Systems 6.875% 01-02-2022 Corporate Bonds CCC 0.81

Valeant Pharmaceuticals Inte 5.875% 15-05-2023 Corporate Bonds B 0.80

Sprint Communications Inc 9% 15-11-2018 Corporate Bonds B 0.78

* ML US High Yield Master II - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD


Nordea 1 - North American High Yield Bond Fund


7654321




Open Bond Funds 2.95


Asset Type Fund


Top Holdings in %

United States 99.41

Canada 0.49


Country Fund


Year To Date -0.13 4.79

1 month 3.05 3.41

3 months -1.01 2.36

1 year 24.21 24.09

3 years 20.00 22.25

5 years





Alpha in %** 0.00

Beta** 0.97


Correlation** 0.92



Discrete Year

ClariVest Asset Management LLC


Sedol B7KG824

WKN A1J54B

Bloomberg ticker NAMSBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



163.00

277.23

0

Financials 33.66

Industrials 17.76


Materials 9.09


Real Estate 6.27


Utilities 2.29

Other 3.96


Sector Fund

The fund strives to provide clients with above market investment performance over a market cycle. The investment process follows a fundamentally-oriented, bottom-up investment approach, aiming to identify mispricing from the undue influence of multiple emotional biases. Focus is placed on the uncertainty surrounding a company’s ability to successfully enter or extend an earnings growth cycle, seeking to take advantage as corresponding investor cynicism about this ability declines from elevated levels. The fund invests in stocks with a market capitalization between USD 200 million and USD 5 billion.

Investment Strategy

Performance in %


MGIC Investment United States Financials 1.71

First Merchants United States Financials 1.56

Insight Enterprises United States Information Technology 1.48

Sanmina United States Information Technology 1.45

Kennametal United States Industrials 1.42

Huntsman United States Materials 1.42

New Residential Investment United States Financials 1.40

Federal Agricultural Mortgage United States Financials 1.38

Meritor United States Industrials 1.31

Flagstar Bancorp United States Financials 1.30

* Russell 2000 - Net Return Index (Source: Datastream)** Annualized 3 year dataSince 02/03/2015, the fund is managed by ClariVest Asset Management LLC.Performances are in USD


Nordea 1 - North American Small Cap Fund7654321




Top Holdings in %


United States 99.05


Country Fund



1 month 0.56 0.62

3 months 1.91 3.09

1 year 13.76 17.90

3 years 16.24 31.70

5 years 62.49 97.92





Alpha in %** -0.05

Beta** 1.02


Correlation** 0.92



Discrete Year

The London Company of Virginia, LLC


Sedol 5229093

WKN 973348

Bloomberg ticker UNINAVI LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



50.03

342.01

0

Financials 25.44



Industrials 12.50

Health Care 9.29


Materials 3.86

Energy 2.31



Sector Fund

The fund seeks to achieve better than benchmark performance over full market cycles, with the highest investment priority being capital preservation. The investment philosophy is based on three guiding principles, namely: focus on cash return on tangible capital rather than earnings per share; determine the value of a company by cash inflows and outflows discounted by an “optimal” cost of capital; and do not over-diversify but ensure high conviction positions contribute meaningfully to returns with limited turnover. The process utilizes qualitative and quantitative sources for idea generation.

Investment Strategy

Performance in %


Berkshire Hathaway United States Financials 7.35

Carnival United States Consumer Discretionary 5.45

Apple United States Information Technology 5.21

Progressive United States Financials 4.54

Altria Group United States Consumer Staples 4.44

CarMax United States Consumer Discretionary 4.28

Visa United States Information Technology 4.19

BlackRock United States Financials 4.14

Wells Fargo United States Financials 3.95

Dollar Tree United States Consumer Discretionary 3.95

* S&P 500 Composite - Total Return Index (Source: Datastream)** Annualized 3 year dataSince 30/10/2013, the fund is managed by The London Company.Performances are in USD


Nordea 1 - North American Value Fund7654321




Top Holdings in %




1 month -0.31 -0.45

3 months 0.35 0.44

1 year -0.29 -1.28

3 years 7.90 9.17

5 years 17.12 13.10








Correlation** 0.93



Discrete Year

Norwegian Fixed Income Team


Sedol 5466124

WKN 988130

Bloomberg ticker FRONOBD LX


Share class BP-NOK

Last NAV

AUM (Million NOK)



Manager

Fund Data


No / No



213.04

6,806.49

0

AAA 43.73

AA 5.27

A 6.44

BBB 0.89

BB

B

CCC

<CCC

NR 41.87


Rating Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities domiciled in Norway. The Sub-fund invests in bonds denominated in NOK. Invested are government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds with a good rating, and bonds issued by supranational institutions. The Fund may further use derivative instruments to reduce risks. The Fund aims to exploit market movements as well as the yield spreads between various credit risk segments.

