Nordea 1, SICAV Monthly Report · Monthly Report April 2018. Fact Sheet ... Bloomberg ticker NMAPBIE LX Number of holdings ... Bloomberg ticker NCDSBPE LX Number of holdings 202 Share

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N1_Monthly Report_cover pages_print.pdf 2 13/10/2017 10:13:09

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Nordea 1, SICAV

Monthly Report May 2018

Fact Sheet | May 2018

Nordea 1 - African Equity Fund

Cumulative Fund Benchmark*

Year To Date -1.48

1 month -4.75

3 months -5.47

1 year 9.55

3 years -19.97

5 years -10.94

Since launch 26.20

Key Figures Fund Benchmark*

Annualised return in %** -7.16

Volatility in %** 13.81

Alpha in %**

Beta**

Sharpe ratio** -0.50

Correlation**

Information ratio**

Tracking error in %**

Discrete Year

Performance (indexed at 100)

STANLIB Asset Management Limited

Launch date 17/11/2008ISIN LU0390856663

Sedol B3FJZJ6

WKN A0RASM

Bloomberg ticker NAFEBPE LX

Number of holdings 57

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

12.62

38.59

0

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

Performance in %

Risk and Reward Profile

Lower risk Higher risk

7654321

Asset Allocation in %

South Africa 41.20

Egypt 10.68

Kenya 8.34

Morocco 7.18

United Kingdom 5.38

Nigeria 4.71

Mauritius 2.40

Net Liquid Assets 20.11

Country Fund

Financials 29.13

Consumer Discretionary 12.45

Telecommunication Services 10.33

Materials 9.34

Consumer Staples 8.38

Industrials 5.69

Real Estate 2.85

Health Care 1.26

Information Technology 0.46


Sector Fund

Top Holdings in %

Security Name Country Sector Weight

Naspers South Africa Consumer Discretionary 5.46

Commercial International Bank Egypt Egypt Financials 4.93

Safaricom Kenya Telecommunication Services 4.03

Maroc Telecom Morocco Telecommunication Services 2.86

Attijariwafa Bank Morocco Financials 2.72

Sasol South Africa Materials 2.68

MTN Group South Africa Telecommunication Services 2.48

Anglo American United Kingdom Materials 2.32

Sanlam South Africa Financials 2.21

Standard Bank Group South Africa Financials 2.07

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


Nordea 1 - Alpha 10 MA Fund

Cumulative Fund Annualized

Year To Date -1.82

1 month -2.15

3 months -2.15

1 year -1.09 -1.09

3 years 15.51 4.92

5 years 22.19 4.09

Since launch 18.40 1.97

Key Figures Fund

Volatility in %* 5.48

Sharpe ratio* 0.93

Parametric VaR (20d, 99%)** 3.51

Modified Duration (in year)*** 4.96

Discrete Year


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

1,817.43

0

* Annualized 3 year data** Source: MSCI RiskManager*** for entire portfolio including derivatives**** As a % of total assetsWith effect as of 23/10/2017 the sub-fund is renamed from Nordea 1 - Multi-Asset Fund to Nordea 1 - Alpha 10 MA Fund.Performances are in EUR

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

Equity 102.00 -72.00 174.00 30.00

Fixed Income 88.00 0.00 88.00 88.00

Currencies 93.00 -98.00 191.00 -5.00

Cash and Cash Equivalents 31.00 0.00 31.00 31.00

Total 314.00 -170.00 484.00 144.00

Performance in %



7654321

Equity 23.08

SAA Risk Balancing 23.08

X - Asset 23.08

Fixed Income 15.38

Currency 7.69

Volatility & Trading 7.69

SuperStrategy

Risk budget allocation in %

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


Nordea 1 - Alpha 15 MA Fund


Year To Date -1.79

1 month -2.98

3 months -2.91

1 year 0.74 0.74

3 years 29.99 9.14

5 years 37.49 6.57


Key Figures Fund


Sharpe ratio* 1.09


Modified Duration (in year)*** 7.27

Discrete Year


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



75.15

1,013.23

75,000

* Annualized 3 year data** Source: MSCI RiskManager*** for entire portfolio including derivatives**** As a % of total assetsWith effect as of 23/10/2017 the sub-fund is renamed from Nordea 1 - Alpha 15 to Nordea 1 - Alpha 15 MA Fund.Performances are in EUR

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

Equity 152.00 -107.00 259.00 45.00

Fixed Income 115.00 0.00 115.00 115.00

Currencies 112.00 -118.00 230.00 -6.00

Cash and Cash Equivalents 37.00 0.00 37.00 37.00

Total 416.00 -225.00 641.00 191.00

Performance in %



7654321

Equity 23.08

SAA Risk Balancing 23.08

X - Asset 23.08

Fixed Income 15.38

Currency 7.69

Volatility & Trading 7.69

SuperStrategy

Risk budget allocation in %

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


Nordea 1 - Asian Focus Equity Fund


Year To Date -2.51 0.04

1 month 0.73 -1.32

3 months -2.75 -2.12

1 year 19.76 17.27

3 years 25.99 23.97

5 years 45.93 47.68



Annualised return in %** 8.01 7.43

Volatility in %** 16.91 15.23

Alpha in %** 0.00

Beta** 1.08

Sharpe ratio** 0.43 0.44

Correlation** 0.98

Information ratio** 0.15

Tracking error in %** 3.94

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



27.58

163.21

0

* MSCI AC Asia ex Japan - Net Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 30/10/2013. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI AC Far East ex. Japan - Net Return Index.Performances are in USD

Performance in %



7654321


China 39.71

India 16.96

South Korea 16.55

Taiwan 12.07

Hong Kong 5.27

Singapore 3.47

Indonesia 1.47

Philippines 1.21

Sri Lanka 0.83


Country Fund


Financials 21.98

Real Estate 6.56

Industrials 6.52


Health Care 5.16




Sector Fund

Top Holdings in %


Tencent Holdings China Information Technology 9.44

Samsung Electronics South Korea Information Technology 8.23

Alibaba Group Holding ADR China Information Technology 8.05

Taiwan Semiconductor Manufacturing Taiwan Information Technology 6.74

AIA Group Hong Kong Financials 5.27

Ping An Insurance Group Co of China China Financials 4.05

Phoenix Mills India Real Estate 3.91

Housing Development Finance India Financials 3.54

JD.com ADR China Consumer Discretionary 2.94

Sunny Optical Technology Group China Information Technology 2.58

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


Nordea 1 - Balanced Income Fund


Year To Date -0.73

1 month -0.75

3 months -0.70

1 year -1.44 -1.44

3 years 0.86 0.28

5 years 6.02 1.18



Annualised return in % 0.28

Volatility in % 2.70

Modified Duration** 3.65

Yield to Maturity in %** 1.88

Weighted Average rating** A+

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



107.22

174.21

0

* No Benchmark** Source: Nordea Investment Management AB*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesWith effect as of 23/10/2017 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 23/10/2017 the sub-fund is renamed from Nordea 1 - Flexible Fixed Income Plus Fund to Nordea 1 - Balanced Income Fund.Performances are in EUR

Performance (indexed at 100)Performance in %



7654321

Net Equity Exposure 3.32 %

Short Duration -46.57 %

Equity Beta 3.32 %

Cash 5.59 %

Other Government Bonds 9.14 %

Emerging Market Debt 13.50 %

Credit HY 17.70 %

Covered bonds 23.48 %

Credit IG 39.61 %

High Quality Government Bonds 65.23 %

Gross exposure ****

EURO 96.67 %

USD 8.36 %

Emerging Markets 1.03 %

Developed, non EURO -6.05 %

Currency Exposure ****

Security Name Weight

Bundesschatzanweisungen 0.000000% 13-03-2020 6.12

Canadian Government Bond 2.5% 01-06-2024 5.91

Realkredit Danmark 1% 04-01-2019 SDRO A T 5.66

United States Treasury Note/ 1.625% 30-04-2023 5.25


Bundesrepublik Deutschland B 1.5% 15-02-2023 4.60

Australia Government Bond 2.75% 21-04-2024 4.39

United States Treasury Infla 0.5% 15-01-2028 4.34



Geograph. Mod. Duration Fund

Europe ex-UK 1.53

United States 1.10

Others 0.87

United Kingdom 0.15

Total 3.65

Top Holdings in %Rating *** Fund

AAA 61.92

AA 31.15

A 3.95

BBB 2.91

BB

B

CCC

<CCC

NR 0.07

The fund offers a robust diversification across fixed income asset classes and regions with a limited exposure to equities. 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 balanced product, designed to address a constantly changing environment in financial markets, such as interest rates fall and rise as well as changes in credit spreads and equity volatility. The fund will use active currency management to mitigate risk without reducing the return expectancy.

Investment Strategy


Nordea 1 - Chinese Equity Fund


Year To Date 5.28 2.78

1 month 3.29 1.15

3 months 0.01 -1.46

1 year 31.49 22.65

3 years 26.92 23.95

5 years





Alpha in %** 0.01

Beta** 1.01


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



155.21

267.42

0

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

Performance in %



7654321


China 66.42

Taiwan 21.18

Hong Kong 8.89

United States 0.63


Country Fund


Financials 16.38

Health Care 11.83

Industrials 9.68



Materials 1.61

Energy 1.48

Other 3.37


Sector Fund

Top Holdings in %





China Construction Bank China Financials 4.94


MediaTek Taiwan Information Technology 4.04

51job ADR China Industrials 4.01

Shenzhen Inovance Technology China Industrials 3.56

Tong Ren Tang Technologies China Health Care 3.34

Silergy China Information Technology 3.20

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


Nordea 1 - Danish Bond Fund



1 month 0.76 1.02

3 months 1.33 1.64

1 year 0.38 0.79

3 years 2.11 3.10

5 years 6.09 8.86





Average maturity 9.39

Effective Duration*** 4.71

Yield to maturity in % 0.24

Correlation** 0.96

Information ratio** -0.51


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



381.11

97.53

0

* Nordea Constant Maturity 5 Year Government Bond Index (Source: Datastream)** Annualized 3 year data*** Estimate based on the model portfolioThe sub-fund's reference index changed on 06/09/2010. The past performance data shown prior to that date is related to the sub-fund's previous reference index, JP Morgan Government Bond Denmark Total Return Index.Performances are in DKK

Performance in %



7654321


Government Bonds 63.36

Mortgage Bonds 32.10


Asset Type Fund

AAA 95.46

AA

A

BBB

BB

B

CCC

<CCC

NR


Rating Fund

Top Holdings in %

Security Name Asset Type Rating Weight

Danish Government 3% 11-15-2021 Government Bonds AAA 26.31

Danish Government 1.75% 11-15-2025 Government Bonds AAA 17.71


Realkredit Danmark 1% 04-01-2022 SDRO A T Mortgage Bonds AAA 10.64

Nordea Kredit 2% 10-01-2047 SDRO 2 Mortgage Bonds AAA 9.35

Nykredit Realkredit CF 5% 07-01-2038 IO CIBOR 6M R Mortgage Bonds AAA 8.13

Danish Government 4% 11-15-2019 Government Bonds AAA 5.47


Realkredit Danmark 4% 10-01-2041 SDRO S Mortgage Bonds AAA 1.13

BRFkredit 5% 04-01-2035 RO B Mortgage Bonds AAA 0.22

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


Nordea 1 - Danish Kroner Reserve


Year To Date -0.42 -0.13

1 month -0.10 -0.03

3 months -0.26 -0.08

1 year -0.94 -0.29

3 years -2.13 -0.62

5 years -2.61 -0.22



Annualised return in %** -0.72 -0.21



Duration in years 0.32

Yield to maturity in % -0.47

Correlation** 0.40



Discrete Year




Sedol 4339700

WKN 974177

Bloomberg ticker FRTDKRI LX


Share class BP-DKK

Last NAV

AUM (Million DKK)



Manager

Fund Data


No / No



163.79

70.80

0

* Denmark Interbank 3 Month (CIBOR) rate (Source: Datastream)Source Thompson Reuters DataStream. Yield based benchmark returns are derived by using a total return index based on the daily quoted benchmark rate.** Annualized 3 year dataPerformances are in DKK

