Allocation Dynamic
Allocat ion Dynamic
Riskmeter
About the fund Fund
Low risk
High risk
The risk indicator is a simplified illustration of the risk for each sub-fund. You will find details of the risk factors in the prospectus.
Historical perf. as of 31-05-2011
Invests primarily in other mutual funds within bonds, equities and alternative investments. The most important parameter in the investment process is the asset allocation, i.e. the distribution between equities and bonds.
Basic information NAV as of 31-05-2011 (EUR) 24.96 Morningstar Category Balanceret - EUR Høj Risiko ISIN LU0130372641 Bloomberg Ticker FNDAEOP Dividends No Web site www.danskebank.lu Launch 25-07-2001 Total assets , mill. (EUR) 14.65 Base currency EUR Domicile LUX Initial charges up to 5.00 % Fund company Danske Invest Allocation SICAV Management fee 1.00 %
Key f igures - 3 years 31-05-2011
Top 10 holdings as of 31-05-2011
Sharpe ratio Volatility Average annual return (%)
Issue
%
Danske Invest Europe Focus I (Lux) Fidelity Active Strategy - Europe Fund-A Euro SKAGEN Global (Norge) Danske Invest Europe High Dividend A JPMorgan FF - Europe Dynamic Lg-Sh A103 EUR JPMorgan Inv - US Select Equity Fund 4,00 SPINTAB NO. 175 15/6-2005/2011 Fidelity Funds - America Fund NYKREDIT VAR. 21E 500CF6DA OA 2018 Danske Inst. Global StockPicking I Other
10.84 % 10.74 % 8.94 % 8.21 % 6.35 % 6.24 % 3.99 % 3.74 % 3.59 % 3.47 % 33.89 %
0.04 11.56 1.95
Return volat.
08-JUN-11 - http://www.danskeinvest.lu - 1233_N
The chart shows the value of an investment of EUR 100 over the past 8 years or, if the fund is less than 8 years old, since its inception.
The fund’s return will fluctuate as markets go up and down. The chart shows how the historical returns have fluctuated in the past 10 years or, if the fund is less than 10 years old, since its inception. The end points of the columns show the best and worst returns within this period.
Trailing returns as of 31-05-2011 Fund
Year to date -0.62
1 mth 0.45
3 mth -0.27
6 mth 3.26
12 mth 9.14
36 mth 5.98
60 mth 5.87
Start 24.82
This Fact Sheet, which is issued by Danske Bank LU, is not an invitation to purchase units in the Fund. Subscriptions for units in the Fund will be accepted only on the basis of the most recent prospectus, which can be obtained from Danske Bank LU. Historical return is no reliable indicator of future return. Danske Bank International Société Anonyme, R.C. Luxembourg No. B 14.101 Aut. 24859
Allocat ion Dynamic
Asset allocation limits
Fund report
n0-50% Bonds n40-80%Equities n0-20% Sector funds/Emerging markets n0-25% Alternative investments
First quarter 2011
Asset allocation nEquities 65.50% nBonds 23.10% nAlternative 9.30% nCash 2.10%
lerating, growth in the US and Europe. That backdrop should be moderately positive to risky assets. Rising oil prices are a risk factor but given solid economic growth rates, we do not expect the recovery to be derailed.
Return Danske Invest Allocation Fund Dynamic is down -0.58% in the first quarter of 2011. Market The first quarter of 2011 has been affected by several events that has had an impact on financial markets. Developments in the Middle East has contributed to increasing oil prices and the situation in southern Europe has caused some jitters, most recently in Portugal where the government has stepped back. Finally, the catastrophic earthquake in Japan and the ensuing nuclear worries affected both equity and bond markets. These events resulted in significant market volatility. Stocks lost an important proportion of what they had gained earlier this year and European bonds declined.
Strategy We continue to maintain a relatively high allocation to equities and credit bonds. We have increased the allocation to short duration Danish Mortgage bonds and aim to have an overall low sensitivity to rising interest rates.
Performance The fund performed well within the fixed income space due to positive contributions from investment grade and high yield corporate bonds. Global and high dividend equities also performed well. The allocation to emerging market and Asian equities was reduced during the quarter but still contributed negatively to return as did long/short equities. Market expectations The main economic scenario has not changed, meaning continued solid, though dece-
Return
Portfolio manager Name: John Løvig Nielsen Title: Senior Portfolio Manager Background: CFA Seniority: 16 Company: Danske Capital
Return measures Fund
2006
2007
2008
2009
2010
2.62
1.43
-30.76
24.93
15.19
This Fact Sheet, which is issued by Danske Bank LU, is not an invitation to purchase units in the Fund. Subscriptions for units in the Fund will be accepted only on the basis of the most recent prospectus, which can be obtained from Danske Bank LU. Historical return is no reliable indicator of future return. Danske Bank International Société Anonyme, R.C. Luxembourg No. B 14.101 Aut. 24859
Riskmeter
About the fund Fund
Low risk
High risk
The risk indicator is a simplified illustration of the risk for each sub-fund. You will find details of the risk factors in the prospectus.