Investment Strategy

Performance in %


Den norske stat 16/26 1,50% Government Bonds AAA 7.35



SSB Boligkreditt AS 14/21 ADJ C COVD Corporate Bonds NR 2.32

Verd Boligkreditt AS 14/21 FRN C COVD Corporate Bonds NR 1.85

Nordea Eiendomskredi AS 16/22 ADJ C COVD Corporate Bonds AAA 1.84

Spb 1 Naeringskredi AS 13/23 4,20% C COVD Corporate Bonds AAA 1.64

Spb 1 Naeringskreditt AS 13/21 ADJ C COVD Corporate Bonds AAA 1.58

Spb Oest Boligkreditt AS 14/21 ADJ C COVD Corporate Bonds AAA 1.54

Spb Vest Boligkredit AS 14/20 ADJ C COVD Corporate Bonds AAA 1.54

* OB (Oslo Stock Exchange) Government Bonds All Index (Source: Bloomberg)** Annualized 3 year dataWith effect from 21 April 2015 the benchmark changed from CGBI WGBI NW ALL MATS - Total Return Index to OB (Oslo Stock Exchange) Government Bonds All Index. The fund performance prior to this date is measured in comparison to the previous benchmark used. These changes have been published in the prospectus, valid as of 21 April 2015.Performances are in NOK


Nordea 1 - Norwegian Bond Fund


7654321






Bonds 1.12


Asset Type Fund


Top Holdings in %

Norway 97.70

Canada 1.01

Sweden 0.50


Country Fund



1 month -0.73 -1.43

3 months 4.06 1.20

1 year 30.54 15.96

3 years 35.51 15.97

5 years 89.20 76.88





Alpha in %** 0.06

Beta** 0.94


Correlation** 0.94



Discrete Year

Nordea Equities Norway Team


Sedol 5370452

WKN 987575

Bloomberg ticker FORNOEQ LX


Share class BP-NOK

Last NAV

AUM (Million NOK)



Manager

Fund Data


No / No



232.53

814.42

0

Financials 24.19

Energy 18.37

Industrials 12.44


Materials 9.10



Health Care 3.30

Other 6.25


Sector Fund

The fund invests a minimum of three-fourths of its net assets in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates and warrants on transferable securities issued by companies which are domiciled or exercise the predominant part of their economic activity in Norway. The fund manager invests according to a fundamental bottom-up stock picking approach identifying companies able to generate strong long-term earnings. These are selected on the basis of attractive valuation, positive earnings momentum, cash flow generation capacity and management qualities.

Investment Strategy

Performance in %


Atea Norway Information Technology 7.06

Yara International Norway Materials 5.67

Storebrand Norway Financials 5.37

DNB Norway Financials 5.12

Subsea 7 S.A. Norway Energy 5.03

Kongsberg Automotive Norway Consumer Discretionary 4.77

SpareBank 1 SMN Norway Financials 4.42

SpareBank 1 SR-Bank Norway Financials 4.14

Borregaard Norway Materials 3.43

Aker BP Norway Energy 3.28

* Oslo Exchange Mutual Fund - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in NOK


Nordea 1 - Norwegian Equity Fund7654321




Top Holdings in %


Norway 90.87

Sweden 3.43

Netherlands 1.96

Finland 0.81

Denmark 0.72


Country Fund



1 month 0.13 0.07

3 months 0.38 0.23

1 year 1.79 1.03

3 years 4.38 3.74

5 years 9.76 7.58








Correlation** -0.01



Discrete Year

Norwegian Fixed Income Team


Sedol 5297454

WKN 987173

Bloomberg ticker FRONKRR LX


Share class BP-NOK

Last NAV

AUM (Million NOK)



Manager

Fund Data


No / No



199.78

8,031.33

0


Bonds 2.14



Asset Type Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities denominated in NOK. The strategy is to invest mainly in NOK denominated short-term bonds and other short-term transferable debt securities listed on the Oslo Stock Exchange or traded in another regulated market within the OECD.