Performance in %



7654321


Denmark 96.63


Country Fund




Asset Type Fund

Top Holdings in %

Security Name Country Asset Type Weight

BRFkredit 2% 10-01-2018 SDO E Denmark Mortgage Bonds 24.21

Denmark Treasury Bill 03-09-2018 Denmark Government Bonds 24.04

Nordea Kredit 1% 10-01-2018 SDRO AR 2 Denmark Mortgage Bonds 22.72

Nykredit Realkredit 1% 10-01-2018 SDO AR H Denmark Mortgage Bonds 21.39

Realkredit Danmark 1% 01-01-2019 SDRO AR T Denmark Mortgage Bonds 4.27

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


Nordea 1 - Danish Mortgage Bond Fund


Year To Date 0.10

1 month 0.34

3 months 1.56

1 year 1.91

3 years 6.55

5 years 10.88

Since launch 135.33


Annualised return in %** 2.14





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



235.33

5,483.61

0

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

Performance in %



7654321



Corporate Bonds 6.27



Asset Type Fund

AAA 92.96

AA 3.86

A 1.38

BBB

BB

B

CCC

<CCC

NR 0.19


Rating Fund

Top Holdings in %




Nykredit Realkredit 2% 10-01-2047 SDO E Mortgage Bonds AAA 10.24


Nykredit Realkredit 2.5% 10-01-2047 SDO E Mortgage Bonds AAA 4.46

Realkredit Danmark 1% 04-01-2022 SDRO A T Mortgage Bonds AAA 4.16

Stadshypotek AB 4.5% 21-09-2022 Mortgage Bonds AA 3.86

Nykredit Realkredit 2% 10-01-2050 SDO E Mortgage Bonds AAA 3.60

Swedbank Hypotek AB 1% 15-06-2022 Mortgage Bonds AAA 3.18


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


Nordea 1 - Emerging Consumer Fund


Year To Date -5.75

1 month 1.28

3 months -1.65

1 year -1.91

3 years 4.05

5 years 21.54

Since launch 121.20




Alpha in %**

Beta**

Sharpe ratio** 0.13

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



22.12

123.28

0


Performance in %



7654321


United States 31.64

China 11.87

United Kingdom 9.73

South Africa 7.62

South Korea 6.81

Switzerland 6.31

Brazil 5.54

Germany 2.93

Other 14.57


Country Fund




Health Care 3.24


Sector Fund

Top Holdings in %



NIKE United States Consumer Discretionary 4.19

Ambev Brazil Consumer Staples 4.16

Mondelez International United States Consumer Staples 4.13

Reckitt Benckiser Group United Kingdom Consumer Staples 3.95

Nestle Switzerland Consumer Staples 3.82

JD.com ADR China Consumer Discretionary 3.73

British American Tobacco United Kingdom Consumer Staples 3.58

Procter & Gamble United States Consumer Staples 3.54

Philip Morris International United States Consumer Staples 3.07

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


Nordea 1 - Emerging Market Bond Fund



1 month -1.39 -0.94

3 months -2.75 -2.10

1 year -0.37 -0.56

3 years 14.72 14.13

5 years 22.02 23.69








Correlation** 0.98



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



135.20

2,039.38

0

* JP Morgan Emerging Markets Bond Index Global Diversified (Source: Datastream)** Annualized 3 year data*** Source: PGIM Fixed Income, rebased on fund figures.Performances are in USD

Performance in %



7654321


AAA

AA 0.41

A 2.24

BBB 24.52

BB 25.98

B 37.25

CCC 4.77

<CCC 1.40

NR 1.19


Rating Fund

Sovereigns 70.95

Quasi-Sovereigns 22.54

Corporates 4.27


Foreign Agencies 0.00

Asset Type ***

Top Holdings in %


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

Argentine Republic Governmen 7.5% 22-04-2026 Government Bonds B 1.35

Russian Foreign Bond - Eurob 12.75% 24-06-2028 Government Bonds BBB 1.17

Egypt Government Internation 8.5% 31-01-2047 Government Bonds B 1.09

Petroleos Mexicanos 6.5% 02-06-2041 Corporate Bonds BBB 1.08

Petroleos Mexicanos 6.5% 13-03-2027 Corporate Bonds BBB 1.04

1MDB Global Investments Ltd 4.4% 09-03-2023 Corporate Bonds NR 0.98

Angolan Government Internati 9.5% 12-11-2025 Government Bonds B 0.92

Hungary Government Internati 7.625% 29-03-2041 Government Bonds BBB 0.91

Iraq International Bond 5.8% 15-01-2028 Government Bonds B 0.89

The fund mainly invests in Emerging Markets bonds labelled in hard currency (like USD) of sovereign and quasi-sovereign entities. An active research-based management style is applied tailored to generate alpha through strong country allocation and security selection based on the global risk appetite, countries’ fundamentals, relative value and technicals, and proprietary tools.

Investment Strategy


Nordea 1 - Emerging Market Bond Opportunities Fund



1 month -3.35 -2.97

3 months -5.24 -4.49

1 year -0.48 0.26

3 years 9.96 11.15

5 years 4.46 7.02








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



106.85

172.81

0

* 50% JP EMBI GD and 50% JP GBI-EM GD (Source: Datastream)** Annualized 3 year dataWith effect as of 16/12/2016 the sub-fund is renamed from Nordea 1 - Emerging Market Blend Bond Fund to Nordea 1 - Emerging Market Bond Opportunities Fund.Performances are in USD

Performance in %



7654321





Asset Type Fund

AAA

AA 2.17

A 16.85

BBB 23.37

BB 25.87

B 24.18

CCC 2.64

<CCC 0.66

NR 1.29


Rating Fund

Top Holdings in %


Brazil Notas do Tesouro Naci 10% 01-01-2023 Government Bonds BB 2.81

Republic of South Africa Gov 7% 28-02-2031 Government Bonds BB 1.91

Republic of Poland Governmen 4% 25-10-2023 Government Bonds A 1.87

Mexican Bonos 7.5% 03-06-2027 Government Bonds A 1.60


Colombian TES 6% 28-04-2028 Government Bonds BBB 1.29

Argentine Republic Governmen MULTI 31-12-2038 Government Bonds B 1.12


Mexican Bonos 8% 07-12-2023 Government Bonds A 1.05

1MDB Global Investments Ltd 4.4% 09-03-2023 Corporate Bonds NR 1.05

The fund mainly invests in Emerging Markets bonds labelled in hard currency (like USD) and local currency, of sovereign and quasi-sovereign entities. An active research-based management style is applied tailored to generate alpha through strong country allocation and security selection based on the global risk appetite, countries’ fundamentals, relative value and technicals, and proprietary tools.

Investment Strategy


Nordea 1 - Emerging Market Corporate Bond Fund



1 month -0.99 -0.59

3 months -1.99 -1.54

1 year 0.05 0.48

3 years 10.11 11.77

5 years 14.72 21.73








Correlation** 0.98



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



134.60

190.22

0

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

Performance in %



7654321





Asset Type Fund

AAA

AA 0.91

A 4.33

BBB 18.68

BB 43.61

B 20.42

CCC 2.32

<CCC

NR 7.91


Rating Fund

Top Holdings in %


YPF SA 8.75% 04-04-2024 Corporate Bonds B 2.55

Emirates NBD Tier 1 Lt 5.750% MULTI Perp FC2019 Corporate Bonds NR 1.61

TBG Global Pte Ltd 5.25% 10-02-2022 Corporate Bonds BB 1.61

ICTSI Treasury BV 5.875% 17-09-2025 Corporate Bonds NR 1.60

Petrobras Global Finance BV 7.25% 17-03-2044 Corporate Bonds BB 1.48

Pampa Energia SA 7.375% 21-07-2023 Corporate Bonds B 1.47

Emirates Airline 4.5% 06-02-2025 Corporate Bonds NR 1.39

Sixsigma Networks Mexico SA 7.5% 02-05-2025 Corporate Bonds BB 1.37

Bank of East Asia Ltd/ 5.500% MULTI Perp FC2020 Corporate Bonds BB 1.35

Yuzhou Properties Co Ltd 7.9% 11-05-2021 Corporate Bonds B 1.32

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


Nordea 1 - Emerging Market Hard Currency Bond Fund



1 month -1.09 -0.94

3 months -2.28 -2.10

1 year -0.76 -0.56

3 years

5 years



Annualised return in %**

Volatility in %**


Effective Duration 6.44


Correlation**

Information ratio**


Discrete Year


Nordea Emerging Markets Debt Team


Sedol BYM2VV9

WKN A142YW

Bloomberg ticker NOEHBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



111.06

142.57

0

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

Performance in %



7654321


Indonesia 4.50

Russian Federation 4.44

Mexico 4.43

South Africa 3.63

Argentina 3.58

Egypt 3.34

Ukraine 3.28

Turkey 3.20

Other 64.76


Country Fund

AAA

AA

A 4.89

BBB 31.93

BB 24.95

B 27.92

CCC 2.75

<CCC 1.13

NR 1.58


Rating Fund

Top Holdings in %

Security Name Country Rating Weight

Honduras Government Internat 7.5% 15-03-2024 Honduras BB 1.65

Republic of South Africa Gov 4.875% 14-04-2026 South Africa BB 1.50

Dominican Republic Internati 7.45% 30-04-2044 Dominican Republic BB 1.12

Russian Foreign Bond - Eurob 5.25% 23-06-2047 Russian Federation BBB 1.07

Egypt Government Internation 7.5% 31-01-2027 Egypt B 1.03

Serbia International Bond 7.25% 28-09-2021 Republic of Serbia BB 0.99

Colombia Government Internat 4% 26-02-2024 Colombia BBB 0.97

Petroleos Mexicanos 6.5% 13-03-2027 Mexico BBB 0.94

Indonesia Government Interna 6.625% 17-02-2037 Indonesia BBB 0.91

Lebanon Government Internati 6% 20-05-2019 Lebanon B 0.90

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


Nordea 1 - Emerging Market Local Debt Fund



1 month -4.83 -4.98

3 months -7.24 -6.85

1 year 0.76 1.01

3 years 4.41 7.79

5 years -12.32 -8.02

Since launch -11.71 -5.06







Correlation** 0.99



Discrete Year




Sedol B8J4T12

WKN A1J3S0

Bloomberg ticker NELDBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



88.29

165.29

0

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

Performance in %



7654321


Brazil 11.27

South Africa 11.20

Mexico 9.65

Indonesia 9.07


Poland 7.76

Colombia 7.04

Thailand 6.79

Other 24.08


Country Fund

AAA 0.72

AA 2.91

A 33.72

BBB 28.01

BB 27.53

B 2.53

CCC 0.22

<CCC

NR


Rating Fund

Top Holdings in %


Brazil Notas do Tesouro Naci 10% 01-01-2021 Brazil BB 5.97

Mexican Bonos 6.5% 09-06-2022 Mexico A 4.56

Republic of Poland Governmen 5.75% 23-09-2022 Poland A 2.90

Republic of South Africa Gov 7% 28-02-2031 South Africa BB 2.65

Indonesia Treasury Bond 8.375% 15-03-2024 Indonesia BBB 2.35

Republic of Poland Governmen 2% 25-04-2021 Poland A 2.09


Russian Federal Bond - OFZ 7% 25-01-2023 Russian Federation BBB 1.97

Thailand Government Bond 1.25% 12-03-2028 Thailand A 1.96

Russian Federal Bond - OFZ 8.5% 17-09-2031 Russian Federation BBB 1.94

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


Nordea 1 - Emerging Market Local Debt Fund Plus



1 month -5.06 -4.98

3 months -7.09 -6.85

1 year 0.91 1.01

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



113.57

67.84

0

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

Performance in %



7654321


South Africa 12.27

Brazil 10.54


Indonesia 9.07

Mexico 8.70

Malaysia 7.45

Poland 7.05

Thailand 6.85

Other 22.32


Country Fund

AAA

AA 2.01

A 32.17

BBB 28.33

BB 26.61

B 5.66

CCC

<CCC

NR


Rating Fund

Top Holdings in %


Mexican Bonos 6.5% 09-06-2022 Mexico A 4.63


Colombian TES 6% 28-04-2028 Colombia BBB 2.75

Republic of South Africa Gov 6.5% 28-02-2041 South Africa BB 2.66


Thailand Government Bond 1.25% 12-03-2028 Thailand A 2.53

Brazil Letras do Tesouro Nac 01-01-2020 Brazil BB 2.50


Indonesia Treasury Bond 8.375% 15-03-2024 Indonesia BBB 2.27

Malaysia Government Bond 4.048% 30-09-2021 Malaysia A 2.23

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


Nordea 1 - Emerging Markets Debt Total Return Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**




Correlation**

Information ratio**


Discrete Year

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




Sedol BF42YL5

WKN A2H73J

Bloomberg ticker NDTRBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



96.70

28.55

0

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

Performance in %



7654321


South Africa 5.45

Paraguay 4.08

Indonesia 3.91

Nigeria 3.61

Senegal 3.53

Dominican Republic 3.49

Angola 3.49

Colombia 3.31

Other 58.09


Country Fund

AAA

AA

A 4.42

BBB 15.44

BB 31.76

B 36.03

CCC 1.31

<CCC

NR


Rating Fund

Top Holdings in %


Paraguay Government Internat 4.7% 27-03-2027 Paraguay BB 4.08

Republic of South Africa Gov 7% 28-02-2031 South Africa BB 4.02

Senegal Government Internati 6.25% 30-07-2024 Senegal B 3.53

Dominican Republic Internati 5.95% 25-01-2027 Dominican Republic BB 3.49

Ukraine Government Internati 7.75% 01-09-2024 Ukraine B 3.16

Republic of Cameroon Interna 9.5% 19-11-2025 Cameroon B 3.13

Republic of Armenia Internat 7.15% 26-03-2025 Armenia B 2.99

Honduras Government Internat 7.5% 15-03-2024 Honduras BB 2.99

Serbia International Bond 4.875% 25-02-2020 Republic of Serbia BB 2.84


The fund invests across all subsectors of the Emerging Markets debt universe (Hard Currency and Local Currency debt), unconstrained by benchmark limitations. It seeks to deliver returns similar to broad EMD indexes while targeting a lower volatility and placing a particular emphasis on limiting drawdowns. The fund selects securities across a holistic portfolio, that tactically shifts allocations across the emerging markets debt asset class spectrum and takes advantage of the team’s best ideas across local currency, hard currency and emerging market corporate debt.

