Se ha denunciado esta presentación.
Utilizamos tu perfil de LinkedIn y tus datos de actividad para personalizar los anuncios y mostrarte publicidad más relevante. Puedes cambiar tus preferencias de publicidad en cualquier momento.

Presentación Nordea: Funds Experience 2016

516 visualizaciones

Publicado el

Presentación Nordea con Karsten Bierre: Funds Experience 2016

Publicado en: Economía y finanzas
  • Sé el primero en comentar

  • Sé el primero en recomendar esto

Presentación Nordea: Funds Experience 2016

  1. 1. For Professionals Only* * Investing for their own account – according to MiFID definition. Nordea 1 – Flexible Fixed Income Fund ISIN: LU0915365364 (BP-EUR) October 2016
  2. 2. For Professionals Only 2 The starting point for the investment process Risk Balancing Our risk balancing principle Assets generating returns in bull markets are balanced by assets generating returns in bear markets. Construct a portfolio that balances the risk, targeting an all-weather return. Bear Markets Return drivers which perform during bear markets • High Quality Gov. Bonds Bull Markets Return drivers which perform during bull markets • High Yield Spreads • Emerging Market Debt Spreads
  3. 3. For Professionals Only 3 Risk balancing example – simple portfolio of credit & government bonds Sources: Nordea Investment Management. Period under consideration: 01.01.2002 – 30.06.2016. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. Data for calculation: High yield return is based on iTraxx European Cross Over, Government Bond is based on German Bund Futures Index returns. Investment Philosophy 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% High Yield Government Bond Total Risk contributions Portfolio risk Riskmitigation (diversification) Global financial crisis Euro sovereign debt crisis US Downgrade Source: Datastream. Period under consideration: 01.01.2007 - 15.09.2016.
  4. 4. For Professionals Only 4 Strengthening Risk Balancing Principles Return drivers which typically perform during bull markets • High Yield Spreads • Emerging Markets Spreads Return drivers which typically perform during bear markets • High quality Govt. Re-establishing the risk balance: 1) Flexible SAA 2) Active Currency Management 3) TAA risk reduction Bear Markets Bull Markets • 3 attempts to “re-establish” the risk balance (increase the risk protection without compromising the returns) Note: For illustrative purposes only. Source Nordea Investment Management. Period under consideration: 01.06.2005 to 31.07.2016
  5. 5. For Professionals Only 5 Selecting return drivers performing well in up or down markets Return drivers which perform during bear markets Return drivers which perform during bull markets Investment Universe USD Emerging Markets Gov. US & EU Corp. US & EU High Yield Eurozone Gov. Europea n Covered High Quality Gov. Global Inflation Linked G10 Currenci es High Quality Currencie s Local Currency Emerging Markets Gov. Source: DataStream. Period under consideration: 30.06.2009 – 15.09.2016.
  6. 6. For Professionals Only 6 Negative correlation to credit to facilitate risk balancing in the future Note: For illustrative purposes only. Source Nordea Investment Management. Period under consideration: 01.01.2008 to 31.07.2016 2) Active Currency Management Nordea Multi Assets’ response: Implement investment strategies that have positive expected return and anti-beta characteristics: • Open currency positions for protection • Use of valuation metrics to assess if a currency is over/under valued • Qualitative filter Sources: Datastream. Performance of JPY and USD relative to EUR during a crisis . Period under consideration:: 01.01.2007 – 15.09.2016
  7. 7. For Professionals Only 7 Bringing risk down in times of trouble Note: for illustrative purposes only. Tactical models are used to Reduce the Risk:  Strengthen the balance of risk by adding risk-off strategies  Based on systematic valuation and tactical assessment 3) Tactical Asset Allocation (TAA) Source: Thomson Reuters Datastream. 3 months rolling, daily data annualized %. Period under consideration: 25.08.2013 – 25.08.2016. TAA risk reduction TAA risk reduction Total portfolio duration: Source Nordea Investment Management. Period under consideration: 31.05.2013 – 30.09.2016 Total portfolio credit exposure: Source Nordea Investment Management. Credit exposure is measured as total portfolio sensitivity to high yield spread movements. Period under consideration: 31.05.2013 – 30.09.2016.