Investment Strategy

Performance in %


Statnett SF 13/19 FRN Norway Corporate Bonds 2.69

Olav Thon Eiendomsselskap ASA 16/19 FRN Norway Corporate Bonds 1.90

BKK AS 08/17 5,90% Norway Corporate Bonds 1.90

Kongsberg Gruppen ASA 16/20 FRN Norway Corporate Bonds 1.50

Sogn og Fjordane fylke 16/18 FRN Norway Corporate Bonds 1.50

Fjellinjen AS 15/18 FRN Norway Corporate Bonds 1.50

Fana Spb Boligkredit AS 13/18 FRN C COVD Norway Corporate Bonds 1.46

Verd Boligkreditt AS 14/19 FRN C COVD Norway Corporate Bonds 1.42

Hafslund ASA 14/19 FRN Norway Corporate Bonds 1.31

Spb Vest 15/20 FRN Norway Corporate Bonds 1.25

* 3 Month NIBOR - Total Return Index (Source: Datastream)** Annualized 3 year dataWith effect from 15 January 2010 the benchmark changed from Norway Deposit 3 Month - Total Return Index to 3 Month NIBOR - Total Return Index. The fund performance prior to this date is measured in comparison to the previous benchmark used. These changes have been published in the prospectus, valid as of 15 January 2010.Performances are in NOK

Top Holdings in %



Nordea 1 - Norwegian Kroner Reserve


7654321




Year To Date 5.41

1 month 0.26

3 months 1.09

1 year 8.09

3 years

5 years

Since launch 17.58



Volatility in %**

Yield to Maturity in %*** 7.70



Correlation**

Information ratio**


Discrete Year

Income Partners Asset Management (HK) Limited


Sedol BXC4776

WKN A14SV6

Bloomberg ticker NREHBPC LX


Share class BP-CNH

Last NAV

AUM (Million CNH)



Manager

Fund Data


No / No



117.58

162.62

0

AAA

AA 1.70

A 1.67

BBB 5.11

BB 28.82

B 29.62

CCC

<CCC

NR 14.17


Rating Fund

The fund seeks to achieve attractive risk-adjusted return over a full credit cycle by primarily investing in CNH and USD denominated Asian High Yield bonds. The fund will actively hedge USD-denominated Asian High Yield bonds into Renminbi (CNH or CNY) to benefit from the forward carry. The investment team places a strong emphasis on downside protection while making sure it is able to capture most of the upside potential. The Fund will combine a top-down allocation strategy with an accurate bottom-up credit analysis.

Investment Strategy

Performance in %


Studio City Finance Ltd 8.5% 01-12-2020 Corporate Bonds B 2.17

Neerg Energy Ltd 6% 13-02-2022 Corporate Bonds BB 1.92

Lenovo Perpetual Securities MULTI Perpetual Corporate Bonds NR 1.91

Baoxin Auto Finance I Ltd MULTI Perpetual Corporate Bonds NR 1.75

HT Global IT Solutions Holdi 7% 14-07-2021 Corporate Bonds BB 1.75

Longfor Properties Co Ltd 6.75% 29-01-2023 Corporate Bonds BB 1.74

OVPH Ltd Corporate Bonds BBB 1.73

CAR Inc 6.125% 04-02-2020 Corporate Bonds BB 1.72

West China Cement Ltd 6.5% 11-09-2019 Corporate Bonds B 1.72

Pacific Emerald Pte Ltd 9.75% 25-07-2018 Corporate Bonds B 1.71

* No Benchmark** Annualized 3 year data*** Source: Income Partners Asset Management LtdPerformances are in CNH


Nordea 1 - Renminbi High Yield Bond Fund


7654321






Asset Type Fund


Top Holdings in %

China 30.44

South Korea 22.21

India 10.82

South Africa 8.78

Taiwan 6.05

Turkey 4.10

Brazil 3.58

Peru 2.72

Other 8.82


Country Fund


Year To Date 13.42

1 month -0.30

3 months 2.81

1 year 14.42

3 years 5.19

5 years 28.57

Since launch 38.24




Alpha in %**

Beta**

Sharpe ratio** 0.09

Correlation**

Information ratio**


Discrete Year



Sedol B62K474

WKN A1JP12

Bloomberg ticker NSEMBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



69.12

1,935.97

0

Financials 23.99



Industrials 12.68

Utilities 11.15


Real Estate 3.49

Energy 3.30

Other 3.47


Sector Fund

The fund applies a unique process to construct a portfolio of emerging markets equities with stable returns based on an objective, computer driven, quantitative stock screening model. The process identifies companies that operate in established lines of business; generating consistently stable earnings, dividends, cash flows etcThis stability helps dampen price volatility of such companies stocks, making them less risky than the broader market. There is also a high degree of portfolio diversification with 70 to 90 stocks typically making up the portfolio, thereby adding a further layout of stability. The goal then is to outperform the market over a full market cycle with a lower volatility.