Investment Strategy


Nordea 1 - Emerging Markets Focus Equity Fund



1 month -1.32 -3.54

3 months -6.00 -5.76

1 year 17.39 14.03

3 years 24.49 19.67

5 years 33.72 24.76





Alpha in %** 0.01

Beta** 1.01


Correlation** 0.95



Discrete Year




Sedol B8GL1J8

WKN A1J2H0

Bloomberg ticker NEMFBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



153.47

98.82

0

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

Performance in %



7654321


China 30.98

India 16.26

South Korea 13.48

Taiwan 10.83

South Africa 5.45

Brazil 5.03

Hong Kong 4.51

United Kingdom 3.55

Other 8.16


Country Fund


Financials 20.28


Health Care 8.26

Real Estate 7.21

Industrials 5.31


Materials 1.12

Other 1.63


Sector Fund

Top Holdings in %











Samsung SDI South Korea Information Technology 2.70

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


Nordea 1 - Emerging Markets Small Cap Fund



1 month -4.42 -2.08

3 months -6.77 -3.43

1 year 9.81 13.93

3 years 9.58 10.13

5 years





Alpha in %** 0.00

Beta** 0.94


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



120.13

180.46

0

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

Performance in %



7654321


China 22.79

South Korea 17.12

Taiwan 14.72

India 11.74

Thailand 5.42

South Africa 5.08

Brazil 4.75

Malaysia 2.49

Other 10.75


Country Fund



Industrials 14.01

Materials 11.09

Financials 10.13

Health Care 6.68


Real Estate 5.19

Other 3.94


Sector Fund

Top Holdings in %


KIWOOM Securities South Korea Financials 1.90

China Resources Cement Holdings China Materials 1.82

Mphasis India Information Technology 1.80

Tianneng Power International China Consumer Discretionary 1.79

Lonking Holdings China Industrials 1.75

Xiabuxiabu Catering Management China Holdings China Consumer Discretionary 1.67

Haitian International Holdings China Industrials 1.62

Chinasoft International China Information Technology 1.60

TCS Group Holding GDR Russian Federation Financials 1.59

Yanlord Land Group Singapore Real Estate 1.55

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


Nordea 1 - Emerging Stars Equity Fund



1 month -2.02 -3.54

3 months -7.79 -5.76

1 year 13.34 14.03

3 years 19.30 19.67

5 years 30.48 24.76





Alpha in %** 0.00

Beta** 1.00


Correlation** 0.95



Discrete Year




Sedol B4V3771

WKN A1JHTL

Bloomberg ticker NEMSBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



131.43

3,168.96

0

* MSCI Emerging Markets - Net Return Index (Source: Datastream)** Annualized 3 year dataWith effect from 23/08/2016, 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

Performance in %



7654321


China 29.97

India 15.73

South Korea 14.16

Taiwan 10.78

Brazil 5.62

South Africa 5.35

United Kingdom 3.75

Hong Kong 3.28

Other 9.26


Country Fund


Financials 22.85


Health Care 7.28

Real Estate 6.71

Industrials 3.69


Materials 1.31

Other 1.73


Sector Fund

Top Holdings in %











Itau Unibanco Holding Brazil Financials 3.09

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


Nordea 1 - European Corporate Bond Fund



1 month -0.36 -0.24

3 months -0.46 -0.28

1 year 0.11 0.66

3 years 3.79 5.70

5 years 13.89 15.72








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



47.63

778.43

0

* ML EMU Corporate Bonds Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 23/10/2008. The past performance data shown prior to that date is related to the sub-fund's previous reference indexes, Lehman Brothers Euro Aggregate (converted to DKK) until 23/10/2008 and JP Morgan Global Government Bond Total Return Index in USD (converted to DKK) until 30/06/2008.With effect as of 30/06/2008 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 15/01/2010 the sub-fund is renamed from Nordea 1 - Corporate Bond Fund to Nordea 1 - European Corporate Bond Fund.Performances are in EUR

Performance in %



7654321


France 16.89

Germany 16.37

United Kingdom 14.44

United States 11.95

Netherlands 6.17

Switzerland 5.88

Denmark 5.77

Norway 4.98

Other 15.45


Country Fund

AAA 3.51

AA 5.06

A 34.88

BBB 50.13

BB 3.80

B

CCC

<CCC

NR 0.51


Rating Fund

Top Holdings in %


Cooperatieve Rabobank UA 6.875% 19-03-2020 Netherlands A 2.55

Danfoss A/S 1.375% 23-02-2022 Denmark BBB 2.09

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

Bank of America Corp 1.379% MULTI 07-02-2025 United States A 1.65

Nykredit Realkredit A/S 1.75% 28-01-2019 Denmark AA 1.64

Wesfarmers Ltd 1.25% 07-10-2021 Australia A 1.60

Statkraft AS 1.5% 21-09-2023 Norway A 1.54

Credit Agricole SA/London 1% 16-09-2024 France A 1.40

UBS AG/London 0.625% 23-01-2023 Switzerland A 1.34

General Mills Inc 2.1% 16-11-2020 United States BBB 1.32

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


Nordea 1 - European Corporate Bond Fund Plus



1 month -0.34 -0.24

3 months -0.35 -0.28

1 year 0.44 0.66

3 years 5.01 5.70

5 years 16.62 15.72








Correlation** 0.98



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



138.44

81.64

75,000

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

Performance in %



7654321


Germany 17.05

France 16.46


United States 11.63

Netherlands 6.37

Switzerland 5.71

Denmark 5.33

Norway 4.95

Other 14.56


Country Fund

AAA 5.26

AA 4.48

A 33.33

BBB 48.88

BB 3.60

B

CCC

<CCC

NR 0.50


Rating Fund

Top Holdings in %


Bundesrepublik Deutschland B 1.5% 15-05-2023 Germany AAA 2.60




Statkraft AS 1.5% 21-09-2023 Norway A 1.74

Bank of America Corp 1.379% MULTI 07-02-2025 United States A 1.63

Wesfarmers Ltd 1.25% 07-10-2021 Australia A 1.50

ING Bank NV 3.500% MULTI 21-11-2023 Netherlands BBB 1.40

BMW Finance NV 0.125% 03-07-2020 Germany A 1.37

Credit Agricole SA/London 1% 16-09-2024 France A 1.36

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


Nordea 1 - European Covered Bond Fund


Year To Date 1.03 -0.03

1 month 0.16 0.21

3 months 0.63 0.46

1 year 1.60 0.23

3 years 5.66 2.27

5 years 18.91 10.87








Correlation** 0.93



Discrete Year


Danish Fixed Income & Euro Covered Bond Team


Sedol 5096004

WKN 986135

Bloomberg ticker FRTGRBI LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



12.70

1,158.66

0

* Iboxx EUR Covered Bond Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 07/03/2014. The past performance data shown prior to that date is related to the sub-fund's previous reference indexes, 50% Iboxx Germany, 40% Iboxx France and 10% Iboxx Spain until 07/03/2014, Barclays Capital Euro Aggregate Bond Index until 30/01/2012 and JP Morgan EMU Aggregate All Mats. (E) - Total Return Index until 22/10/2008.With effect as of 30/01/2012 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.Performances are in EUR

Performance in %



7654321


France 13.50

Denmark 11.57

Spain 11.09

Austria 10.09

Greece 8.17

Italy 7.28

Norway 4.78

Australia 4.75

Other 23.67


Country Fund

AAA 39.65

AA 14.53

A 11.33

BBB 13.47

BB 2.04

B 3.54

CCC 4.72

<CCC

NR 5.62


Rating Fund

Top Holdings in %


PITCH1 5.125% 20-07-2022 Spain BBB 3.07

Realkredit Danmark 1% 04-01-2021 SDRO A T Denmark AAA 3.06

Westpac Banking Corp 0.5% 16-01-2025 Australia AA 3.04

Cie de Financement Foncier S 0.225% 14-09-2026 France AAA 2.78

Programa Cedulas TDA Fondo d 4.25% 10-04-2031 Spain BBB 2.76

Nykredit Realkredit 1% 04-01-2021 SDO A H Denmark AAA 2.40

Banca Carige SpA 3.875% 24-10-2018 Italy BBB 2.32

Toronto-Dominion Bank/The 0.625% 06-06-2025 Canada NR 2.28

Credit Mutuel - CIC Home Loa 1% 30-04-2028 France AAA 2.08

Kommunalkredit Austria AG 3.375% 22-06-2026 Austria A 2.00

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


Nordea 1 - European Cross Credit Fund


Year To Date -1.47

1 month -0.95

3 months -0.93

1 year 0.02

3 years 5.83

5 years 16.64

Since launch 27.31




Year To First Call 3.92

Duration to worst 3.47

Yield to worst in % 2.65

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



127.31

1,216.55

0


Performance in %



7654321


United States 26.58

France 13.71


Germany 11.92

Netherlands 5.80

Spain 5.59

Luxembourg 4.00

Ireland 3.70

Other 14.32


Country Fund

AAA

AA

A

BBB 24.74

BB 59.46

B 14.30

CCC

<CCC

NR


Rating Fund

Top Holdings in %


InterXion Holding NV 6% 15-07-2020 Netherlands BB 2.19

International Game Technolog 4.75% 15-02-2023 United States BB 2.07

Volkswagen Internation 3.875% MULTI Perp FC2027 Germany BBB 2.00

Tesco Property Finance 2 PLC 6.0517% 13-10-2039 United Kingdom BB 1.89

Greif Nevada Holdings Inc SC 7.375% 15-07-2021 United States BB 1.88

Sappi Papier Holding GmbH 3.375% 01-04-2022 South Africa BB 1.86

SoftBank Group Corp 5% 15-04-2028 Japan BB 1.85

Global Switch Holdings Ltd 1.5% 31-01-2024 United Kingdom BBB 1.85

SPCM SA 2.875% 15-06-2023 France BB 1.84

Matterhorn Telecom SA 3.875% 01-05-2022 Luxembourg B 1.84

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


Nordea 1 - European Diversified Corporate Bond Fund



1 month -0.43 -0.24

3 months -0.58 -0.28

1 year -0.04 0.66

3 years 2.93 5.70

5 years 11.65 15.72








Correlation** 0.98



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



126.10

83.26

0

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

Performance in %



7654321


France 22.17

United States 15.06

Germany 12.26


Netherlands 6.54

Italy 4.97

Switzerland 4.54

Spain 4.14

Other 17.35


Country Fund

AAA 0.29

AA 7.03

A 39.65

BBB 50.04

BB 1.88

B

CCC

<CCC

NR


Rating Fund

Top Holdings in %



Credit Suisse AG/London 1% 07-06-2023 Switzerland A 0.98

Credit Agricole SA/London 3.125% 05-02-2026 France A 0.97

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

General Mills Inc 2.1% 16-11-2020 United States BBB 0.90

Volkswagen Internation 3.750% MULTI Perp FC2021 Germany BBB 0.90

NGG Finance PLC 4.250% MULTI 18-06-2076 United Kingdom BBB 0.83


TOTAL SA 3.875% MULTI Perp FC2022 France A 0.78


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


Nordea 1 - European Financial Debt Fund


Year To Date -2.53

1 month -1.70

3 months -2.36

1 year 2.42

3 years 14.22

5 years 35.82

Since launch 62.60







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



162.60

510.93

0

* No Benchmark** Annualized 3 year dataWith effect as of 07/03/2014 the sub-fund is renamed from Nordea 1 - Euro Bank Debt Fund to Nordea 1 - European Financial Debt Fund.Performances are in EUR