  8. 8. For Professionals Only 8 Note: Illustrative example based on Flexible Fixed Income Fund (BP-EUR) data. Source: Nordea Investment Management. 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 fluctuate as a result of the sub-fund’s investment policy and is not ensured. Period under consideration: 03.05.2013 – 30.09.2016.. Historical contributions
  9. 9. For Professionals Only 9 Nordea 1 – Flexible Fixed Income Fund There can be no warranty that investment objectives, targeted returns and results of an investment structure are achieved. Objectives – Outcome: • Build an optimal fixed income portfolio with a fairly low level of risk (normal target volatility 2-5%) • Produce approx. 2% returns in excess of cash rate per annum over a full investment cycle Nordea response to Low-Growth / Low-Yield Environment: • Motivation – All-weather product: • New risk-mitigating strategies in a low-yield environment • Global asset allocation and unconstrained investment universe • Risk balancing and true diversification Capital preservation obtained via flexibility
  10. 10. For Professionals Only 10 Performance Nordea 1 – Flexible Fixed Income Fund (BP-EUR) Source (unless otherw ise stated): Nordea Investment Funds S.A. Period under consideration (unless otherw ise stated): 02.05.2013 - 30.09.2016. 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 30.09.2016. 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 fluctuate 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 w here the investor resides the represented performance might vary due to currency fluctuations. Calendar Year Returns in % Fund 2014 5.65% 2015 1.32% Cumulative Returns in % Fund YTD 3.40% 1 month -0.19% 3 months 0.49% 6 months 1.12% 1 year 4.03% 3 years 11.10% Since inception* 7.67% *Launch date: 02.05.2016
  11. 11. Appendix
  12. 12. For Professionals Only 12 Investment Committee and Management Structure Caroline Henneberg Co-Portfolio Manager TAA & Risk Søren Lolle Co-Portfolio Manager SAA & Risk Asbjørn Trolle Hansen Head of Multi Assets Karsten Bierre Portfolio Manager Head of Fixed Income Allocation Multi Assets Team in short*  Around 40 professionals  Total AuM: More than EUR 80 Billion, managed across multiple strategies Strategic Dynamic Beta Multi Assets – Process & Products Portfolio Construction Duration TAA Equity TAA Credit TAA Proprietary Return Drivers Reversal Factor Models Currency Premia Low Risk Volatility Lead Momentum … Multi Assets – Research structure: Products & Services FI Asset Allocation Stable Equities Enhanced Equity Equity Income Alternatives (Hedge Funds) SAA Advice Balanced Sweden Balanced Finland Balanced Norway Balanced Denmark Unconstrained Balanced ALM Advice *Please note that not all MA team members are involved in the management of the N1 – FFIF. Assets managed according to the same philosophy and process of the fund are around EUR 2 bn. Data as of 30.06.2016.
  13. 13. For Professionals Only 13 Source: Hedgeye. Date: 27.07.2016 Living in a low growth / low yield environment Source: Datastream. Data as of: 18.08.2016 Source: Datastream. Data as of: 18.08.2016 Source: Datastream. Data as of: 18.08.2016
  14. 14. For Professionals Only 14 Understanding asset class behaviour We Consider Return Drivers Example: European Corporate Bonds Focus on returns from duration and credit risk rather than total return • A return driver is interpreted as a risk premium • Risk is easier to identify when focusing on risk premiums rather than asset classes • Correlation analysis is more robust for risk premiums than for asset classes European Corporate Bonds Total Return Risk Free Rate German Duration Risk Premium Europe IG Credit Spreads Focus on risk premiums rather than asset classes
  15. 15. For Professionals Only 15 • Due to the low yield environment the risk is no longer in balance Strengthening Risk Balancing Principles Return drivers which typically perform during bull markets • High Yield Spreads • Emerging Markets Spreads Return drivers which typically perform during bear markets • High quality Govt. Bear Markets Bull Markets “Everyone has a plan ’till they get punched in the face.” Mike Tyson
  16. 16. For Professionals Only 16 Non-euro sovereign bond markets offers attractive return or risk characteristics 1) Flexible SAA: Finding return and diversification outside the euro area Source: DataStream. Period under consideration: 01.01.2011 – 15.09.2016. Source: DataStream. Period under consideration: 30.06.2009 – 15.09.2016. Source: Hedgeye. Date: 14.06.2015.