Investment Strategy

Performance in %



Hyundai Mobis South Korea Consumer Discretionary 2.91

Credicorp Peru Financials 2.72

Industrial & Commercial Bank of China China Financials 2.70

Samsung Fire & Marine Insurance South Korea Financials 2.64


Tenaga Nasional Malaysia Utilities 2.50

China Mobile China Telecommunication Services 2.46

SK Telecom South Korea Telecommunication Services 2.38

Hon Hai Precision Industry Taiwan Information Technology 2.26

* No Benchmark** Annualized 3 year dataPerformances are in USD


Nordea 1 - Stable Emerging Markets Equity Fund7654321




Top Holdings in %


Discrete Year



Sedol B8K1JC3

WKN A1J647

Bloomberg ticker NSELBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


10.00



109.25

787.03

0

Health Care 25.97



Financials 9.07



Utilities 3.27

Industrials 3.27

Other 0.55


Sector Fund

By using a long/short equity strategy, the fund aims to build a market beta neutral portfolio over time. The fund’s investment strategy is derived from the “Stable Equity” process. This process identifies equities based on a number of stability selection criteria that ultimately exhibit a lower risk than the overall market in general. While the long leg of the strategy is based on the “Stable Equity” process, the short leg is a basket of equity futures which represent the overall market.

Investment Strategy

Performance in %

Equity Allocation in %

* No Benchmark** Annualized 3 year dataIn the March 2016 prospectus, the Nordea 1 - Stable Equity Long/Short Fund has been renamed to Nordea 1 - Stable Equity Long/Short Fund – Euro Hedged.Performances are in EUR


Nordea 1 - Stable Equity Long/Short Fund - Euro Hedged7654321




Exposure Fund

Long 140.10

Short -103.46

Gross 243.56

Net 36.65




Alpha in %**

Beta**

Sharpe ratio** 0.05

Correlation**

Information ratio**



Year To Date -0.20

1 month 0.01

3 months -2.18

1 year -12.91

3 years 1.06

5 years

Since launch 9.25


Year To Date 2.69

1 month -0.47

3 months -0.12

1 year -0.24 -0.24

3 years 14.69 4.67

5 years 33.47 5.94


Key Figures Fund


Sharpe ratio* 1.10


Modified Duration (in year)**** 1.61

Discrete Year

Multi Assets Team


Sedol B1WL6Z4

WKN A0HF3W

Bloomberg ticker NABSRBE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



16.79

18,698.36

0

The fund aims to preserve shareholders' capital (over a three year investment horizon) and provide a stable, positive rate of return on investment. Investments are made globally in equities, bonds (including bonds convertible in equity shares) and money market instruments denominated in various currencies. This sub-fund may also invest in financial derivative instruments - like equity and fixed income futures - to adjust the portfolio's beta and duration.

Investment Strategy

Performance in %

* Annualized 3 year data** Source: MSCI RiskManager*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesIn the March 2009 prospectus, the Nordea 1 - Absolute Return Fund has been renamed to Nordea 1 - Stable Return Fund.Performances are in EUR


Nordea 1 - Stable Return Fund7654321




Long Equity Exposure 57.61 % Net Equity Exposure 43.11 %

Country *** Fund

United States 50.03

United Kingdom 6.66

Japan 6.64

China 4.88

India 4.33

Canada 4.31

South Korea 3.71

France 3.29

Taiwan 1.69

Other 14.47


United States 1.87

United Kingdom 0.00

Other -0.04

Europe (Ex UK) -0.22

Total 1.61

Fixed Income Future -26.82 %

Equity Future -14.51 %

Credit bonds -1.96 %

Cash 4.24 %

Emerging Market Equities 12.73 %

Government Bonds 28.08 %


Developed Markets Equities 44.88 %

Gross exposure ****

Sector *** Fund

Health Care 21.54


Financials 11.98




Industrials 6.12

Utilities 5.13

Real Estate 2.39

Other 3.84

Equity

Rating *** Fund

AAA 78.23

AA 14.71

A 6.90

BBB 0.08

BB

B

CCC

<CCC

NR 0.07

Fixed Income

EURO 90.02 %


USD 0.77 %





1 month -0.96 -1.08

3 months -0.26 -0.32

1 year -2.26 -2.49

3 years 7.84 9.64

5 years 10.74 13.53








Correlation** 0.99



Discrete Year

Swedish Fixed Income Team


Sedol 4747563

WKN 974521

Bloomberg ticker FRTSWDI LX


Share class BP-SEK

Last NAV

AUM (Million SEK)