Performance in %



7654321


Spain 15.79

Switzerland 12.37

Ireland 12.21

Italy 9.11

United Kingdom 8.28

France 7.07

Germany 6.40

Greece 6.19

Other 18.84


Country Fund

AAA 0.00

AA

A 5.51

BBB 35.25

BB 33.47

B 3.68

CCC 6.19

<CCC

NR 12.15


Rating Fund

Top Holdings in %


Ballsbridge Repackaging DAC MULTI Perpetual Ireland NR 6.76

UBS Group Funding Swit 5.750% MULTI Perp FC2022 Switzerland BB 4.42

Lloyds Bank PLC 13.000% MULTI Perp FC2029 United Kingdom BB 4.06

UniCredit SpA 4.625% 12-04-2027 Italy BBB 3.90

AXA SA 5.453% MULTI Perp FC2026 France BBB 3.68

Ethias SA 5% 14-01-2026 Belgium NR 3.65

Argentum Netherlands BV 5.625% MULTI 15-08-2052 Switzerland BBB 3.37

Deutsche Bank AG 4.5% 19-05-2026 Germany BB 3.23

Cloverie PLC for Zurich 5.625% MULTI 24-06-2046 Switzerland A 3.12

Bankia SA MULTI Perpetual Spain BB 3.11

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


Nordea 1 - European Focus Equity Fund



1 month -0.11 0.11

3 months 0.29 2.60

1 year 0.18 0.99

3 years -1.02 3.75

5 years



Annualised return in %** -0.34 1.23


Alpha in %** -0.02

Beta** 0.98

Sharpe ratio** -0.01 0.12

Correlation** 0.97



Discrete Year




Sedol BQWJFN4

WKN A12B0W

Bloomberg ticker NEFEBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



119.95

121.45

0

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

Performance in %



7654321



Germany 15.08

France 8.99

Denmark 7.82

Netherlands 7.62

Italy 7.08

Sweden 6.77

Ireland 4.83

Other 5.55


Country Fund

Financials 22.19

Health Care 12.98

Industrials 11.50




Materials 9.16

Energy 8.39

Other 4.15


Sector Fund

Top Holdings in %


Royal Dutch Shell United Kingdom Energy 6.02

British American Tobacco United Kingdom Consumer Staples 4.47

SAP Germany Information Technology 3.75

Prudential United Kingdom Financials 3.66


Novo Nordisk B Denmark Health Care 3.64

AstraZeneca United Kingdom Health Care 3.23

Linde Germany Materials 3.14

Swedbank A Sweden Financials 2.90

ING Groep Netherlands Financials 2.87

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


Nordea 1 - European High Yield Bond Fund



1 month -0.97 -1.25

3 months -0.67 -0.83

1 year 0.52 1.64

3 years 12.45 12.56

5 years 28.94 29.96








Correlation** 0.94



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



32.79

3,752.64

0

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

Performance in %



7654321


United States 22.11


Luxembourg 8.68

Germany 7.90

Italy 5.15

France 5.05

Sweden 4.87

Netherlands 4.68

Other 14.41


Country Fund

AAA

AA

A 0.75

BBB 4.56

BB 34.66

B 45.52

CCC 4.21

<CCC 0.15

NR 4.54


Rating Fund

Top Holdings in %


MPT Operating Partnership LP 3.325% 24-03-2025 United States BBB 2.13

Grifols SA 3.2% 01-05-2025 Spain B 2.06

Altice France SA/France 5.625% 15-05-2024 France B 1.97

Matterhorn Telecom SA 3.625% 01-05-2022 Luxembourg B 1.79

SIG Combibloc Holdings SCA 7.75% 15-02-2023 Luxembourg B 1.78

Verisure Midholding AB 5.75% 01-12-2023 Sweden CCC 1.72

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

Ardagh Packaging Finance PLC 2.75% 15-03-2024 Ireland BB 1.44

Nidda Healthcare Holding Gmb 3.5% 30-09-2024 Germany B 1.39

Nexi Capital SpA 4.125% 01-11-2023 Italy NR 1.38

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


Nordea 1 - European Small and Mid Cap Equity Fund



1 month 2.59 2.13

3 months 4.98 4.95

1 year 7.39 7.42

3 years 20.44 19.41

5 years 75.13 79.16





Alpha in %** 0.01

Beta** 0.96


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



693.91

692.80

0

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

Performance in %



7654321



Switzerland 15.53

France 15.05

Germany 12.54

Italy 9.88

Netherlands 5.59

Spain 5.24

Finland 2.54

Other 5.96


Country Fund

Industrials 25.93

Financials 10.34

Health Care 10.32

Materials 9.74




Real Estate 4.45

Other 14.94


Sector Fund

Top Holdings in %


Orpea France Health Care 3.97

Teleperformance France Industrials 3.91

Altran Technologies France Information Technology 3.59

Informa United Kingdom Consumer Discretionary 3.55

iShares STOXX Europe 600 Oil & Gas UCITS ETF DE Germany Other 3.51

Rubis SCA France Utilities 3.10

Phoenix Group United Kingdom Financials 2.96

RPC Group United Kingdom Materials 2.81

Greencore Group United Kingdom Consumer Staples 2.79

Merlin Properties Socimi Spain Real Estate 2.69

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


Nordea 1 - European Stars Equity Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**

Alpha in %**

Beta**

Sharpe ratio**

Correlation**

Information ratio**


Discrete Year





Sedol BDDVJR0

WKN A2H6N0

Bloomberg ticker NOESEBP LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



101.03

51.30

0

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

Performance in %



7654321



Germany 18.16

Denmark 10.52

France 10.31

Netherlands 9.22

Sweden 6.69

Switzerland 5.39

Ireland 3.61

Other 4.47


Country Fund

Financials 23.99

Health Care 13.44

Industrials 12.42

Materials 11.77




Real Estate 3.00

Other 3.80


Sector Fund

Top Holdings in %





Prudential United Kingdom Financials 3.94

Kerry Group Ireland Consumer Staples 3.61

AstraZeneca United Kingdom Health Care 3.56


ING Groep Netherlands Financials 3.23

Swedbank A Sweden Financials 3.20

ASML Holding Netherlands Information Technology 3.12

This Sub-fund aims to achieve long-term capital growth by investing mainly in a diversified portfolio of equity of companies that are domiciled or exercise thepredominant part of their economic activity in Europe. The fund is managed by the Fundamental Equities Team, based in Copenhagen, focusing on fundamental bottomupresearch. Alpha is generated through stock selection and by actively incorporating an ESG based analysis as part of the investment process.

Investment Strategy


Nordea 1 - European Value Fund



1 month 2.31 0.11

3 months 7.00 2.60

1 year 7.54 0.99

3 years 10.52 3.75

5 years 52.04 43.77





Alpha in %** 0.02

Beta** 0.89


Correlation** 0.94



Discrete Year


Mensarius AG


Sedol 4703350

WKN 973347

Bloomberg ticker FRTIEEQ LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



66.00

1,391.52

0

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

Performance in %



7654321



Denmark 12.65

Switzerland 11.89

Germany 11.70

Sweden 8.48

Italy 6.66

France 6.21

United States 3.54

Other 11.81


Country Fund


Industrials 17.98

Energy 16.99


Health Care 7.30

Financials 5.30


Materials 3.08

Other 2.80


Sector Fund

Top Holdings in %


LVMH Moet Hennessy Louis Vuitton France Consumer Discretionary 4.13



Ericsson B Sweden Information Technology 3.63

Senior United Kingdom Industrials 3.58

Frank's International United States Energy 3.54

Hunting United Kingdom Energy 3.46

Swatch Group Switzerland Consumer Discretionary 3.41


Schoeller-Bleckmann Oilfield Equipment Austria Energy 3.21

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 company’‘s 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


Nordea 1 - Flexible Fixed Income Fund


Year To Date -0.54

1 month -0.46

3 months -0.28

1 year -1.18 -1.18

3 years 0.93 0.31

5 years 7.41 1.44



Annualised return in % 0.31

Volatility in % 2.18

Modified Duration** 3.42

Yield to Maturity in %** 1.88

Weighted Average rating** A+

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



105.71

3,024.57

0

* No Benchmark** Source: Nordea Investment Management AB*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesWith effect as of 01/12/2014 the sub-fund is renamed from Nordea 1 - Global Fixed Income Alpha Fund to Nordea 1 - Flexible Fixed Income Fund.Performances are in EUR


Performance in %



7654321

Short Duration -41.89 %

Cash 6.71 %

Other Government Bonds 8.92 %

Emerging Market Debt 14.97 %

Credit HY 17.36 %


Credit IG 39.19 %

High Quality Government Bonds 58.17 %

Gross exposure ****

EURO 97.03 %

USD 4.20 %




Security Name Weight

Canadian Government Bond 2.5% 01-06-2024 5.60



Bundesrepublik Deutschland B 1.5% 15-02-2023 4.45

United States Treasury Infla 0.5% 15-01-2028 4.29

Australia Government Bond 2.75% 21-04-2024 3.96




Realkredit Danmark 1% 04-01-2019 SDRO A T 3.33


United States 1.21

Europe ex-UK 1.08

Others 0.97

United Kingdom 0.16

Total 3.42

Top Holdings in %Rating *** Fund

AAA 63.36

AA 27.30

A 6.23

BBB 3.03

BB

B

CCC

<CCC

NR 0.07

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


Nordea 1 - Global Bond Fund



1 month 2.20 2.52

3 months 2.95 3.18

1 year -2.78 -1.97

3 years -1.53 1.79

5 years 15.91 18.18



Annualised return in %** -0.51 0.59





Correlation** 0.97



Discrete Year


International Fixed Income Team


Sedol 4703372

WKN 973354

Bloomberg ticker FRTGBDI LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



16.76

111.02

0

* JP Morgan GBI Global - Total Return Index (Source: Datastream)** Annualized 3 year dataWith effect as of 01/03/2009 the sub-fund is renamed from Nordea 1 - Global Bond Fund (EUR) to Nordea 1 - Global Bond Fund.Performances are in EUR

Performance in %



7654321


United States 37.16

Japan 18.20

United Kingdom 8.04

France 6.72

Spain 5.18

Italy 3.95

Germany 3.35

Netherlands 1.89

Other 4.80


Country Fund

AAA 7.79

AA 52.92

A 24.01

BBB 3.96

BB

B

CCC

<CCC

NR 0.60


Rating Fund

Top Holdings in %


United States Treasury Note/ 1.625% 15-11-2022 United States AA 9.76


Japan Government Ten Year Bo 1.3% 20-03-2020 Japan A 4.17






Japan Government Thirty Year 1.7% 20-09-2044 Japan A 2.29

French Republic Government B 0.000000% 25-05-2022 France AA 2.27

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


Nordea 1 - Global Climate and Environment Fund


Year To Date -0.52

1 month 3.90

3 months 1.47

1 year 6.00

3 years 26.07

5 years 76.99

Since launch 73.10




Alpha in %**

Beta**

Sharpe ratio** 0.57

Correlation**

Information ratio**


Discrete Year


Fundamental Equities Team


Sedol B2Q4WQ9

WKN A0NEG2

Bloomberg ticker NOCEBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



17.31

897.95

0

* No Benchmark** Annualized 3 year dataWith effect as of 23/08/2016 the sub-fund is renamed from Nordea 1 - Climate and Environment Equity Fund to Nordea 1 - Global Climate and Environment Fund.Performances are in EUR