  17. 17. For Professionals Only 17 The power of diversification and TAA Distribution of Risk Budget Overall portfolio risk is significantly reduced thanks to truly diversifying return drivers and TAA Note: For illustrative purposes. Source: Nordea Investment Management AB. Exposure working in periods of recession (Defensive) Exposure working in periods of recovery (Aggressive) Total risk and the individual return drivers’ contribution to risk Diversification and TAA overlay can reduce total portfolio risk from 7.7% to only 2.2%
  18. 18. For Professionals Only 18 • All weather product – total return portfolio • Low risk and capital preservation based on risk balancing principles • Exploit opportunities across global fixed income asset classes • Unconstrained – flexibility to reduce risk in times of trouble • Core holding to build a fixed income portfolio Key takeaways
  19. 19. For Professionals Only 19 Positioning 30.09.2016 1) % of notional exposure is a breakdown designed to represent the fund’s ownership of both traditional fixed income securities and derivatives including, futures, credit default swaps, options and swap contracts. Internal calculations taking derivatives and funds into account. Derivatives count with their notional exposure. Internal calculations and MSCI Barra. These figures may differ from our standard monthly reports, as only physical positions are taken into consideration. Sources: Nordea Investment Management. Date: 30.09.2016. Nordea 1 – Flexible Fixed Income Fund % Notional Exposures1 Portfolio Characteristics1 Duration 1.0 years YTM 0.86% Average rating AA- AUM 2,834 m EUR
  20. 20. For Professionals Only 20 Currency positioning 30.09.2016 Sources: Nordea Investment Management. Date: 30.09.2016. Nordea 1 – Flexible Fixed Income Fund
  21. 21. For Professionals Only 21 1)% of notional exposure is a breakdown designed to represent the fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, credit default swaps, options and swap contracts. Sources: Nordea Investment Management. Period under consideration: 31.05.2013 – 30.09.2016. Historic Allocation % Notional Exposures1 As of 30.09.2016
  22. 22. For Professionals Only 22 Example: Duration model Note: For illustrative purposes only. Tactical Asset Allocation Models Valuation is measured by yield curve steepness. Model output is the probability that bonds will outperform cash. Yield curve steepness LONG DURATION LONG DURATION SHORT DURATION SHORT DURATION SHORT DURATION LONG DURATION Momentum in macro and risk assets Duration investment philosophy: Buy attractive valuation given certain conditions (supportive fundamental momentum and/or relative price changes). Examples of models and parameter contributions: Total portfolio duration: Note: For illustrative purposes only. Source Nordea Investment Management. Period under consideration: 31.05.2013 – 30.09.2016
  23. 23. For Professionals Only 23 Example: Credit model Tactical Asset Allocation Models Note: For illustrative purposes only. Credit spread LONG CREDIT LONG CREDIT SHORT CREDIT SHORT CREDIT SHORT CREDIT LONG CREDIT Momentum in expected defaults Valuation is measured by credit spreads adjusted for expected defaults. Model output is the probability that credit bonds will outperform government bonds. Credit investment philosophy: Buy attractive valuation given certain conditions (supportive fundamental momentum and/or relative price changes). Examples of models and parameter contributions: Total portfolio credit exposure: Note: For illustrative purposes only. Source Nordea Investment Management. Credit exposure is measured as total portfolio sensitivity to high yield spread movements. Period under consideration: 31.05.2013 – 30.09.2016.