Manager

Fund Data


No / No



292.54

1,421.78

0

AAA 82.64

AA 6.53

A 7.36

BBB 2.54

BB

B

CCC

<CCC

NR


Rating Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities domiciled in Sweden. The sub-fund invests in bonds denominated in SEK. The fund invests in government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds with a good rating, and bonds issued by supranational institutions. The fund may further use derivative instruments to reduce risks. The fund aims to exploit market movements as well as the yield spreads between various credit risk segments.

Investment Strategy

Performance in %


Sweden Government Bond 3.5% 01-06-2022 Government Bonds AAA 17.40




Sweden Government Bond 1% 12-11-2026 Government Bonds AAA 8.49

Lansforsakringar Hypotek AB 3.25% 16-09-2020 Mortgage Institutions AAA 8.20

Swedbank Hypotek AB 3.75% 19-06-2019 Mortgage Institutions AAA 6.60

Stadshypotek AB 2.5% 18-09-2019 Mortgage Institutions AA 6.11


DNB Bank ASA 1.97% 28-05-2025 Corporate Bonds A 3.75

* JP Morgan Government Bond Sweden - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in SEK


Nordea 1 - Swedish Bond Fund


7654321







Asset Type Fund


Top Holdings in %

Sweden 87.29

Finland 5.99

Norway 2.94

Germany 2.36


Country Fund


Year To Date 0.14 -0.25

1 month -0.05 -0.04

3 months 0.00 -0.12

1 year 0.35 -0.53

3 years 0.30 -0.72

5 years 4.06 1.80



Annualised return in %** 0.10 -0.24





Correlation** 0.20



Discrete Year

Swedish Fixed Income Team


Sedol 4339722

WKN 974178

Bloomberg ticker FRTSKRI LX


Share class BP-SEK

Last NAV

AUM (Million SEK)



Manager

Fund Data


No / No



191.25

2,562.06

0




Asset Type Fund

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities denominated in SEK. The strategy is to invest mainly in SEK denominated short-term bonds and other short-term transferable debt securities listed on the Stockholm Stock Exchange or traded in another regulated market within the OECD.

Investment Strategy

Performance in %

* Sweden Interbank 3 Month - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in SEK


Lansforsakringar Hypotek AB 2.5% 19-06-2019 Sweden Mortgage Institutions 5.14

Sampo Oyj FRN 29-05-2018 Finland Corporate Bonds 3.55

Lansforsakringar Hypotek AB 3.25% 16-09-2020 Sweden Mortgage Institutions 3.43

Kraftringen Energi AB FRN 06-02-2020 Sweden Corporate Bonds 2.94

L E Lundbergforetagen AB 3.05% 20-03-2019 Sweden Corporate Bonds 2.67

Industrivarden AB FRN 12-01-2018 Sweden Corporate Bonds 2.54

Scania CV AB FRN 03-12-2018 Sweden Corporate Bonds 2.38

Volkswagen Financial Service FRN 12-04-2019 Germany Corporate Bonds 2.36

Fortum Varme Holding samagt FRN 17-09-2018 Sweden Corporate Bonds 2.35

Holmen AB FRN 20-09-2017 Sweden Corporate Bonds 2.34


Top Holdings in %


Nordea 1 - Swedish Kroner Reserve7654321





Year To Date 2.41

1 month 0.36

3 months 1.38

1 year 6.58

3 years 2.17

5 years

Since launch 7.57







Correlation**

Information ratio**


Discrete Year

MacKay Shields LLC


Sedol BGY6XH3

WKN A1W73K

Bloomberg ticker NOUNBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



107.57

94.78

0

AAA 1.39

AA 6.55

A 12.40

BBB 46.50

BB 21.83

B 3.60

CCC

<CCC

NR


Rating Fund

The fund pursues a total return strategy that combines a proven top down analytical framework with a rigorous bottom-up process to eliminate uncompensated risk. The fund seeks to exploit opportunities in the global credit markets, unconstrained by a benchmark, through a process of multi-sector asset allocation strategies. Portfolio returns result from dynamic asset allocation among instruments. The team seeks to deliver positive returns over and throughout a full market cycle while closely monitoring the portfolio to mitigate downside risk. The fund has a duration bandwidth of 0 to 7.