Performance in %



7654321


United States 48.12

Germany 14.13

Japan 7.17

France 6.62

Netherlands 4.87

Sweden 3.35

Ireland 3.09

United Kingdom 2.86

Other 8.77


Country Fund

Industrials 35.02


Materials 19.45

Utilities 9.31



Real Estate 2.66

Health Care 1.98


Sector Fund

Top Holdings in %



Kerry Group Ireland Consumer Staples 3.09

Quanta Services United States Industrials 3.01

ASML Holding Netherlands Information Technology 2.96

Ecolab United States Materials 2.94

Bunge United States Consumer Staples 2.87

National Grid United Kingdom Utilities 2.86

Johnson Controls International United States Industrials 2.79

Hexcel United States Industrials 2.70

Weyerhaeuser United States Real Estate 2.66

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


Nordea 1 - Global Dividend Fund


Year To Date -1.98

1 month -0.84

3 months -3.28

1 year 8.05

3 years

5 years

Since launch 18.92



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



118.92

51.60

0


Performance in %



7654321


United States 52.45

Japan 8.52

Germany 6.21

United Kingdom 5.85

France 4.83

Canada 4.42

China 4.32

Taiwan 2.54

Other 9.20


Country Fund

Financials 18.70


Health Care 14.36


Industrials 9.39


Energy 5.11

Materials 5.10

Other 9.26


Sector Fund

Top Holdings in %


AbbVie United States Health Care 2.35

Pfizer United States Health Care 2.28

Johnson & Johnson United States Health Care 2.09

Intel United States Information Technology 2.04

TOTAL France Energy 1.94

Microsoft United States Information Technology 1.85

Public Service Enterprise Group United States Utilities 1.85


Accenture United States Information Technology 1.78

Apple United States Information Technology 1.77

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


Nordea 1 - Global High Yield Bond Fund



1 month -1.29 -1.09

3 months -1.89 -1.15

1 year 1.00 2.98

3 years 9.22 16.69

5 years 16.57 25.23






Yield to worst in %*** 5.42


Correlation** 0.98



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



16.11

566.62

0

* BofA ML Developed Markets High Yield Constrained Index (Source: Datastream)** Annualized 3 year data*** Source: MacKay Shields LLC (preliminary numbers)The sub-fund's reference index changed on 23/08/2016. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Merrill Lynch Global High Yield Constrained Index.Performances are in USD

Performance in %



7654321


United States 80.47

Canada 6.48

United Kingdom 4.55

France 1.61

Germany 1.17

Ireland 1.09

Italy 1.04

Australia 1.01

Netherlands 0.91


Country Fund

AAA

AA

A

BBB 9.06

BB 51.61

B 32.63

CCC 4.43

<CCC 0.11

NR 0.50


Rating Fund

Top Holdings in %


ArcelorMittal 7.25% 15-10-2039 France BBB 1.33

Icahn Enterprises LP / Icahn 6% 01-08-2020 United States BB 1.08

Valeant Pharmaceuticals Inte 5.875% 15-05-2023 Canada B 1.03

Greatbatch Ltd 9.125% 01-11-2023 United States CCC 0.92

Telecom Italia Capital SA 6.375% 15-11-2033 Italy BB 0.87

Berry Global Inc 4.5% 15-02-2026 United States BB 0.85

Bombardier Inc 6.125% 15-01-2023 Canada B 0.85

Barclays PLC 4.836% 09-05-2028 United Kingdom BB 0.84

Lincoln National Corp MULTI 17-05-2066 United States BBB 0.80

Reynolds Group Issuer Inc / 5.75% 15-10-2020 United States B 0.80

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


Nordea 1 - Global Ideas Equity Fund



1 month 1.21 0.12

3 months 0.74 -1.08

1 year 20.83 11.84

3 years

5 years




Volatility in %**

Alpha in %**

Beta**

Sharpe ratio**

Correlation**

Information ratio**


Discrete Year




Sedol BYPHNR1

WKN A2ACVN

Bloomberg ticker NGIEBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



134.66

32.50

0

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

Performance in %



7654321


United States 55.23


Japan 4.13

China 3.98

France 3.37

Hong Kong 2.28

Sweden 2.17

Germany 2.11

Other 13.65


Country Fund



Financials 13.99

Industrials 13.12

Health Care 12.84


Energy 7.31

Materials 5.10

Other 3.25


Sector Fund

Top Holdings in %



PRA Group United States Financials 2.87


Alphabet United States Information Technology 2.75

Allegion United States Industrials 2.57

Medtronic United States Health Care 2.33




Elekta B Sweden Health Care 2.17

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


Nordea 1 - Global Long Short Equity Fund - USD Hedged



7654321


Year To Date -4.75

1 month -2.92

3 months -3.66

1 year -6.37

3 years

5 years

Since launch -3.18

Statistical Information *** Fund

Beta 0.02

Number of Long Positions 83.00

Number of Short Positions 96.00

Discrete Year


Volatility in %**

Sharpe ratio**

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 %

96.82

110.07

0

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


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

Equity 75.90 -81.25 157.15 -5.36

Performance in %

Top Ten Countries (%) *** Long Short

United States Of America 50.53 -51.90

China 11.14 -10.90

Japan 5.68 -3.56

Taiwan 3.03 -1.97

Turkey 1.05

Sweden 1.01

United Kingdom 0.98

Australia 0.97 -1.69

Germany 0.76

Brazil 0.75

Finland -2.05

India -1.82

Ireland -1.19

France -1.13

South Korea -1.02

Sectors (%) *** Long Short

Information Technology 18.42 -17.15

Industrials 17.86 -13.17

Consumer Discretionary 11.34 -18.68

Financials 11.12 -6.54

Health Care 5.02 -3.57

Energy 4.85 -3.99

Materials 3.66 -2.86

Utilities 1.81 -3.03

Consumer Staples 1.25 -3.05

Real Estate 0.56 -5.21

Telecommunication Services 0.00 -4.01

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


Nordea 1 - Global Opportunity Fund



1 month 5.21 3.63

3 months 4.57 3.35

1 year 13.44 7.73

3 years 20.94 16.76

5 years





Alpha in %** 0.00

Beta** 1.14


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



169.89

187.23

0

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

Performance in %



7654321


United States 63.27

Switzerland 9.16

United Kingdom 7.22

China 5.07

Hong Kong 4.71

Sweden 3.69

Canada 2.38

Japan 1.89

India 1.41


Country Fund


Financials 24.41


Health Care 8.34

Industrials 7.38


Materials 6.55

Real Estate 1.89

Other 3.72


Sector Fund

Top Holdings in %




Roper Technologies United States Industrials 4.68

Sherwin-Williams United States Materials 4.41

Facebook United States Information Technology 4.34

Marriott International United States Consumer Discretionary 3.89

Amazon.com United States Consumer Discretionary 3.84

UnitedHealth Group United States Health Care 3.46

Danaher United States Health Care 3.40


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


Nordea 1 - Global Portfolio Fund



1 month 3.17 4.15

3 months 2.75 4.03

1 year 11.00 7.47

3 years 14.68 17.16

5 years 68.71 74.01





Alpha in %** -0.02

Beta** 1.14


Correlation** 0.95



Discrete Year




Sedol B64HF14

WKN A0RDXL

Bloomberg ticker NORGLPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



22.81

116.40

0

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

Performance in %



7654321


United States 63.83

United Kingdom 8.14

Germany 5.73

Japan 5.18

Sweden 2.82

France 2.70

South Korea 2.47

Ireland 2.33

Other 3.71


Country Fund




Financials 13.09

Health Care 11.09

Industrials 10.01

Energy 8.12


Materials 2.27


Sector Fund

Top Holdings in %




Visa United States Information Technology 4.61

Pfizer United States Health Care 4.31

Allegion United States Industrials 4.24

NIKE United States Consumer Discretionary 4.12

Varian Medical Systems United States Health Care 3.96

Starbucks United States Consumer Discretionary 3.81

Mondelez International United States Consumer Staples 3.72

JPMorgan Chase United States Financials 3.64

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


Nordea 1 - Global Real Estate Fund



1 month 0.69 1.65

3 months 3.60 6.06

1 year 7.43 4.93

3 years 14.85 11.81

5 years 31.90 28.13





Alpha in %** 0.01

Beta** 0.92


Correlation** 0.96



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



168.62

782.51

0

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

Performance in %



7654321


United States 47.05

Japan 10.02

Hong Kong 8.94

United Kingdom 8.93

Germany 5.94

Australia 5.58

Spain 3.88

Canada 3.57

Other 4.94


Country Fund

Real Estate 94.84


Financials 0.94


Sector Fund

Top Holdings in %


CK Asset Holdings Hong Kong Real Estate 3.95

Deutsche Wohnen Germany Real Estate 3.94

Sun Communities United States Real Estate 3.24

UDR United States Real Estate 3.01

Crown Castle International United States Real Estate 2.96

Digital Realty Trust United States Real Estate 2.90

Sun Hung Kai Properties Hong Kong Real Estate 2.84

Essex Property Trust United States Real Estate 2.83

UNITE Group United Kingdom Real Estate 2.80

Charter Hall Australia Real Estate 2.80

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


Nordea 1 - Global Small Cap Fund



1 month 1.06 2.67

3 months 0.19 3.66

1 year 9.73 16.98

3 years 19.10 32.80

5 years





Alpha in %** -0.02

Beta** 0.84


Correlation** 0.89



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



122.32

408.82

0

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

Performance in %



7654321


United States 51.11

Japan 13.30

United Kingdom 8.16

Germany 3.43

Australia 3.30

Hong Kong 2.24

Netherlands 2.17

Canada 2.02

Other 10.63


Country Fund


Industrials 15.84


Financials 10.03


Real Estate 6.94

Materials 6.22

Health Care 5.65

Other 9.46


Sector Fund

Top Holdings in %


Patterson Cos United States Health Care 1.84

Stericycle United States Industrials 1.76

TreeHouse Foods United States Consumer Staples 1.69

AES United States Utilities 1.67

Conduent United States Information Technology 1.65

Casey's General Stores United States Consumer Staples 1.63

Uniti Group United States Real Estate 1.59

MEDNAX United States Health Care 1.58

Antero Resources United States Energy 1.53

TiVo United States Information Technology 1.51

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


Nordea 1 - Global Stable Equity Fund


Year To Date -0.78

1 month 1.50

3 months 1.45

1 year -1.98

3 years 6.83

5 years 57.64

Since launch 69.90




Alpha in %**

Beta**

Sharpe ratio** 0.22

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



20.32

2,388.06

0

* No Benchmark** Annualized 3 year dataWith effect as of 15/01/2010 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 18/03/2016 the sub-fund is renamed from Nordea 1 - Global Stable Equity Fund - Unhedged to Nordea 1 - Global Stable Equity Fund.Performances are in EUR

Performance in %



7654321


United States 59.03

Japan 10.72

Canada 6.04

United Kingdom 5.78

France 3.22

Germany 2.53

Hong Kong 2.06

Netherlands 1.75

Other 7.55


Country Fund

Health Care 26.05





Industrials 7.78

Financials 7.34

Utilities 6.14

Other 8.02


Sector Fund

Top Holdings in %


KDDI Japan Telecommunication Services 2.78

Oracle United States Information Technology 2.43

Nippon Telegraph & Telephone Japan Telecommunication Services 2.41


CVS Health United States Health Care 2.29

Laboratory Corp of America United States Health Care 2.11

Cisco Systems United States Information Technology 2.08


Walgreens Boots Alliance United States Consumer Staples 2.05

Zimmer Biomet Holdings United States Health Care 2.04

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


Nordea 1 - Global Stable Equity Fund - Euro Hedged


Year To Date -3.62

1 month -1.27

3 months -2.13

1 year -0.35

3 years 9.86

5 years 43.19

Since launch 70.40




Alpha in %**

Beta**

Sharpe ratio** 0.38

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



17.04

1,331.18

0


Performance in %



7654321


United States 62.18

Japan 11.26

Canada 6.38

United Kingdom 6.08

France 3.42

Germany 2.67

Hong Kong 2.13

Netherlands 1.87

Other 7.90

Net Liquid Assets -3.90

Country Fund

Health Care 27.54





Industrials 8.22

Financials 7.91

Utilities 6.45

Other 8.27


Sector Fund

Top Holdings in %



Oracle United States Information Technology 2.59

Nippon Telegraph & Telephone Japan Telecommunication Services 2.56


CVS Health United States Health Care 2.41




Amgen United States Health Care 2.17

Walgreens Boots Alliance United States Consumer Staples 2.16

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


Nordea 1 - Global Stars Equity Fund



1 month 0.59 0.12

3 months 0.30 -1.08

1 year 19.23 11.84

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



135.98

154.53

0

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

Performance in %



7654321


United States 53.91

United Kingdom 9.47

Japan 5.12

China 3.89

France 3.63

Switzerland 2.75

Germany 2.66

Denmark 2.56

Other 12.99


Country Fund


Health Care 14.77

Financials 13.86

Industrials 12.77



Materials 5.55


Other 2.88


Sector Fund

Top Holdings in %





Mastercard United States Information Technology 2.76


Rotork United Kingdom Industrials 2.60




PRA Group United States Financials 2.48

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


Nordea 1 - Heracles Long/Short MI Fund


Year To Date -12.12

1 month -2.70

3 months -8.31

1 year -9.32

3 years -20.68

5 years -3.42

Since launch 10.82

Characteristics since inception in % Fund

Performance 10.82

Performance p.a. 1.01

Volatility 9.58

Worst month -8.14

Best month 7.46

Maximum drawdown -24.86

Maximum profitless period (in months) 37m

Correlation to Heracles since inception ** Fund

EMU Corporate Total Return Index -0.03

HFRI Fund Weighted Composite (EUR) -0.11

JPM GBI Global (EUR hedged) 0.36

MSCI World (EUR) -0.02

UBS Bloomberg CMCI Composite EUR TR -0.09

Top long and top short positions

SHORT LONGEquity (in %)

BIST 30 INDEX FUTURES -2.52

IBEX 35 FUTURES (NEU) -1.60

14.56 FTSE 100 IND.FUT.

12.54 ASX SPI 200 INDEX FUTURES

Bonds (Duration in Year)

10-YR CANADIAN GOV.BD.FU.

