Danske Invest Eastern Europe Convergence Fund G Emerging market ...
Da nske Invest Eastern Europe Convergence Fund G Emerg ing market equit y funds Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 31-03-2011 (EUR) 0.99154 ISIN FI0008811252 Distribution of income No Benchmark index DJ EU Enlarged TMI -index Web site www.danskeinvest.fi Launch 24-10-2006 Total assets , million (EUR) 176.75 Base currency EUR Minimum subscription 500 EUR or 30 EUR/month
Subscription fee Redemption fee Management fee
1% 2% 2.80 %
Danske Invest Eastern Europe Convergence Fund is intended for investors who are looking for an investment solution on the Eastern European emerging equity markets that is profitable, professionally managed and welldiversified. The fund is well-suited, for longterm 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 Fund aims to achieve the objectives of its investment activities by investing the Funds assets in a diversified manner mainly in publicly traded equities and equity-linked securities whose issuer is a company that is listed in Eastern Europe or that is highly dependent on the economies of East-ern European countries.
Performance 31-03-2011
Benchmark index Unofficial Dow Jones STOXX EU Enlarged TMI® Index
Portfolio manager Danske Capital, Sampo Bank plc and Danske Capital, Danske Bank A/S
Major investments 31-03-2011 Issuer
Key f igures - 1 y 31-03-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
17.248 0.656 9.151 0.29 1.319 0.772 -
PKO Bank Polski S.A. Ceske Energeticke Zavody A.S. (cez) KGHM Polska Miedz S.A. Polski Koncern Naftowy S.A. OTP Bank MOL Magyar Olaj-Es Gazipari (serie A) Bank Pekao S.A. Komercni Banka Telekomunikacja Polska Bank of Cyprus Public Co. Ltd. (GR) Other
%
7.44 % 6.47 % 6.31 % 5.38 % 4.84 % 4.67 % 4.47 % 3.34 % 2.67 % 2.47 % 51.95 %
Performance 31-03-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund 0.61 2.32 0.61 3.26 5.93 -8.38 Benchmark index 3.11 1.08 3.11 5.27 4.09 -15.83
Start -0.18 -2.17
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 Sampo 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
Da nske Invest Eastern Europe Convergence Fund G
Sector allocation/asset allocation
Portfolio manager review
In March the fund was up by 2.3% while the benchmark was up by 1.0%. Turkey was up by 6%, Romania 3%, Slovenia 2%, Hungary 1%, Poland 0.7%, Czech Republic unchanged. Polands state Treasury announces that they 7.91% expect to sell part of their stake in PKO BP in nTelecommunication services 2H. The Czech utility company CEZ gained 5.13% from rising German electricity prices. The nConsumer staples 4.56% German government decided temporarily to nOther 8.84% shut down 7 of their nuclear power plants, because of the Japanese accident. CEZ has the advantage that their Nuclear power plant is new and top modern. Turkish q4 2010 GDP growth were announced, it showed a growth of 9.2% compared with q4 2009. For the full year nPoland 54.03% 2010 the growth was 8.9% so the Turkish nCzech Republic 12.39% Economy showed a strong come back after nHungary 12.02% the tough 2009. The Turkish central bank nTurkey 6.07% increased the reserve rate requirements for nCyprus 2.47% the banks more than expected. The central nRomania 2.13% nAustria 2.13% bank is trying to curb loan growth with these nOther 8.76% measures. (6.4.2011) nFinancials 42.49% nEnergy 14.22% nMaterials 8.85% nUtilities 8.02% nConsumer discretionary
Country allocation
Currency nPLN 55.03% nCZK 13.37% nHUF 12.02% nEUR 9.08% nTRY 5.90% nRON 2.13% nUSD 0.81% nOther 1.67%
Return
Holding type nStock market 99.51% nFund 0.04% nOther 0.45% Return and dividends for individual years Fund Benchmark index
2006
2007
2008
2009
2010
0.00 0.00
27.89 18.97
-53.44 -57.54
39.53 41.30
16.71 12.15
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 Sampo 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
Investment policy Fund
Low risk
High risk
Fund facts Value 31-03-2011 (EUR) 0.99154 ISIN FI0008811252 Distribution of income No Benchmark index DJ EU Enlarged TMI -index Web site www.danskeinvest.fi Launch 24-10-2006 Total assets , million (EUR) 176.75 Base currency EUR Minimum subscription 500 EUR or 30 EUR/month
Subscription fee Redemption fee Management fee
1% 2% 2.80 %
Danske Invest Eastern Europe Convergence Fund is intended for investors who are looking for an investment solution on the Eastern European emerging equity markets that is profitable, professionally managed and welldiversified. The fund is well-suited, for longterm 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 Fund aims to achieve the objectives of its investment activities by investing the Funds assets in a diversified manner mainly in publicly traded equities and equity-linked securities whose issuer is a company that is listed in Eastern Europe or that is highly dependent on the economies of East-ern European countries.