Investment Strategy

Performance in %


CVS Pass-Through Trust 5.789% 10-01-2026 Corporate Bonds BBB 1.20

Whirlpool Corp 2.4% 01-03-2019 Corporate Bonds BBB 1.02

21st Century Fox America Inc 8.25% 10-08-2018 Corporate Bonds BBB 1.01

GE Capital International Fun 2.342% 15-11-2020 Corporate Bonds AA 1.01

Tyson Foods Inc 3.95% 15-08-2024 Corporate Bonds BBB 0.99

Valero Energy Corp 6.125% 01-02-2020 Corporate Bonds BBB 0.94

Zimmer Biomet Holdings Inc 3.55% 01-04-2025 Corporate Bonds BBB 0.90

Pfizer Inc 1.2% 01-06-2018 Corporate Bonds AA 0.87

Santander Holdings USA Inc 2.65% 17-04-2020 Corporate Bonds BBB 0.86

General Motors Financial Co 3.45% 10-04-2022 Corporate Bonds BBB 0.86

* No Benchmark** Annualized 3 year data*** Source: MacKay Shields LLC (preliminary numbers)In the March 2016 prospectus, the Nordea 1 - Unconstrained Bond Fund has been renamed to Nordea 1 - Unconstrained Bond Fund – USD Hedged.Performances are in USD


Nordea 1 - Unconstrained Bond Fund - USD Hedged


7654321






Asset Type Fund

Treasury Future Exposure -71.68


Top Holdings in %



1 month 0.50 0.26

3 months 2.53 2.35

1 year 2.38 1.84

3 years 6.62 10.55

5 years 16.63 19.78








Correlation** 0.94



Discrete Year

MacKay Shields LLC


Sedol B3MMLR8

WKN A0YKE1

Bloomberg ticker NORBPUS LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



14.17

3,561.82

0

AAA 1.50

AA 7.66

A 15.90

BBB 62.81

BB 6.53

B 0.73

CCC

<CCC

NR


Rating Fund

The fund seeks to achieve consistent, superior rates of return with low volatility by investing primarily in debt securities rated BBB- or better by S&P or Baa3 or better by Moody's at purchase. The fund manager uses a top-down analysis to exploit opportunities and neutralize unwanted risks, and a bottom-up analysis to maximize total return. The fund manager protects the downside by understanding the risk exposures within the portfolio and the correlation among assets, by diversifying risk factors, by defining/articulating an exit strategy for each position, and by carefully monitoring expected tracking error.

Investment Strategy

Performance in %


Bank of America Corp 5.7% 24-01-2022 Corporate Bonds BBB 1.01

Citigroup Inc 4.05% 30-07-2022 Corporate Bonds BBB 0.85

Morgan Stanley 4.875% 01-11-2022 Corporate Bonds BBB 0.83

Great Plains Energy Inc 4.85% 01-06-2021 Corporate Bonds BBB 0.83

Exelon Corp 3.95% 15-06-2025 Corporate Bonds BBB 0.76

Molson Coors Brewing Co 3% 15-07-2026 Corporate Bonds BBB 0.74

Anheuser-Busch InBev Finance 3.65% 01-02-2026 Corporate Bonds A 0.74

PPL Capital Funding Inc 4.2% 15-06-2022 Corporate Bonds BBB 0.70

Time Warner Entertainment Co 8.375% 15-03-2023 Corporate Bonds BBB 0.66

Dollar General Corp 4.15% 01-11-2025 Corporate Bonds BBB 0.65

* Bloomberg Barclays US Credit Index (Source: Datastream)** Annualized 3 year data*** Source: MacKay Shields LLC (preliminary numbers)Performances are in USD


Nordea 1 - US Corporate Bond Fund


7654321






Asset Type Fund

Treasury Future Exposure 04.28


Top Holdings in %



1 month 0.21 0.11

3 months 2.35 2.14

1 year 11.86 12.75

3 years 5.86 14.05

5 years 27.69 39.73








Correlation** 0.97



Discrete Year

MacKay Shields LLC


Sedol B1LCPV7

WKN A0LGS0

Bloomberg ticker NHYBBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



19.14

899.04

0

AAA

AA

A

BBB 6.31

BB 43.91

B 37.24

CCC 6.48

<CCC 0.56

NR 0.00


Rating Fund

The fund seeks to achieve attractive risk-adjusted return by identifying target bonds through eliminating uncompensated risk. The fund manager rigorously screens the investment universe for risk in order to quantify upside potential using bond analysis, not equity-style analysis. By targeting the sweet spot for risk compensation, the managers goal is to eliminate rather than to include bonds. The underlying belief is that to deliver attractive returns it is more important to recognise which bonds not to include in the portfolio, than to focus on the ones that should be selected.