-2.32

10-YEAR US.TREAS.NOTE FU.

-2.25

3.51 EURO-BUND-FUTURE

1.51 10-YR JAP. GOV. BOND FUT.

Forex (in %)

SEK -26.92

AUD -12.42

37.46 USD

29.28 JPY


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

Performance Fee in %

54.51

71.15

0

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

Rolling volatility in %

Performance in %



7654321

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

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


Nordea 1 - Indian Equity Fund



1 month -3.92 -3.59

3 months -6.15 -3.23

1 year 1.46 6.68

3 years 22.29 18.80

5 years 72.50 46.08





Alpha in %** 0.01

Beta** 0.93


Correlation** 0.95



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



172.12

323.05

0

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

Performance in %



7654321


India 94.39


Country Fund

Financials 24.58



Materials 8.88

Health Care 7.83

Energy 6.83

Utilities 6.19


Other 10.35


Sector Fund

Top Holdings in %


Infosys India Information Technology 6.64

ICICI Bank India Financials 4.95

NTPC India Utilities 3.85

HCL Technologies India Information Technology 3.82

Bharti Airtel India Telecommunication Services 3.64

ITC India Consumer Staples 3.57

State Bank of India India Financials 3.33

Cipla India Health Care 3.28

Axis Bank India Financials 3.16

Sun Pharmaceutical Industries India Health Care 3.08

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


Nordea 1 - International High Yield Bond Fund - USD Hedged



1 month -0.19 -0.49

3 months -0.29 -0.51

1 year 1.30 2.24

3 years 11.59 16.69

5 years 18.44 25.22








Correlation** 0.98



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



123.57

152.33

0

* ML Global High Yield Constrained - Total Return Index (USD Hedged) (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 07/09/2015. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Merrill Lynch Global High Yield Constrained to Merrill Lynch Global High Yield Constrained hedged USD.Performances are in USD

Performance in %



7654321




Equities 0.00


Asset Type Fund

AAA

AA

A 0.26

BBB 5.57

BB 37.63

B 44.93

CCC 5.97

<CCC 0.41

NR 2.57


Rating Fund

Top Holdings in %


Valeant Pharmaceuticals Inte 4.5% 15-05-2023 Corporate Bonds B 1.06

Associated Materials LLC / A 9% 01-01-2024 Corporate Bonds NR 1.05

Scientific Games Internation 10% 01-12-2022 Corporate Bonds B 0.95

Ziggo BV 5.5% 15-01-2027 Corporate Bonds BB 0.92

GMAC Capital Trust I MULTI 15-02-2040 Corporate Bonds B 0.92

Teva Pharmaceutical Finance 4.5% 01-03-2025 Corporate Bonds NR 0.91

Hughes Satellite Systems Cor 7.625% 15-06-2021 Corporate Bonds BB 0.88

UniCredit SpA 5.861% MULTI 19-06-2032 Corporate Bonds BB 0.81

CenturyLink Inc 7.6% 15-09-2039 Corporate Bonds B 0.80

Scientific Games Internation 5.5% 15-02-2026 Corporate Bonds B 0.75

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


Nordea 1 - Latin American Equity Fund



1 month -11.25 -10.34

3 months -11.67 -11.46

1 year 4.98 0.69

3 years 4.98 4.70

5 years -8.28 -6.89





Alpha in %** 0.00

Beta** 0.92


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



10.97

101.65

0

* MSCI EM Latin America 10/40 - Net Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 27/11/2008. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI Latin America Free Index.Performances are in EUR

Performance in %



7654321


Brazil 57.92

Mexico 22.89

Chile 5.60

Peru 3.88

Argentina 3.24


Country Fund

Financials 25.49

Materials 19.51




Energy 6.80

Industrials 6.78

Utilities 4.58

Other 3.44


Sector Fund

Top Holdings in %


Fomento Economico Mexicano ADR Mexico Consumer Staples 5.04

Itau Unibanco Holding ADR Brazil Financials 3.82

Vale ADR Brazil Materials 3.63

America Movil ADR Mexico Telecommunication Services 3.39

Petroleo Brasileiro ADR Brazil Energy 3.37

Credicorp Peru Financials 2.72

IRB Brasil Resseguros S/A Brazil Financials 2.68

B3 SA - Brasil Bolsa Balcao Brazil Financials 2.45

SACI Falabella Chile Consumer Discretionary 2.41

Rumo Brazil Industrials 2.38

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


Nordea 1 - Low Duration European Covered Bond Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**




Correlation**

Information ratio**


Discrete Year



Danish Fixed Income & Euro Covered Bond Team


Sedol BF53ZV4

WKN A2H6PJ

Bloomberg ticker NOLDBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



99.75

490.67

0


Performance in %



7654321


Denmark 21.19

Spain 12.35

France 9.31

Italy 9.15

Greece 7.51

Norway 6.67

Germany 5.55

Austria 4.05

Other 20.51


Country Fund

AAA 48.13

AA 11.23

A 7.27

BBB 14.99

BB 0.57

B 3.48

CCC 4.03

<CCC

NR 6.59


Rating Fund

Top Holdings in %


PITCH1 5.125% 20-07-2022 Spain BBB 5.36

BRFkredit 1% 04-01-2021 SDO A E Denmark AAA 4.53

Eika Boligkreditt AS 18/23 FRN C COVD Norway AAA 4.27

Andorra Capital Agricol Reig FRN 25-07-2022 Netherlands NR 3.34

DLR Kredit FRN 01-01-2028 IO EURIBOR 3M SDO A B F Denmark AAA 3.32

Nordea Kredit 2% 10-01-2019 SDRO A 2 Denmark AAA 2.83

Commerzbank AG 0.625% 28-05-2025 Germany AAA 2.67

HSBC SFH France SA 0.5% 17-04-2025 France AAA 2.24

Westpac Banking Corp 0.5% 16-01-2025 Australia AA 2.22

Banca Carige SpA 1.25% 28-01-2021 Italy BBB 2.20

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. The modified duration of the fund at all times must be between 0 and 2.

Investment Strategy


Nordea 1 - Low Duration European High Yield Bond Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**




Correlation**

Information ratio**


Discrete Year



Capital Four Management A/S


Sedol BFF5NX8

WKN A2H731

Bloomberg ticker NOHYBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



98.03

10.24

0


Performance in %



7654321



United States 20.76

Germany 8.44

France 8.39

Sweden 5.78

Luxembourg 5.65

Netherlands 5.25

Italy 3.47

Other 12.92


Country Fund

AAA

AA

A 1.89

BBB 2.49

BB 31.32

B 47.07

CCC 7.10

<CCC

NR 7.31


Rating Fund

Top Holdings in %


TVL Finance PLC FRN 15-05-2023 United Kingdom B 3.86

Picard Groupe SAS FRN 30-11-2023 France B 3.85

Belden Inc 2.875% 15-09-2025 United States BB 3.33

Cognita Financing PLC 7.75% 15-08-2021 United Kingdom B 2.86

Altice France SA/France 5.625% 15-05-2024 France B 2.54

Alliance Data Systems Corp 5.25% 15-11-2023 United States NR 2.53

MPT Operating Partnership LP 3.325% 24-03-2025 United States BBB 2.49

Grifols SA 3.2% 01-05-2025 Spain B 2.42

Verisure Midholding AB 5.75% 01-12-2023 Sweden CCC 2.40

Nidda Healthcare Holding Gmb 3.5% 30-09-2024 Germany B 2.37

The Sub-fund invests a minimum of two-thirds of its Total Assets in High Yield Bonds, credit default swaps and other DebtSecurities, including Contingent Convertible Bonds, issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe. The investment manager aims to hedge non-Euro investments to Euro, this is achieved via derivatives. The modified duration of the fund at all times must be between 0 and 2.

Investment Strategy


Nordea 1 - Low Duration US High Yield Bond Fund


Year To Date 0.17

1 month 0.25

3 months 0.50

1 year 1.01

3 years 3.91

5 years 8.72

Since launch 19.70




Average maturity*** 1.07

Interest rate duration*** 1.75


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



11.97

411.91

0

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

Performance in %



7654321





Asset Type Fund

Treasury Future Exposure -09.55

AAA

AA 0.14

A 0.61

BBB 17.17

BB 55.56

B 24.97

CCC

<CCC

NR


Rating Fund

Top Holdings in %


1011778 BC ULC / New Red Fin 4.625% 15-01-2022 Corporate Bonds B 2.06

Constellation Brands Inc 3.875% 15-11-2019 Corporate Bonds BBB 1.97

NXP BV / NXP Funding LLC 4.125% 15-06-2020 Corporate Bonds BBB 1.96

Spectrum Brands Inc 6.625% 15-11-2022 Corporate Bonds B 1.86

Prestige Brands Inc 5.375% 15-12-2021 Corporate Bonds B 1.82

Level 3 Financing Inc 5.375% 15-08-2022 Corporate Bonds BB 1.82

Nielsen Finance LLC / Nielse 5% 15-04-2022 Corporate Bonds BB 1.80

CommScope Inc 5% 15-06-2021 Corporate Bonds BB 1.79

Boyd Gaming Corp 6.875% 15-05-2023 Corporate Bonds B 1.79

XPO Logistics Inc 6.5% 15-06-2022 Corporate Bonds BB 1.75

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


Nordea 1 - Nordic Equity Fund



1 month 3.11 1.32

3 months 2.10 0.01

1 year 3.50 -0.01

3 years 5.85 4.41

5 years 38.49 48.20

Since launch 740.90 1,195.11




Alpha in %** 0.00

Beta** 0.98


Correlation** 0.95



Discrete Year


Nordic, Finnish and Swedish Equities Team


Sedol 4919867

WKN 973346

Bloomberg ticker FRTISEQ LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



84.09

235.63

0

* MSCI Nordic 10/40 Index (Net Dividends Reinvested) (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 23/11/2015. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI Nordic - Net Return Index.Performances are in EUR

Performance in %



7654321


Sweden 40.13

Finland 24.92

Denmark 15.12

Norway 11.56

United States 3.76

United Kingdom 2.48


Country Fund

Financials 21.37


Industrials 14.15

Health Care 9.65


Materials 5.92

Energy 4.87


Other 10.25


Sector Fund

Top Holdings in %



Sampo A Finland Financials 6.83

Atlas Copco Sweden Other 5.48

Swedish Match Sweden Consumer Staples 5.10

Huhtamaeki Finland Materials 4.59

Nordea Bank Sweden Financials 4.44

Lundin Petroleum Sweden Energy 4.33

Tryg Denmark Financials 3.85

Autoliv SDB United States Consumer Discretionary 3.76

Volvo B Sweden Industrials 3.41

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


Nordea 1 - Nordic Equity Small Cap Fund



1 month 2.81 3.20

3 months 1.59 5.37

1 year 3.02 3.31

3 years 38.17 33.77

5 years 97.69 92.77





Alpha in %** 0.01

Beta** 0.99


Correlation** 0.94



Discrete Year


Nordic Equities / Fundamental Equities Team


Sedol B1LCPG2

WKN A0LGUG

Bloomberg ticker NORESCF LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



24.87

143.64

0

* Carnegie Small CSX Return Nordic (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 30/04/2013. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Carnegie Nordic Small Cap Index.Performances are in EUR

