Danske Invest India Fund D Emerging market equity funds
Da nske Invest India Fund D Emerg ing market equit y funds
Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 31-05-2011 (EUR) 0.87618 ISIN FI0008810981 Distribution of income Yes Benchmark index MSCI India TR -index Web site www.danskeinvest.fi Launch 21-09-2006 Total assets , million (EUR) 101.05 Base currency EUR Minimum subscription 500 EUR
Subscription fee Redemption fee TER 2010 Management fee
1,00 % / 8 EUR 2,00 % / 8 EUR 2,80 % 2.80 %
Danske Invest India is intended for investors who are looking for an investment solution on the Indian emerging equity market 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 assets of Danske Invest India are invested in a diversified manner mainly in publicly traded equities whose issuer is a company listed in India, or a company that is highly dependent on the Indian economy. The general performance of the Indian emerging equity market is reflected in the value of the fund.
Performance 31-05-2011
Benchmark index Unofficial MSCI India (TR) Index
Portfolio manager HSBC Investments Limited (Hong Kong)
Major investments 31-05-2011 Issuer
Key f igures - 1 y 31-05-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
20.331 -0.669 12.641 -1.776 -12.514 0.726 -
HCL Technologies Ltd Maruti Suzuki India Ltd. Wipro Ltd. CANARA BANK LTD Jindal Steel & Power Ltd INFOSYS TECHNOLOGIES (ADR) Cairn Energy Plc United Spirits Ltd. Aditya Birla Nuvo Ltd. ICICI Bank Ltd. Other
%
9.50 % 7.36 % 5.24 % 4.99 % 3.93 % 3.42 % 3.18 % 3.05 % 3.05 % 2.96 % 53.32 %
Performance 31-05-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund -20.03 -2.71 -0.08 -16.85 -15.38 -10.02 Benchmark index -17.05 -1.61 -3.39 -15.24 -2.03 15.14
Start 1.57 7.58
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 India Fund D Emerg ing market equit y funds
Sector allocation/asset allocation nFinancials 23.23% nInformation technology 22.16%
nIndustrials 11.92% nConsumer discretionary 10.26%
Portfolio manager review After being the second best performing emerging markets in March, the Indian markets lagged behind other emerging markets in April. Year-to-date (YTD) performance is still low, losing around 6.7%.
nConsumer staples 6.91% nHealth care 6.71% nEnergy 5.54% nOther 13.26%
The S&P/IFCI India Index was flat, -0.02%, for the month. The best performing sectors were Consumer Discretionary (+5.8%), Telecom (+4.6%) and Consumer Staples (+4.1%), while Information Technology (-5.4% was a laggard). Strong auto sales numbers for March supported auto stocks. Consumer Staples, being a defensive sector, performed well in a falling market.
nStock market 96.01% nOther 3.99%
We continue to position the portfolio to tilt towards domestic consumption and infrastructure plays with select exposure to global sectors. We have made stock selection changes in Information Technology, on the back of sharp price divergence of leading Information Technology companies. Among domestic sectors, we are reducing our underweight in Banks, on the back of sharp price correction we selectively trimmed a few Consumer Discretionary names for funding this. (12.05.2011)
Holding type
Return
Return and dividends for individual years Fund Benchmark index
2006
2007
2008
2009
2010
0.00 0.00
41.73 55.30
-66.03 -61.71
106.26 91.15
19.86 30.53
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
Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 31-05-2011 (EUR) 0.87618 ISIN FI0008810981 Distribution of income Yes Benchmark index MSCI India TR -index Web site www.danskeinvest.fi Launch 21-09-2006 Total assets , million (EUR) 101.05 Base currency EUR Minimum subscription 500 EUR
Subscription fee Redemption fee TER 2010 Management fee
1,00 % / 8 EUR 2,00 % / 8 EUR 2,80 % 2.80 %
Danske Invest India is intended for investors who are looking for an investment solution on the Indian emerging equity market 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 assets of Danske Invest India are invested in a diversified manner mainly in publicly traded equities whose issuer is a company listed in India, or a company that is highly dependent on the Indian economy. The general performance of the Indian emerging equity market is reflected in the value of the fund.
Performance 31-05-2011
Benchmark index Unofficial MSCI India (TR) Index
Portfolio manager HSBC Investments Limited (Hong Kong)
Major investments 31-05-2011 Issuer
Key f igures - 1 y 31-05-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
20.331 -0.669 12.641 -1.776 -12.514 0.726 -
HCL Technologies Ltd Maruti Suzuki India Ltd. Wipro Ltd. CANARA BANK LTD Jindal Steel & Power Ltd INFOSYS TECHNOLOGIES (ADR) Cairn Energy Plc United Spirits Ltd. Aditya Birla Nuvo Ltd. ICICI Bank Ltd. Other
%
9.50 % 7.36 % 5.24 % 4.99 % 3.93 % 3.42 % 3.18 % 3.05 % 3.05 % 2.96 % 53.32 %
Performance 31-05-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund -20.03 -2.71 -0.08 -16.85 -15.38 -10.02 Benchmark index -17.05 -1.61 -3.39 -15.24 -2.03 15.14
Start 1.57 7.58
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 India Fund D Emerg ing market equit y funds
Sector allocation/asset allocation nFinancials 23.23% nInformation technology 22.16%
nIndustrials 11.92% nConsumer discretionary 10.26%
Portfolio manager review After being the second best performing emerging markets in March, the Indian markets lagged behind other emerging markets in April. Year-to-date (YTD) performance is still low, losing around 6.7%.
nConsumer staples 6.91% nHealth care 6.71% nEnergy 5.54% nOther 13.26%
The S&P/IFCI India Index was flat, -0.02%, for the month. The best performing sectors were Consumer Discretionary (+5.8%), Telecom (+4.6%) and Consumer Staples (+4.1%), while Information Technology (-5.4% was a laggard). Strong auto sales numbers for March supported auto stocks. Consumer Staples, being a defensive sector, performed well in a falling market.
nStock market 96.01% nOther 3.99%
We continue to position the portfolio to tilt towards domestic consumption and infrastructure plays with select exposure to global sectors. We have made stock selection changes in Information Technology, on the back of sharp price divergence of leading Information Technology companies. Among domestic sectors, we are reducing our underweight in Banks, on the back of sharp price correction we selectively trimmed a few Consumer Discretionary names for funding this. (12.05.2011)
Holding type
Return
Return and dividends for individual years Fund Benchmark index
2006
2007
2008
2009
2010
0.00 0.00
41.73 55.30
-66.03 -61.71
106.26 91.15
19.86 30.53
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