Investment Strategy

Performance in %


Sprint Capital Corp 8.75% 15-03-2032 Corporate Bonds B 1.87

Ally Financial Inc 8% 01-11-2031 Corporate Bonds BB 1.51

Icahn Enterprises LP / Icahn 5.875% 01-02-2022 Corporate Bonds BB 1.15

First Data Corp 7% 01-12-2023 Corporate Bonds B 1.10

ArcelorMittal 7.5% 15-10-2039 Corporate Bonds BB 1.08

Altice Luxembourg SA 7.75% 15-05-2022 Corporate Bonds B 1.05

Sprint Capital Corp 6.875% 15-11-2028 Corporate Bonds B 0.99

T-Mobile USA Inc 6.375% 01-03-2025 Corporate Bonds BB 0.98

KLX Inc 5.875% 01-12-2022 Corporate Bonds B 0.97

Dell International LLC / EMC 8.35% 15-07-2046 Corporate Bonds BBB 0.91

* ML US High Yield Master II - Total Return Index (Source: Datastream)** Annualized 3 year data*** Source: MacKay Shields LLC (preliminary numbers)Performances are in USD


Nordea 1 - US High Yield Bond Fund


7654321





Asset Type Fund


Top Holdings in %

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www.nordea.luwww.nordea.ch

The sub-funds mentioned are part of Nordea 1, SICAV, an open-ended Luxembourg-based investment company (Société d’Investissement à Capital Variable), validly formed and existing in accordance with the laws of Luxembourg and with European Council Directive 2009/65/EC of 13 July 2009. This document is advertising material and does not disclose all relevant information concerning the presented sub-funds. Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document, which are available, along with the current annual and semi-annual reports, electronically in English and in the local language of the market where the mentioned SICAV is authorised for distribution, without charge upon request from Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, from the local representatives or information agents, or from our distributors. Investments in derivative and foreign exchange transactions may be subject to signifi cant fl uctuations which may affect the value of an investment. Investments in Emerging Markets involve a higher element of risk. The value of shares can greatly fl uctuate as a result of the sub-fund’s investment policy and cannot be ensured. For further details of investment risks associated with these sub-funds, please refer to the relevant Key Investor Information Document, available as described above. Nordea Investment Funds S.A. only publishes product-related information and does not make any investment recommendations. Published by Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, which is authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Further information can be obtained from your fi nancial advisor. He/she can advise you independently of Nordea Investment Funds S.A.. Additional information for investors in Switzerland: The Swiss Representative and Paying Agent is Nordea Bank S.A. Luxemburg, Zweigniederlassung Zürich, Mainaustrasse 21-23, CH-8008 Zürich. Telephone (+41) 44 421 42 42, Fax (+41) 44 421 42 82. Additional information for investors in Germany: The Information Agent in Germany is Société Générale S.A. Frankfurt Branch, Neue Mainzer Straße 46-50, D-60311 Frankfurt am Main. A hard copy of the above-mentioned fund documentation is also available from here. Additional information for investors in Austria: Sub-paying Agent and Representative in Austria is Erste Bank der Österreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Additional information for investors in the Netherlands: Nordea 1, SICAV is a Luxembourg Undertaking for Collective Investment in Transferable Securities (UCITS) registered in the Netherlands in the register kept by the AFM, and as such is allowed to offer its shares in the Netherlands. The AFM register can be consulted via www.afm.nl/register. Additional information for investors in France: With the authorisation of the AMF the shares of the sub-funds of Nordea 1, SICAV may be distributed in France. Centralising Correspondent in France is CACEIS Bank, located at 1-3, place Valhubert, 75013 Paris. Investors are advised to conduct thorough research before making any investment decision. Additional information for investors in Belgium: The Representative Agent in Belgium is BNP Paribas Securities Services S.C.A., Brussels branch, 25 Rue de Loxum, Brussels, B-1000-Belgium. A hard copy of the above-mentioned fund documentation is available upon demand free of charge. Additional information for investors in Spain: Nordea 1, SICAV is duly registered in the CNMV offi cial registry of foreign collective investment institutions (entry no. 340) as authorised to be marketed to the public in Spain. The Depositary of the SICAV’s assets is, J.P. Morgan Bank Luxembourg S.A.. In Spain, any investment must be made through the authorised distributors and on the basis of the information contained in the mandatory documentation that must be received from the SICAV’s authorised distributor prior to any subscription. A complete list of the authorised distributors is available in the CNMV’s webpage (www.cnmv.es). Additional information for investors in Portugal: The Management Company of the SICAV, Nordea Investment Funds, S.A., and the