Performance in %



7654321


Sweden 52.14

Finland 16.36

Norway 9.30

Denmark 8.48

Switzerland 4.88


Country Fund

Industrials 30.46


Health Care 9.13

Materials 8.44



Financials 4.72

Real Estate 1.39

Other 2.20


Sector Fund

Top Holdings in %


MTG B Sweden Consumer Discretionary 4.93

Fenix Outdoor Int. B Switzerland Consumer Discretionary 4.88

Holmen B Sweden Materials 4.26

Sectra Sweden Health Care 3.33

Axfood Sweden Consumer Staples 3.00

Bure Equity Sweden Financials 2.94

AcadeMedia Sweden Consumer Discretionary 2.83

Vaisala A Finland Information Technology 2.56

Kongsberg Gruppen Norway Industrials 2.39

SAAB B Sweden Industrials 2.20

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


Nordea 1 - Nordic Ideas Equity Fund


Year To Date 3.69

1 month 3.48

3 months 2.29

1 year 7.71

3 years 10.90

5 years 58.32

Since launch 59.24




Alpha in %**

Beta**

Sharpe ratio** 0.34

Correlation**

Information ratio**


Discrete Year


Nordic Equities / Fundamental Equities Team


Sedol B92NY41

WKN A1T958

Bloomberg ticker NRDIBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



159.24

72.03

0


Performance in %



7654321


Sweden 28.11

Finland 25.23

Norway 17.34

Denmark 15.58

United States 4.96

United Kingdom 3.94


Country Fund


Financials 19.07

Industrials 15.72


Other 8.07

Health Care 6.80

Materials 6.24




Sector Fund

Top Holdings in %




Swedish Match Sweden Consumer Staples 5.71


Huhtamaeki Finland Materials 5.03


Amer Sports Finland Consumer Discretionary 4.92

Tomra Systems Norway Industrials 4.91


Schibsted ser. B Norway Consumer Discretionary 4.19

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


Nordea 1 - Nordic Stars Equity Fund


Year To Date 0.51

1 month 2.50

3 months 1.08

1 year 0.98

3 years 3.86

5 years

Since launch 29.30




Alpha in %**

Beta**

Sharpe ratio** 0.12

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



129.30

58.88

0


Performance in %



7654321


Sweden 34.27

Finland 26.25

Norway 13.14

Denmark 12.32

United States 4.33

Switzerland 2.33

United Kingdom 0.17


Country Fund


Financials 17.62

Industrials 17.54

Health Care 10.08




Energy 1.78

Other 8.15


Sector Fund

Top Holdings in %






Nordea Bank Sweden Financials 3.51

Volvo B Sweden Industrials 3.35


Nokia Finland Information Technology 3.28

Essity B Sweden Consumer Staples 3.23

Millicom Int. Cellular SDB Sweden Telecommunication Services 3.18

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


Nordea 1 - North American All Cap Fund



1 month 1.31 2.76

3 months -0.96 1.00

1 year 10.07 14.44

3 years 13.61 33.38

5 years 38.66 77.89





Alpha in %** -0.07

Beta** 1.12


Correlation** 0.90



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



190.00

681.28

0

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

Performance in %



7654321


United States 100.48


Country Fund


Financials 15.91


Industrials 12.87

Health Care 11.48

Energy 10.75


Real Estate 3.19

Other 7.00


Sector Fund

Top Holdings in %



AMETEK United States Industrials 3.83

Intercontinental Exchange United States Financials 3.73


Citigroup United States Financials 3.54


Darling Ingredients United States Consumer Staples 3.34

Union Pacific United States Industrials 3.31

Total System Services United States Information Technology 3.30


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


Nordea 1 - North American High Yield Bond Fund



1 month -0.11 -0.02

3 months -0.24 0.03

1 year 1.05 2.29

3 years 11.76 15.41

5 years 21.09 26.84








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



126.54

602.17

0

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

Performance in %



7654321



Equities 0.00


Asset Type Fund

AAA

AA

A

BBB 5.47

BB 36.25

B 47.38

CCC 6.89

<CCC 0.43

NR 1.64


Rating Fund

Top Holdings in %


Associated Materials LLC / A 9% 01-01-2024 Corporate Bonds NR 1.12

Sprint Corp 7.875% 15-09-2023 Corporate Bonds B 1.04

GMAC Capital Trust I MULTI 15-02-2040 Corporate Bonds B 0.99

Virgin Media Finance PLC 6.375% 15-04-2023 Corporate Bonds B 0.93


First Data Corp 7% 01-12-2023 Corporate Bonds B 0.85

Scientific Games Internation 10% 01-12-2022 Corporate Bonds B 0.83

International Game Technolog 6.5% 15-02-2025 Corporate Bonds BB 0.83

HCA Inc 5.875% 15-02-2026 Corporate Bonds B 0.78

Hughes Satellite Systems Cor 7.625% 15-06-2021 Corporate Bonds BB 0.76

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


Nordea 1 - North American Small Cap Fund



1 month 4.37 6.04

3 months 4.10 8.27

1 year 13.63 20.31

3 years 27.82 35.02

5 years 55.71 74.22





Alpha in %** -0.02

Beta** 1.03


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



179.74

261.98

0

* Russell 2000 - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


United States 97.51

Canada 0.56


Country Fund

Financials 32.40

Industrials 16.70



Materials 8.10

Real Estate 6.38

Health Care 5.21

Energy 3.95

Other 5.85


Sector Fund

Top Holdings in %


SkyWest United States Industrials 1.64

Umpqua Holdings United States Financials 1.61

First Merchants United States Financials 1.58

Insight Enterprises United States Information Technology 1.49

American Equity Investment Life Holding United States Financials 1.43

Federal Agricultural Mortgage United States Financials 1.42

MGIC Investment United States Financials 1.42

New Residential Investment United States Financials 1.41

Xenia Hotels & Resorts United States Real Estate 1.39

Enterprise Financial Services United States Financials 1.35

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


Nordea 1 - North American Value Fund



1 month 0.65 2.41

3 months -3.67 0.19

1 year 11.44 14.38

3 years 17.46 36.67

5 years 48.39 84.05





Alpha in %** -0.06

Beta** 1.06


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



55.44

389.45

0

* S&P 500 Composite - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


United States 99.07


Country Fund

Financials 25.95



Industrials 10.38

Materials 5.76

Health Care 4.71


Energy 2.41



Sector Fund

Top Holdings in %


Berkshire Hathaway United States Financials 7.38


Progressive United States Financials 5.64


Visa United States Information Technology 5.12

BlackRock United States Financials 4.61

Carnival United States Consumer Discretionary 4.60

Norfolk Southern United States Industrials 4.29

Dollar Tree United States Consumer Discretionary 4.23

CarMax United States Consumer Discretionary 4.15

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


Nordea 1 - Norwegian Bond Fund



1 month 0.71 1.09

3 months 1.10 1.46

1 year 0.55 0.58

3 years 3.84 3.87

5 years 13.13 12.03








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



214.88

5,718.16

0

* OB (Oslo Stock Exchange) Government Bonds All Index (Source: Bloomberg)** Annualized 3 year dataThe sub-fund's reference index changed on 21/04/2015. The past performance data shown prior to that date is related to the sub-fund's previous reference index, CGBI WGBI NW All Mats (NOK) Total Return Index.Performances are in NOK

Performance in %



7654321



Mortgage Bonds 9.21


Bonds 1.33


Asset Type Fund

AAA 29.39

AA 2.12

A 10.41

BBB 3.83

BB

B

CCC

<CCC

NR 51.34


Rating Fund

Top Holdings in %


Verd Boligkreditt AS 17/22 FRN C COVD Mortgage Bonds NR 4.34

Den norske stat 16/26 1,50% Government Bonds AAA 2.54

Helgeland Boligkredi AS 18/23 FRN C COVD Corporate Bonds AAA 2.27

Nordic Investment Bank 4% 04-11-2026 Corporate Bonds NR 2.01

Spb 1 Naeringskredi AS 13/23 4,20% C COVD Corporate Bonds AAA 1.92

Landkreditt Boligkre AS 17/22 FRN C COVD Mortgage Bonds NR 1.89

Spb 1 Naeringskreditt AS 13/21 ADJ C COVD Corporate Bonds AAA 1.85

BKK AS 18/23 FRN Corporate Bonds NR 1.75

Bustadkreditt Sogn o AS 18/24 FRN C COVD Mortgage Bonds AAA 1.75

Eiendomskreditt AS 18/24 FRN C COVD Corporate Bonds BBB 1.75

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


Nordea 1 - Norwegian Equity Fund



1 month 4.87 2.04

3 months 5.83 7.01

1 year 18.38 20.96

3 years 51.66 34.82

5 years 95.85 75.49





Alpha in %** 0.05

Beta** 0.94


Correlation** 0.93



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



277.31

1,249.11

0

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

Performance in %



7654321


Norway 95.71

Bermuda 1.42

Canada 1.03

Sweden 0.46

Netherlands 0.24


Country Fund

Energy 25.65

Financials 16.07

Materials 15.19

Industrials 10.21




Health Care 2.78

Other 4.37


Sector Fund

Top Holdings in %


Yara International Norway Materials 7.13

Atea Norway Information Technology 6.99

Kongsberg Automotive Norway Consumer Discretionary 5.71

Subsea 7 S.A. Norway Energy 5.05

Aker BP Norway Energy 4.39

SpareBank 1 SMN Norway Financials 4.31

Borregaard Norway Materials 3.73

DNB Norway Financials 3.49

Norsk Hydro Norway Materials 3.21

Borr Drilling Ltd Norway Energy 2.74

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


Nordea 1 - Norwegian Kroner Reserve



1 month 0.11 0.09

3 months 0.34 0.28

1 year 1.29 0.90

3 years 4.04 3.12

5 years 8.00 6.56








Correlation** -0.11



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



202.09

6,717.39

0

* Norwegian Interbank 3 Month (NIBOR) rate (Source: Datastream)Source Thompson Reuters DataStream. Yield based benchmark returns are derived by using a total return index based on the daily quoted benchmark rate.** Annualized 3 year dataThe sub-fund's reference index changed on 15/01/2010. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Norway Deposit 3 Month - Total Return Index.Performances are in NOK

Performance in %



7654321

Norway 90.98

Netherlands 2.70

Sweden 2.46

Denmark 1.42

Finland 1.22


Country Fund


Mortgage Bonds 2.09



Asset Type Fund



SSB Boligkreditt AS 14/20 FRN C COVD Norway Corporate Bonds 2.81

BKK AS 14/20 FRN Norway Corporate Bonds 2.70

Olav Thon Eiendomsselskap ASA 18/21 FRN Norway Corporate Bonds 2.53

Yara International ASA 14/19 FRN Norway Corporate Bonds 2.30

Spb 1 Nord-Norge 17/20 FRN Norway Corporate Bonds 2.24

BKK AS 18/21 FRN Norway Corporate Bonds 2.23

Kongsberg Gruppen ASA 16/20 FRN Norway Corporate Bonds 1.80

Aalesund komm 17/20 FRN Norway Corporate Bonds 1.72

Santander Consumer Bank AS 16/19 FRN Norway Corporate Bonds 1.57

Hafslund AS 14/19 FRN Norway Corporate Bonds 1.57

Top Holdings in %

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


Nordea 1 - Renminbi High Yield Bond Fund


Year To Date -2.82

1 month -0.85

3 months -2.69

1 year 0.02

3 years 15.78

5 years

Since launch 17.30




Yield to Maturity in %*** 8.30



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



117.30

90.01

0

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

Performance in %



7654321





Asset Type Fund

AAA

AA

A 1.43

BBB

BB 26.20

B 44.17

CCC

<CCC

NR 13.54


Rating Fund

Top Holdings in %


CIFI Holdings Group Co 5.375% MULTI Perp FC2021 Corporate Bonds BB 3.31

Powerlong Real Estate Holdin 6.95% 17-04-2021 Corporate Bonds B 3.10

Bank of East Asia Ltd/ 5.500% MULTI Perp FC2020 Corporate Bonds BB 2.82

Logan Property Holdings Co L 6.875% 24-04-2021 Corporate Bonds BB 2.82

Easy Tactic Ltd 7% 25-04-2021 Corporate Bonds NR 2.80

New Metro Global Ltd 6.5% 23-04-2021 Corporate Bonds BB 2.79

China Aoyuan Property Group 5.375% 13-09-2022 Corporate Bonds B 2.54

Central China Real Estate Lt 6.5% 05-03-2021 Corporate Bonds B 2.40

Virgin Australia Holdings Lt 7.875% 15-10-2021 Corporate Bonds B 2.15

Standard Chartered PLC 6.500% MULTI Perp FC2020 Corporate Bonds BB 2.14

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


Nordea 1 - Stable Emerging Markets Equity Fund


Year To Date -4.91

1 month -5.86

3 months -5.60

1 year 1.89

3 years 5.40

5 years 15.54

Since launch 41.28




Alpha in %**

Beta**

Sharpe ratio** 0.07

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



70.64

1,482.20

0


Performance in %



7654321


China 36.85

South Korea 22.86

India 8.61

Taiwan 5.87

South Africa 5.62

Turkey 5.42

Brazil 3.37

Thailand 2.94

Other 7.08


Country Fund

Financials 21.80



Industrials 13.77

Utilities 11.10


Health Care 4.65

Real Estate 3.05

Other 5.52


Sector Fund

Top Holdings in %



Industrial & Commercial Bank of China China Financials 3.26

Samsung Fire & Marine Insurance South Korea Financials 3.11

China Mobile China Telecommunication Services 3.06


SK Telecom South Korea Telecommunication Services 2.90

Hyundai Mobis South Korea Consumer Discretionary 2.90

China Communications Construction China Industrials 2.75

China Telecom China Telecommunication Services 2.69

China Construction Bank China Financials 2.42

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


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


Year To Date -6.83

1 month -3.26

3 months -4.45

1 year -11.17

3 years -13.96

5 years -6.67

Since launch -2.96


Annualised return in %** -4.89


Alpha in %**

Beta**

Sharpe ratio** -0.57

Correlation**

Information ratio**


Discrete Year




Sedol B8K1JC3

WKN A1J647

Bloomberg ticker NSELBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



97.04

474.80

0

* No Benchmark** Annualized 3 year dataWith effect as of 01/03/2016 the sub-fund is renamed from Nordea 1 - Stable Equity Long/Short Fund to Nordea 1 - Stable Equity Long/Short Fund - Euro Hedged.Performances are in EUR

