Danske Invest Black Sea Fund G Emerging market equity funds
Danske Invest Black Sea Fund G Emerg ing market equit y funds
Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 30-11-2011 (EUR) 1.3155 ISIN FI0008808928 Distribution of income No Benchmark index ISE100-index Web site www.danskeinvest.fi Launch 09-06-2005 Total assets , million (EUR) 9.11 Base currency EUR Minimum subscription 500 EUR or 30 EUR/month
Subscription fee 1,00 % / 8 EUR Redemption fee 2,00 % / 8 EUR TER 2011 Q2 2,80% Management fee 2.80 %
Danske Invest Black Sea is intended for investors who are looking for an investment solution on the emerging equity markets of the Black Sea region that is profitable, professionally managed and well-diversified. The fund is well-suited, for long-term investment, to experienced investors who can accept even substantial changes in the value of the fund from time to time. Due to its higher risk level than that of a normal mutual fund, the fund is recommended only as a small part of a diversified investment portfolio. The recommended investment horizon in the fund is more than five years. The assets of Danske Invest Black Sea are invested in a diversified manner mainly in publicly traded equities whose issuer is a company that is listed in the Black Sea region, or a company that is highly dependent on the economies of the Black Sea region. The fund invests mainly in the Turkish, Ukrainian, Kazakh, Romanian and Bulgarian equity markets. The general performance of the emerging equity markets of the Black Sea region is reflected in the value of the fund.
Performance 30-11-2011
Benchmark index Unofficial ISE 100 Index
Portfolio manager Danske Capital, Danske Bank A/S
Major investments 30-11-2011 Issuer
07-dec-11 - http://www.danskeinvest.fi/en - 2405_N
Key f igures - 1 y 30-11-2011 Volatility (%) 30.264 Sharpe -1.309 Tracking error 11.608 IR -0.241 Alpha -9.266 Beta 0.815 Duration -
Turkiye Garanti Bankasi A.S. Haci Omer Sabanci Holding AS Akbank T.A.S. Turkcell Iletisim Hizmetleri A.S. Tupras-Turkiye Petrol Rafinerileri A.S. Turkiye Halk Bankasi A.S. Turkiye Is Bankasi C (Isbank) Yapi ve Kredi Bankasi A.S. BIM Birlesik Magazalar AS Turk Telekommunikasyon AS Other
% 9.25 % 8.19 % 6.75 % 5.97 % 5.04 % 4.62 % 4.61 % 4.35 % 4.12 % 3.56 % 43.54 %
Performance 30-11-2011 YTD 1 month 3 month 6 month 12 month 36 month Start Fund -32.93 -7.22 -1.98 -22.70 -33.50 77.27 4.32 Benchmark index -30.78 -3.16 2.17 -19.34 -33.52 76.55 4.46
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Danske Invest Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds simplified prospectus and regulations can be found from www.danskeinvest.fi
Danske Invest Black Sea Fund G Emerg ing market equit y funds
Sector allocation/asset allocation
Portfolio manager review
In November the Turkish equity market was down by 2.8% measured in local currency, and by 2.7% measured in Euro. The market 6.04% was down by app. 10% at the middle of the nTelecommunication services month but recovered strongly in the end of the 5.97% month. nEnergy 5.78% The banks in general reported results in-line nConsumer staples 5.23% with expectations, Vakifbank beat expectanMaterials 3.99% tions by 19%. Tupras and Turkcell reported nOther 7.98% results significant better than expected. Tav Holding won the Izmir airport tender for EUR610m. The central bank kept the policy rate unchanged at 5.75%, and the overnight lending rate at 12.5%. Industrial production was up 12% yoy in September stronger than consensus nTurkey 97.49% of 6.4%. nFinland 2.51% nFinancials 52.00% nIndustrials 13.00% nConsumer discretionary
Country allocation
Currency
nTRY 97.49% nEUR 2.51%
Return
Holding type
nStock market 97.49% nOther 2.51%
Return and dividends for individual years
2006 2007 2008 2009 2010
Fund -12.09 39.18 -64.44 99.70 37.72 Benchmark index -15.79 54.55 -61.22 95.36 30.28 This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Danske Invest Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds simplified
Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 30-11-2011 (EUR) 1.3155 ISIN FI0008808928 Distribution of income No Benchmark index ISE100-index Web site www.danskeinvest.fi Launch 09-06-2005 Total assets , million (EUR) 9.11 Base currency EUR Minimum subscription 500 EUR or 30 EUR/month
Subscription fee 1,00 % / 8 EUR Redemption fee 2,00 % / 8 EUR TER 2011 Q2 2,80% Management fee 2.80 %
Danske Invest Black Sea is intended for investors who are looking for an investment solution on the emerging equity markets of the Black Sea region that is profitable, professionally managed and well-diversified. The fund is well-suited, for long-term investment, to experienced investors who can accept even substantial changes in the value of the fund from time to time. Due to its higher risk level than that of a normal mutual fund, the fund is recommended only as a small part of a diversified investment portfolio. The recommended investment horizon in the fund is more than five years. The assets of Danske Invest Black Sea are invested in a diversified manner mainly in publicly traded equities whose issuer is a company that is listed in the Black Sea region, or a company that is highly dependent on the economies of the Black Sea region. The fund invests mainly in the Turkish, Ukrainian, Kazakh, Romanian and Bulgarian equity markets. The general performance of the emerging equity markets of the Black Sea region is reflected in the value of the fund.
Performance 30-11-2011
Benchmark index Unofficial ISE 100 Index
Portfolio manager Danske Capital, Danske Bank A/S
Major investments 30-11-2011 Issuer
07-dec-11 - http://www.danskeinvest.fi/en - 2405_N
Key f igures - 1 y 30-11-2011 Volatility (%) 30.264 Sharpe -1.309 Tracking error 11.608 IR -0.241 Alpha -9.266 Beta 0.815 Duration -
Turkiye Garanti Bankasi A.S. Haci Omer Sabanci Holding AS Akbank T.A.S. Turkcell Iletisim Hizmetleri A.S. Tupras-Turkiye Petrol Rafinerileri A.S. Turkiye Halk Bankasi A.S. Turkiye Is Bankasi C (Isbank) Yapi ve Kredi Bankasi A.S. BIM Birlesik Magazalar AS Turk Telekommunikasyon AS Other
% 9.25 % 8.19 % 6.75 % 5.97 % 5.04 % 4.62 % 4.61 % 4.35 % 4.12 % 3.56 % 43.54 %
Performance 30-11-2011 YTD 1 month 3 month 6 month 12 month 36 month Start Fund -32.93 -7.22 -1.98 -22.70 -33.50 77.27 4.32 Benchmark index -30.78 -3.16 2.17 -19.34 -33.52 76.55 4.46
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Danske Invest Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds simplified prospectus and regulations can be found from www.danskeinvest.fi
Danske Invest Black Sea Fund G Emerg ing market equit y funds
Sector allocation/asset allocation
Portfolio manager review
In November the Turkish equity market was down by 2.8% measured in local currency, and by 2.7% measured in Euro. The market 6.04% was down by app. 10% at the middle of the nTelecommunication services month but recovered strongly in the end of the 5.97% month. nEnergy 5.78% The banks in general reported results in-line nConsumer staples 5.23% with expectations, Vakifbank beat expectanMaterials 3.99% tions by 19%. Tupras and Turkcell reported nOther 7.98% results significant better than expected. Tav Holding won the Izmir airport tender for EUR610m. The central bank kept the policy rate unchanged at 5.75%, and the overnight lending rate at 12.5%. Industrial production was up 12% yoy in September stronger than consensus nTurkey 97.49% of 6.4%. nFinland 2.51% nFinancials 52.00% nIndustrials 13.00% nConsumer discretionary
Country allocation
Currency
nTRY 97.49% nEUR 2.51%
Return
Holding type
nStock market 97.49% nOther 2.51%
Return and dividends for individual years
2006 2007 2008 2009 2010
Fund -12.09 39.18 -64.44 99.70 37.72 Benchmark index -15.79 54.55 -61.22 95.36 30.28 This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Danske Invest Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds simplified