Depositary of the SICAV’s assets, J.P. Morgan Bank Luxembourg S.A., are validly formed and existing in accordance with the laws of Luxembourg and authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Our distributor in Portugal is BEST - Banco Electrónico de Serviço Total, S.A., duly incorporated under the laws of Portugal and registered with the CMVM as a fi nancial intermediary. Additional information for investors in Italy: Fund documentation as listed above is also available in Italy from the distributors and on the website www.nordea.it. The updated list of distribution agents in Italy, grouped by homogenous category, is available from the distributors themselves, at State Street Bank S.p.A. branches (located in the main towns of each region), BNP Paribas Securities Services, Banca Sella Holding S.p.A, Banca Monte dei Paschi di Siena, Allfunds Bank S.A. Sucursal de Milan, Société Générale Securities Services Sp.A. and on the website www.nordea.it. Any requests for additional information should be sent to the distributors. Before investing, please read the prospectus carefully. We recommend that you read the most recent annual fi nancial statement in order to be better informed about the fund’s investment policy. The prospectus and KIID for the sub-funds have been published with Consob. Additional information for investors in the United Kingdom: Approved by Nordea Bank AB, 5 Aldermanbury Square, London EC2V 7AZ, which is regulated by the FCA in the United Kingdom. Additional information for investors in Sweden: The Paying Agent is Nordea Bank AB (publ), Smålandsgatan 17, Stockholm SE-105 71. The Representative Agent is Nordea Funds Ltd, Swedish Branch, Mäster Samuelsgatan 21, Stockholm, SE-105 71. Additional information for investors in Denmark: The Information and Paying Agent is Nordea Danmark, fi lial af Nordea Bank AB (publ), Sverige, Strandgade 3, Christiansbro, DK-1401 Copenhagen K. A hard copy of the above-mentioned fund documentation is available here. Additional information for investors in Norway: The Paying Agent is Nordea Bank AB (publ), Filial i Norge, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. The Representative Agent is Nordea Fonds Ltd., Norwegian Branch, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. Additional information for investors in Finland: The Paying Agent is Nordea Bank AB (publ), Finnish Branch, Satamaradankatu 5, FI-00020 NORDEA, Helsinki. The Representative Agent is Nordea Funds Ltd, Satamaradankatu 5, FI-00020 NORDEA, Helsinki. Additional information for investors in Latvia: The Representative and Paying Agent is Nordea Bank AB Latvijas branch, K. Valdemara St. 62, Riga, LV-1013. Additional information for investors in Estonia: The Representative and Paying Agent in Estonia is Nordea Bank AB Estonia Branch, Liivalaia 45 10145 Tallinn. Additional information for investors in Lithuania: The Representative and Paying Agent in Lithuania is Nordea Bank AB, Lithuania Branch, Didzioji str. 18/2, LT-01128 Vilnius. Shareholders must evaluate possible investment risks and take this into consideration when making investment decisions. Information for investors in Brazil: Nordea 1, SICAV have not been, and will not be, registered with the CVM and may not be offered or sold in Brazil except in circumstances which do not constitute a public offering or distribution under Brazilian laws and regulations. Investors within Brazil should consult with their own counsel as to the applicability of these laws and regulations or any exemption there from. This material aims to provide information only and does not constitute and should not be construed as an offer to buy or sell or solicitation of an offer to buy or sell any security or fi nancial instrument. Source (unless otherwise stated): Nordea Investment Funds S.A.. Period under consideration (unless otherwise stated): 31.05.2017 – 30.06.2017. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross income and dividends reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges as per 30.06.2017 Initial and exit charges could affect the value of the performance. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of shares can greatly fl uctuate as a result of the sub-fund’s investment policy and cannot be ensured. If the base currency of the respective sub-fund differs from the currency of the country where the investor resides the represented performance might vary due to currency fl uctuations. Unless otherwise stated, all views expressed are those of Nordea Investment Funds S.A.. This document may not be reproduced or circulated without prior permission. Reference to companies or other investments mentioned within this document should not be construed as a recommendation to the investor to buy or sell the same, but is included for the purpose of illustration. The level of tax benefi ts and liabilities will depend on individual circumstances and may be subject to change in the future.

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Transcript of Nordea 1, SICAV Monthly Report · Security Name Country Sector Weight Naspers South Africa Consumer...