Performance in %



7654321

Equity Allocation in %

Exposure Fund

Long 142.97

Short -121.42

Gross 264.40

Net 21.55

Health Care 26.11



Financials 10.56



Utilities 4.59

Industrials 3.50

Other 1.82


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


Nordea 1 - Stable Return Fund


Year To Date -3.34

1 month -1.28

3 months -1.99

1 year -3.85 -3.85

3 years 1.31 0.44

5 years 17.28 3.24


Key Figures Fund


Sharpe ratio* 0.15


Modified Duration (in year)**** 1.66

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



16.22

14,301.46

0

* Annualized 3 year data** Source: MSCI RiskManager*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesWith effect as of 01/03/2009 the sub-fund is renamed from Nordea 1 - Absolute Return Fund to Nordea 1 - Stable Return Fund.Performances are in EUR

Performance in %



7654321

Long Equity Exposure 61.47 % Net Equity Exposure 40.73 %

Fixed Income Future -29.27 %

Equity Future -20.75 %

Cash 1.11 %

Credit bonds 3.65 %

Emerging Market Equities 12.32 %

Government Bonds 27.87 %


Developed Markets Equities 49.15 %

Gross exposure ****

EURO 91.38 %


USD 2.62 %



Equity Fixed IncomeCountry *** Fund

United States 51.13

Japan 6.38

United Kingdom 6.11

China 5.70

Canada 5.55

South Korea 3.80

India 3.38

France 2.72

Other 15.24

Sector *** Fund


Health Care 19.81


Financials 11.26



Industrials 6.86

Utilities 4.33

Other 5.89


United States 1.55

Europe (Ex UK) 0.11

United Kingdom 0.00

Other 0.00

Total 1.66

Rating *** Fund

AAA 61.71

AA 29.69

A 8.03

BBB 0.48

BB

B

CCC

<CCC

NR 0.09

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


Nordea 1 - Swedish Bond Fund



1 month 1.13 1.34

3 months 1.78 2.09

1 year 1.14 1.70

3 years 2.84 4.34

5 years 13.27 17.00








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



298.75

1,060.57

0

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

Performance in %



7654321






Asset Type Fund

AAA 64.76

AA 17.86

A 11.74

BBB 3.39

BB

B

CCC

<CCC

NR 1.51


Rating Fund

Top Holdings in %


Stadshypotek AB 4.5% 21-09-2022 Mortgage Bonds AA 17.86

Sweden Government Bond 1% 12-11-2026 Government Bonds AAA 12.44

Sweden Government Bond 2.5% 12-05-2025 Government Bonds AAA 11.85




DNB Bank ASA 1.97% 28-05-2025 Corporate Bonds A 5.00

Nordea Bank AB 1.935% MULTI 17-09-2025 Corporate Bonds A 4.85


Landshypotek Bank AB 0.75% 25-05-2023 Mortgage Bonds AAA 3.77

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


Nordea 1 - Swedish Kroner Reserve


Year To Date 0.06 -0.17

1 month -0.03 -0.03

3 months 0.01 -0.10

1 year -0.09 -0.46

3 years -0.20 -1.33

5 years 1.97 0.00



Annualised return in %** -0.07 -0.45





Correlation** -0.39



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



191.16

2,008.51

0

* Sweden Interbank 3 Month (STIBOR) rate (Source: Datastream)Source Thompson Reuters DataStream. Yield based benchmark returns are derived by using a total return index based on the daily quoted benchmark rate.** Annualized 3 year dataPerformances are in SEK

Performance in %



7654321


Sweden 86.98

Finland 5.70

Norway 3.50

Germany 3.00

Denmark 1.27


Country Fund


Mortgage Bonds 5.23


Asset Type Fund

Top Holdings in %


Tele2 AB FRN 11-05-2021 Sweden Corporate Bonds 6.25

Kraftringen Energi AB FRN 06-02-2020 Sweden Corporate Bonds 4.26

Nordea Hypotek AB 1.25% 19-05-2021 Sweden Mortgage Bonds 3.35

L E Lundbergforetagen AB 3.05% 20-03-2019 Sweden Corporate Bonds 3.32

OP Corporate Bank plc FRN 25-08-2025 Finland Corporate Bonds 3.04

Volkswagen Financial Service FRN 12-04-2019 Germany Corporate Bonds 3.00

Essity AB FRN 02-04-2019 Sweden Corporate Bonds 2.85

Sampo Oyj FRN 28-05-2020 Finland Corporate Bonds 2.66

Volvo Treasury AB FRN 15-04-2019 Sweden Corporate Bonds 2.50

Fabege CP 06-07-2018 Sweden Corporate Bonds 2.49

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


Nordea 1 - Unconstrained Bond Fund - USD Hedged


Year To Date -1.05

1 month -0.39

3 months -0.78

1 year 0.77

3 years 4.16

5 years

Since launch 8.01







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



108.01

87.28

0

* No Benchmark** Annualized 3 year data*** Source: MacKay Shields LLC (preliminary numbers)With effect as of 01/03/2016 the sub-fund is renamed from Nordea 1 - Unconstrained Bond Fund to Nordea 1 - Unconstrained Bond Fund - USD Hedged.Performances are in USD

Performance in %



7654321





Asset Type Fund


AAA 0.87

AA 7.60

A 15.28

BBB 50.06

BB 19.16

B 3.05

CCC

<CCC

NR 1.09


Rating Fund

Top Holdings in %


CVS Pass-Through Trust 5.789% 10-01-2026 Corporate Bonds BBB 1.13

Bank of America Corp 3.004% MULTI 20-12-2023 Corporate Bonds NR 1.09

Whirlpool Corp 2.4% 01-03-2019 Corporate Bonds BBB 1.09

GE Capital International Fun 2.342% 15-11-2020 Corporate Bonds A 1.07

21st Century Fox America Inc 8.25% 10-08-2018 Corporate Bonds BBB 1.04

Tyson Foods Inc 3.95% 15-08-2024 Corporate Bonds BBB 1.03

Valero Energy Corp 6.125% 01-02-2020 Corporate Bonds BBB 0.97

Pfizer Inc 1.2% 01-06-2018 Corporate Bonds AA 0.95

Zimmer Biomet Holdings Inc 3.55% 01-04-2025 Corporate Bonds BBB 0.93

General Motors Financial Co 3.45% 10-04-2022 Corporate Bonds BBB 0.91

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


Nordea 1 - US Corporate Bond Fund



1 month 0.22 0.50

3 months -0.64 -0.10

1 year -0.92 0.08

3 years 4.80 7.42

5 years 9.48 15.18








Correlation** 0.97



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



13.97

2,824.52

0

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

Performance in %



7654321





Asset Type Fund


AAA 0.12

AA 5.22

A 14.55

BBB 71.65

BB 5.24

B 0.45

CCC

<CCC

NR 0.59


Rating Fund

Top Holdings in %


Great Plains Energy Inc 4.85% 01-06-2021 Corporate Bonds BBB 1.01

Morgan Stanley 4.875% 01-11-2022 Corporate Bonds BBB 1.01

PPL Capital Funding Inc 4.2% 15-06-2022 Corporate Bonds BBB 0.85

Citigroup Inc 3.7% 12-01-2026 Corporate Bonds BBB 0.73

Verizon Communications Inc 5.15% 15-09-2023 Corporate Bonds BBB 0.73

Huntington Bancshares Inc/OH 7% 15-12-2020 Corporate Bonds BBB 0.71

United Airlines 2014-1 Class 4% 11-04-2026 Corporate Bonds A 0.71

Fortune Brands Home & Securi 4% 15-06-2025 Corporate Bonds BBB 0.71

Hewlett Packard Enterprise C 3.6% 15-10-2020 Corporate Bonds BBB 0.71

Sprint Spectrum Co LLC / Spr 3.36% 20-09-2021 Corporate Bonds BBB 0.69

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


Nordea 1 - US High Yield Bond Fund



1 month -0.47 -0.02

3 months -0.83 0.03

1 year 0.00 2.29

3 years 7.61 15.41

5 years 13.76 26.84








Correlation** 0.98



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



19.10

758.52

0

* 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

Performance in %



7654321




Asset Type Fund

AAA

AA

A

BBB 3.98

BB 51.20

B 37.99

CCC 5.14

<CCC 0.15

NR 0.00


Rating Fund

Top Holdings in %



KLX Inc 5.875% 01-12-2022 Corporate Bonds B 1.14

T-Mobile USA Inc 6.375% 01-03-2025 Corporate Bonds BB 1.12

Icahn Enterprises LP / Icahn 5.875% 01-02-2022 Corporate Bonds BB 1.07

DISH DBS Corp 5.875% 15-07-2022 Corporate Bonds B 0.99

TRI Pointe Group Inc / TRI P 5.875% 15-06-2024 Corporate Bonds BB 0.93

AmeriGas Partners LP / Ameri 5.625% 20-05-2024 Corporate Bonds BB 0.93

XPO Logistics Inc 6.5% 15-06-2022 Corporate Bonds BB 0.91

Clear Channel Worldwide Hold 6.5% 15-11-2022 Corporate Bonds B 0.90

Sensata Technologies UK Fina 6.25% 15-02-2026 Corporate Bonds BB 0.90

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

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CM

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CY

CMY

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Source (unless otherwise stated): Nordea Investment Funds S.A. Period under consideration (unless otherwise stated): 30.04.2018 – 31.05.2018. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) in the currency of the respective share class, gross income and dividends reinvested, excluding initial and exit charges as per 31.05.2018. 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 currency of the respective share class differs from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations. 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 (KIID), 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. Investments in equity and debt instruments issued by banks could bear the risk of being subject to the bail-in mechanism (meaning that equity and debt instruments could be written down in order to ensure that most unsecured creditors of an institution bear appropriate losses) as foreseen in EU Directive 2014/59/EU. For further details of investment risks associated with these sub-funds, please refer to the relevant Key Investor Information Document (KIID), available as described above. Nordea Investment Funds S.A. has decided to bear the cost for research, i.e. such cost is covered by existing fee arrangements (Management-/Administration-Fee). 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 BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, Switzerland. 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. The Representative Agent is Allfunds Bank S.A., Paseo de la Castellana 9, ES-28046 Madrid, Spain. 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 International GmbH – Succursale Italia, branches (located in the main towns of each region), BNP Paribas Securities Services - Succursale di Milano, Banca Sella Holding S.p.A, Banca Monte dei Paschi di Siena S.p.A., Allfunds Bank S.A. Succursale di Milano, Société Générale Securities Services S.p.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 and the KIID 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 21, Stockholm, SE-105 71. Additional information for investors in Denmark: The Information and Paying Agent is Nordea Danmark, filial 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 Funds 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 Luminor Bank AS, Skanstes iela 12, Riga, LV-1013. Additional information for investors in Estonia: The Representative and Paying Agent in Estonia is Luminor Bank AS, Liivalaia 45, 10145 Tallinn. Additional information for investors in Lithuania: The Representative and Paying Agent in Lithuania is Luminor Bank AB, Konstitucijos pr. 21A , 03601 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. 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 benefits and liabilities will depend on individual circumstances and may be subject to change in the future.

Documents

Nordea 1, SICAV Monthly Report · Monthly Report April 2018. Fact Sheet ... Bloomberg ticker NMAPBIE LX Number of holdings ... Bloomberg ticker NCDSBPE LX Number of holdings 202 Share