  24. 24. For Professionals Only 24 Sources: Nordea Investment Management Multi Assets. Actual performance is from the Nordea 1-Alpha 15 Fund, in which the duration and credit strategies have been used since inception (launched in July 2011). The performance represented is historical; past performance is not a reliable indicator of future results. Tactical Asset Allocation Overlay – Performance 100 105 110 115 120 125 130 135 140 145 150 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Duration model Backtest Actual performance 100 120 140 160 180 200 220 240 260 280 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Credit model Backtest Actual performance Duration: Backtest 2002-Jun2011, Actual Jul2011-Aug2016 Hit ratio 67% Ann. Return 2.79% Return volatility 2.36% Information Ratio 1.18 Duration: Actual performance Jul2011-Aug2016 Hit ratio 63% Ann. Return 2.36% Return volatility 2.39% Information Ratio 0.99 Credit: Backtest 2002-Jun2011, Actual Jul2011-Aug2016 Hit ratio 68% Ann. Return 6.72% Return volatility 4.98% Information Ratio 1.35 Credit: Actual performance Jul2011-Aug2016 Hit ratio 66% Ann. Return 4.00% Return volatility 4.50% Information Ratio 0.89 Date: 31-08-2016
  25. 25. For Professionals Only 25 FX Valuation model with a quality filter Note: For illustrative purposes only. Active Currency Management Model Source Nordea Investment Management. Period under consideration: 01.01.2000 – 31.08.2016. The performance represented is historical; past performance is not a reliable indicator of future results. FX Valuation Model Ann. Return 2.53% Return volatility 7.27% Information ratio 0.35 Correlation to S&P500 -33%
  26. 26. For Professionals Only 26 Note: for illustrative purposes only. Investment Process Focus on Return Drivers & Strategic Asset Allocation Research Optimization Implementation Tactical Asset Allocation & Risk Monitoring • Identification of investable assets and return factors  Risk/return characteristics  Based on Strategic Asset Allocation Research • Selection of relevant assets  Based on factor risk  Security selection consistent with factor • Focus on both Risk-on and Risk-off strategies  Risk-on assets work in periods of recovery  Risk-off assets work in periods of recession • Conviction setting based on SAA research  Sharpe ratios • Efficient frontier optimization • Investment committee meeting  Signs off portfolio composition • Daily monitoring of proprietary asset allocation models • Portfolio adjustments based on output from tactical asset allocation models  Duration  Credit  Currency • Daily risk monitoring • Implementation  Cash bonds  Synthetic replication Step 1 Step 2 Step 3 Step 4 Monthly Monthly Monthly Daily
  27. 27. For Professionals Only 27 Note: for illustrative purposes only. Step 1: Strategic Asset Allocation & Research SAA Research & Analysis Return Drivers & Risk Characteristics Risk On DriversRisk Off Drivers Identification of all investable assets and factors Factor Risk Screening Selection of relevant assets Yield-to-Risk Mapping Assets grouped according to main return driver • Duration region • Duration curve • FX valuation • HY credit spread • IG credit spread • EM spread • Covered bond spread • Eurozone govies spread
  28. 28. For Professionals Only 28 Note: for illustrative purposes only. Step 2: Optimization The optimization is based on our proprietary optimization model The Optimal portfolio is calculated based on our internal return and risk expectations Alpha strategies (asset allocation and paper selection) are not included in the optimization Volat. Return 4%    The expected return will depend on the slope of the efficient frontier and the selected risk level. In this example the risk is set to be 4% ex-ante volatility. Determine the optimal SAA portfolio
  29. 29. For Professionals Only 29 Security selection Note: for illustrative purposes only. Step 3: Implementation Strategic Allocations Eurozone Government Spread Cash bonds, duration hedged Outsourced to International FI Team Global High Qual.Govies and Inflation Cash bonds Internally Selected Cash Cash bonds (Europ. cov. Bonds), duration hedged Outsourced to Euro Covered Team Investment Grade Spread Synthetic replication (CDS) Internally selected High Yield Spread Synthetic replication (CDS) Internally selected Emerging Markets Spread Synthetic replication (govies + CDS + FX contr.), ETFs, duration hedged Internally selected Tactical Strategies Credit CDS contracts Duration US and German 10 year bond futures Currencies FX forwards