Performance 31-03-2011
Benchmark index Unofficial Dow Jones STOXX EU Enlarged TMI® Index
Portfolio manager Danske Capital, Sampo Bank plc and Danske Capital, Danske Bank A/S
Major investments 31-03-2011 Issuer
Key f igures - 1 y 31-03-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
17.248 0.656 9.151 0.29 1.319 0.772 -
PKO Bank Polski S.A. Ceske Energeticke Zavody A.S. (cez) KGHM Polska Miedz S.A. Polski Koncern Naftowy S.A. OTP Bank MOL Magyar Olaj-Es Gazipari (serie A) Bank Pekao S.A. Komercni Banka Telekomunikacja Polska Bank of Cyprus Public Co. Ltd. (GR) Other
%
7.44 % 6.47 % 6.31 % 5.38 % 4.84 % 4.67 % 4.47 % 3.34 % 2.67 % 2.47 % 51.95 %
Performance 31-03-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund 0.61 2.32 0.61 3.26 5.93 -8.38 Benchmark index 3.11 1.08 3.11 5.27 4.09 -15.83
Start -0.18 -2.17
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 Sampo 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
Da nske Invest Eastern Europe Convergence Fund G
Sector allocation/asset allocation
Portfolio manager review
In March the fund was up by 2.3% while the benchmark was up by 1.0%. Turkey was up by 6%, Romania 3%, Slovenia 2%, Hungary 1%, Poland 0.7%, Czech Republic unchanged. Polands state Treasury announces that they 7.91% expect to sell part of their stake in PKO BP in nTelecommunication services 2H. The Czech utility company CEZ gained 5.13% from rising German electricity prices. The nConsumer staples 4.56% German government decided temporarily to nOther 8.84% shut down 7 of their nuclear power plants, because of the Japanese accident. CEZ has the advantage that their Nuclear power plant is new and top modern. Turkish q4 2010 GDP growth were announced, it showed a growth of 9.2% compared with q4 2009. For the full year nPoland 54.03% 2010 the growth was 8.9% so the Turkish nCzech Republic 12.39% Economy showed a strong come back after nHungary 12.02% the tough 2009. The Turkish central bank nTurkey 6.07% increased the reserve rate requirements for nCyprus 2.47% the banks more than expected. The central nRomania 2.13% nAustria 2.13% bank is trying to curb loan growth with these nOther 8.76% measures. (6.4.2011) nFinancials 42.49% nEnergy 14.22% nMaterials 8.85% nUtilities 8.02% nConsumer discretionary
Country allocation
Currency nPLN 55.03% nCZK 13.37% nHUF 12.02% nEUR 9.08% nTRY 5.90% nRON 2.13% nUSD 0.81% nOther 1.67%
Return
Holding type nStock market 99.51% nFund 0.04% nOther 0.45% Return and dividends for individual years Fund Benchmark index
2006
2007
2008
2009
2010
0.00 0.00
27.89 18.97
-53.44 -57.54
39.53 41.30
16.71 12.15
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 Sampo 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