Historical perf. as of 31-05-2011
Invests primarily in other mutual funds within bonds, equities and alternative investments. The most important parameter in the investment process is the asset allocation, i.e. the distribution between equities and bonds.
Basic information NAV as of 31-05-2011 (EUR) 24.96 Morningstar Category Balanceret - EUR Høj Risiko ISIN LU0130372641 Bloomberg Ticker FNDAEOP Dividends No Web site www.danskebank.lu Launch 25-07-2001 Total assets , mill. (EUR) 14.65 Base currency EUR Domicile LUX Initial charges up to 5.00 % Fund company Danske Invest Allocation SICAV Management fee 1.00 %
Key f igures - 3 years 31-05-2011
Top 10 holdings as of 31-05-2011
Sharpe ratio Volatility Average annual return (%)
Issue
%
Danske Invest Europe Focus I (Lux) Fidelity Active Strategy - Europe Fund-A Euro SKAGEN Global (Norge) Danske Invest Europe High Dividend A JPMorgan FF - Europe Dynamic Lg-Sh A103 EUR JPMorgan Inv - US Select Equity Fund 4,00 SPINTAB NO. 175 15/6-2005/2011 Fidelity Funds - America Fund NYKREDIT VAR. 21E 500CF6DA OA 2018 Danske Inst. Global StockPicking I Other
10.84 % 10.74 % 8.94 % 8.21 % 6.35 % 6.24 % 3.99 % 3.74 % 3.59 % 3.47 % 33.89 %
0.04 11.56 1.95
Return volat.
08-JUN-11 - http://www.danskeinvest.lu - 1233_N
The chart shows the value of an investment of EUR 100 over the past 8 years or, if the fund is less than 8 years old, since its inception.
The fund’s return will fluctuate as markets go up and down. The chart shows how the historical returns have fluctuated in the past 10 years or, if the fund is less than 10 years old, since its inception. The end points of the columns show the best and worst returns within this period.
Trailing returns as of 31-05-2011 Fund
Year to date -0.62
1 mth 0.45
3 mth -0.27
6 mth 3.26
12 mth 9.14
36 mth 5.98
60 mth 5.87
Start 24.82
This Fact Sheet, which is issued by Danske Bank LU, is not an invitation to purchase units in the Fund. Subscriptions for units in the Fund will be accepted only on the basis of the most recent prospectus, which can be obtained from Danske Bank LU. Historical return is no reliable indicator of future return. Danske Bank International Société Anonyme, R.C. Luxembourg No. B 14.101 Aut. 24859
Allocat ion Dynamic
Asset allocation limits
Fund report
n0-50% Bonds n40-80%Equities n0-20% Sector funds/Emerging markets n0-25% Alternative investments
First quarter 2011
Asset allocation nEquities 65.50% nBonds 23.10% nAlternative 9.30% nCash 2.10%
lerating, growth in the US and Europe. That backdrop should be moderately positive to risky assets. Rising oil prices are a risk factor but given solid economic growth rates, we do not expect the recovery to be derailed.
Return Danske Invest Allocation Fund Dynamic is down -0.58% in the first quarter of 2011. Market The first quarter of 2011 has been affected by several events that has had an impact on financial markets. Developments in the Middle East has contributed to increasing oil prices and the situation in southern Europe has caused some jitters, most recently in Portugal where the government has stepped back. Finally, the catastrophic earthquake in Japan and the ensuing nuclear worries affected both equity and bond markets. These events resulted in significant market volatility. Stocks lost an important proportion of what they had gained earlier this year and European bonds declined.
Strategy We continue to maintain a relatively high allocation to equities and credit bonds. We have increased the allocation to short duration Danish Mortgage bonds and aim to have an overall low sensitivity to rising interest rates.
Performance The fund performed well within the fixed income space due to positive contributions from investment grade and high yield corporate bonds. Global and high dividend equities also performed well. The allocation to emerging market and Asian equities was reduced during the quarter but still contributed negatively to return as did long/short equities. Market expectations The main economic scenario has not changed, meaning continued solid, though dece-
Return
Portfolio manager Name: John Løvig Nielsen Title: Senior Portfolio Manager Background: CFA Seniority: 16 Company: Danske Capital
Return measures Fund
2006
2007
2008
2009
2010
2.62
1.43
-30.76
24.93
15.19
This Fact Sheet, which is issued by Danske Bank LU, is not an invitation to purchase units in the Fund. Subscriptions for units in the Fund will be accepted only on the basis of the most recent prospectus, which can be obtained from Danske Bank LU. Historical return is no reliable indicator of future return. Danske Bank International Société Anonyme, R.C. Luxembourg No. B 14.101 Aut. 24859