  30. 30. For Professionals Only 30 Used only to reduce the overall risk level of the portfolio Note: for illustrative purposes only. Step 4: Tactical Asset Allocation Overlay Two main input parameters:  The steepness of the yield curve  The momentum in macro & risk-assets Yield curve steepness LONG DURATION LONG DURATION SHORT DURATION SHORT DURATION SHORT DURATION LONG DURATION Momentum in macro and risk assets Two main input parameters:  The credit spread  The momentum in expected defaults Credit spread LONG CREDIT LONG CREDIT SHORT CREDIT SHORT CREDIT SHORT CREDIT LONG CREDIT Momentum in expected defaults FX valuation: Active management through the use of valuation metrics to assess if a currency is over/under valued. 1. Duration 2. Credit 3. Currency
  31. 31. For Professionals Only 31 Main Characteristics Feature Nordea 1 – Flexible Fixed Income Fund Instruments used Cash bonds, CDS, forward contracts, NDFs, futures, ETFs and funds (max. 10% in ETFs and funds) Exposure Net Long (but can use short instruments) Duration Net Long (but can use short instruments) Benchmark Unconstrained
  32. 32. For Professionals Only 32 Key fund data Nordea 1 – Flexible Fixed Income Fund Sub-fund's name Nordea 1 - Flexible Fixed Income Fund Fund Manager Multi Assets Team Fund Domicile 562, rue de Neudorf, 2220 Luxembourg, Luxembourg Share class BP Annual Man. Fee 0.800 % Security number (ISIN) LU0915365364 Security number (WKN) A1T96A Fund Size in millions 2834.43 Currency EUR Reference index N/A No. of holdings 247 Launch date 02/05/2013 Minimum investment (EUR) 0 Source: Nordea Investment Funds S.A., Date: 30.09.2016
  33. 33. For Professionals Only 33 Note: For illustrative purposes only. Conceptual Investment Approach The Economic Cycle Return drivers working in periods of recession Return drivers working in periods of recovery Total performance Illustrative performance Peak Trough Peak Recession Expansion Actual growth Growth trend Time Output (GDP) Time Return) Capital preservation is achieved by focusing on truly diversifying return drivers
  34. 34. For Professionals Only 34 Source: © 2016 Morningstar, Inc. All Rights Reserved. European Open End Funds database. Peer group: Morningstar EAA OE Global Flexible Bond – EUR Hedged. Data as at: 13.10.2016. Period under consideration: 01.06.2013 - 30.09.2016. Performance in EUR. Please note that the Nordea 1 – Flexible Fixed Income Fund has no official benchmark. 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 fluctuate as a result of the sub-fund’s investment policy and is not guaranteed Attractive risk / return profile (since FFIF inception) Return p.a. 2.73% and Volatility p.a. 2.84% Sharpe ratio: 0.94 Nordea 1 – Flexible Fixed Income Fund (BP-EUR) Peer Group
  35. 35. For Professionals Only 35 2015-16 was a tough period for many flexible fixed income funds Source: © 2016 Morningstar, Inc. All Rights Reserved. European Open End Funds database. Peer group: Morningstar EAA OE Global Flexible Bond – EUR Hedged. Data as at: 13.10.2016. Period under consideration: 31.12.2014 - 30.09.2016. Performance in EUR. Please note that the Nordea 1 – Flexible Fixed Income Fund has no official benchmark. 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 fluctuate as a result of the sub-fund’s investment policy and is not guaranteed
  36. 36. For Professionals Only 36 A stable bank among the largest European players Source: Nordea. Date: 30.06.2016  Nordea is the largest institution in the Nordic region with 600 branch locations serving 10 million personal customers  The three main business lines are retail banking, wholesale banking and wealth management  S&P has a stable outlook for Nordea’s AA-rating  Continuous growth in operating income over the last 5 years Nordea Ratings: • Standard & Poor's • Moody's • Fitch AA- Aa3 AA- Core Tier 1 capital 16.8% Market Capitalisation EUR 30 bn Total assets EUR 671 bn AuM EUR 300 bn
  37. 37. For Professionals Only 37 Stable partner with focus on delivering alpha and outcome Source: Nordea Bank. Date: 30.06.2016. * Source: Morningstar Direct. Data (expressed in EUR billion, for funds, funds of funds and ETFs (excluding money market funds)) provided by Morningstar on 15.04.2015 for 2012, 2013 and 2014, and on 12.04.2016 for 2015. Active Manager:  Alpha through our multi-boutique approach combining our internal strengths with exclusive external competences  Outcome built on stability to meet clients‘ risk appetite and needs Stable Partner:  Stable relationship model and large product breadth: reliability and trust  One platform, many specialists: Alpha and outcome solutions in one platform to serve clients in all weathers. Nordea Asset Management AUM EUR 202 bn Net sales in 2015 EUR 12.7 bn Only European asset manager to consistently feature in the annual list of top ten cross-border asset managers in terms of European net flows as published by Morningstar* Multi-boutique Approach Internal Boutiques External Boutiques AUM 85% 15% Global Distribution  Captive Distribution  Non-Captive Distribution 50% 50% Team out of which investment team 600 160 Flat Organisation structure and Global Presence: Stockholm, Copenhagen, Oslo, Helsinki, Luxembourg, Cologne, Frankfurt, Madrid, Vienna, Zurich, Paris, London, Milan, New York, São Paulo, Singapore
  38. 38. For Professionals Only 38 Combining internal strengths with exclusive external competences to deliver alpha and outcome to our clients Nordea multi-boutique approach Internal Boutiques  Covered Bond Team Credit Team Danish Fixed Income Team European Small & Mid Cap Equities Team Fundamental Equities Team International Fixed Income Team International Focus Equities Team Multi Asset Team Norwegian Equity Fund Norwegian Fixed Income Team Swedish Fixed Income Team Stable Equities Team External Boutiques  Aegon USA Investment Management LLC Capital Four Management A/S Clarivest Asset Management LLC DoubleLine Capital L.P. Eagle Asset Management, Inc. European Value Partners AG Income Partners Asset Management (HK) Limited Itaú USA Asset Management Inc Libra Capital Management (HK), Ltd MacKay Shields LLC PGIM Limited STANLIB Asset Management Limited The London Company of Virginia LLC T. Rowe Price International Ltd.
  39. 39. For Professionals Only 39 *Building on its Nordic expertise, Nordea also manages internally a full range of Nordic equity, bonds and currency strategies such as Norwegian Equity, Norwegian Bond, Swedish Bond. Note that some of the strategies listed above are only available as a sub-fund vehicle within the Nordea 1, SICAV. The Nordea 1, SICAV consists of 72 sub-funds covering the full asset spectrum out of which 50 products have more than EUR100mn AuM and 33 products have more than EUR 250mn AuM. Source: Nordea Investment Funds S.A. Date: 30.06.2016 Selected Nordea solutions to meet your needs Strategies Unconstrained CoreCredit Flexible Fixed Income European High Yield Bond US Total Return Bond European Covered (Low Duration) US High Yield Bond Unconstrained Bond Nordic Fixed Income* European Cross Credit Bond Stable Return European Corporate Bond Multi Asset US Corporate Bond Europe Global / Theme North America Emerging European Value North American Value Stable Emerging Markets Equity European Focus Equity Global Stable Equity North American All Cap Emerging Stars Equity Europ. Small & Mid Cap Equity Global Dividend North American Small Cap Latin American Equity Nordic Equity (Small Cap) Emerging Consumer Indian Equity African Equity Chinese Equity Bond Equity Heracles Long/Short MI Emerging Emerging Market Blend Bond Emerging Market Bond Emerging Market Corporate Bond Renminbi High Yield Bond Nordic Ideas Equity Climate and Environment European Financial Debt Fund Global Stars Alpha 15
  40. 40. For Professionals Only 40 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 significant fluctuations which may affect the value of an investment. Investments in Emerging Markets involve a higher element of risk. The value of shares can greatly fluctuate 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 financial 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 official 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 financial 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 financial 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 20, Stockholm, SE-105 71. Additional information for investors in Denmark: The Information and Paying Agent is Nordea Bank Danmark A/S, 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 Norge ASA, 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 Finland Plc, Satamaradankatu 5, FI-00020 NORDEA, Helsinki. The Representative Agent is Nordea Funds Ltd, Centralgatan/ Keskuskatu 3a, 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 financial instrument. Source (unless otherwise stated): Nordea Investment Funds S.A. 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 and must not be passed to private investors. This document contains information only intended for professional investors and independent financial advisers and is not intended for general publication. 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.

×