Danske Invest European Equity Fund D Basic equity funds
Da nske Invest European Equit y Fund D Basic equit y funds
Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 31-05-2011 (EUR) 0.13775 ISIN FI0008802996 Distribution of income Yes Benchmark index MSCI Europe TR -index Web site www.danskeinvest.fi Launch 01-12-1997 Total assets , million (EUR) 115.00 Base currency EUR Minimum subscription 500 EUR
Subscription fee Redemption fee TER 2010 Management fee
Danske Invest European Equity is intended for investors who are looking for an investment solution on the European equity markets that is profitable, professionally managed and well-diversified. The fund is well-suited, as a part of a diversified investment portfolio, to investors who can accept even substantial changes in the value of the fund from time to time. The recommended investment horizon in the fund is more than five years. The assets of the Danske Invest European Equity are invested in a diversified manner mainly in publicly traded equities issued by companies listed in Europe. The general performance of the European equity markets is reflected in the value of the fund.
1,00 % / 8 EUR 1,00 % / 8 EUR 1,35 % 1.35 %
Performance 31-05-2011
Benchmark index Unofficial MSCI Europe (TR) Index
Portfolio manager Danske Capital, Danske Bank A/S
Major investments 31-05-2011 Issuer
Key f igures - 1 y 31-05-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
16.977 1.063 7.961 -0.157 4.481 0.863 -
Nestle (Regd) Royal Dutch Shell Plc B Ord HSBC Holdings Plc Ord (UK Reg) GlaxoSmithKline Plc Ord (GBP) Total S.A. (FR) British American Tobacco Plc Ord Roche Holding (genusscheine) Barclays Plc Ord Siemens (Regd) Bayer AG Other
%
4.73 % 4.10 % 3.50 % 3.19 % 3.16 % 2.92 % 2.89 % 2.51 % 2.47 % 2.44 % 68.10 %
Performance 31-05-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund 3.65 0.06 1.69 9.27 17.35 -7.59 Benchmark index 2.99 -0.81 -0.93 8.62 17.21 -4.57
Start 2.64 3.48
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 European Equit y Fund D Basic equit y funds
Sector allocation/asset allocation nConsumer staples 22.00% nFinancials 18.64% nHealth care 13.06% nMaterials 10.11% nConsumer discretionary 9.37%
nEnergy 8.48% nIndustrials 7.78% nOther 10.57%
Country allocation nUnited Kingdom 23.22% nGermany 17.51% nSwitzerland 12.37% nFrance 11.44% nNetherlands 10.51% nNorway 4.76% nFinland 3.83% nOther 16.36%
Currency nEUR 46.41% nGBP 30.27% nCHF 13.15% nNOK 5.86% nDKK 3.16% nSEK 1.15%
Portfolio manager review Macroeconomic data from both US, China and a number of European countries were weaker during the month and gave reason to renewed doubt about the strength of the global economic rebound. The figures were followed by downgrades from rating agencies on e.g. Italy. Greece were in the spotlight again as the IMF and ECB were conducting a review on the progress on the restructuring plans and the targets achieved so far. Especially the income side is lagging behind as tax receipts are not living up to expectations. As a result further measures and reforms will be demanded in order to release the next portion of loans. Also increasing resistance towards reforms and savings from political opposition and the population are worrying markets. Also Chanselor Merkel lost local elections in Germany, which is also interpretated as increasing resistance to the German contributions to Southern Europe. The quarterly reporting season were in general living up to expectations, however, without leading to upgrades of earnings estimates for 2011 in aggregate. Looking at individual countries, however, there was a clear tendency that earnings estimates were revised upwards in Germany, France, Netherlands, Sweden and Austria while they were adjusted down in Greece, Ireland, Portugal, Spain and Italy. On a sector level Auto and Chemicals saw the strongest
upwards adjustments. The market ended the month falling 0.2 percent. However, weaker data and the political turmoil around the Euro led to a very pronounced defensive rotation, where the best sectors were Health Care and Consumer Staples increasing 6.5 and 4.5 percent respectively, while IT, Energy, Financials, Materials and Industrials all fell more than the market. The portfolio rose by 0.06 percent and thereby performed 0,87 percent better than the market. The overall allocation on sectors were favourable due to over weigths in Health Care and Consumer Staples. However, disappointing reports and news from Maire Tecnimont, Praktiker and Nokia together formed a drag of 0.7 percent on relative performance. We sold National Bank of Greece as we are no longer convinced they will be able to survive a potential restructuring of Greek government debt. Instead we increased weights in Intesa, HSBC, Barclays, Soc.Gen. and AXA, which were all in the portfolio beforehand. Due to strong performance we also reduced exposure in DnB NOR, Nestle, DSV and Sulzer. Furthermore we reduced in Synthes, that has gone up because of an offer from Johnson & Johnson. (3.6.2011)
Return
Holding type nStock market 99.59% nOther 0.41%
Return and dividends for individual years
2006
2007
2008
2009
2010
Fund Benchmark index
22.67 20.66
6.22 2.46
-47.86 -43.08
40.26 32.45
10.96 12.40
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) 0.13775 ISIN FI0008802996 Distribution of income Yes Benchmark index MSCI Europe TR -index Web site www.danskeinvest.fi Launch 01-12-1997 Total assets , million (EUR) 115.00 Base currency EUR Minimum subscription 500 EUR
Subscription fee Redemption fee TER 2010 Management fee
Danske Invest European Equity is intended for investors who are looking for an investment solution on the European equity markets that is profitable, professionally managed and well-diversified. The fund is well-suited, as a part of a diversified investment portfolio, to investors who can accept even substantial changes in the value of the fund from time to time. The recommended investment horizon in the fund is more than five years. The assets of the Danske Invest European Equity are invested in a diversified manner mainly in publicly traded equities issued by companies listed in Europe. The general performance of the European equity markets is reflected in the value of the fund.
1,00 % / 8 EUR 1,00 % / 8 EUR 1,35 % 1.35 %
Performance 31-05-2011
Benchmark index Unofficial MSCI Europe (TR) Index
Portfolio manager Danske Capital, Danske Bank A/S
Major investments 31-05-2011 Issuer
Key f igures - 1 y 31-05-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
16.977 1.063 7.961 -0.157 4.481 0.863 -
Nestle (Regd) Royal Dutch Shell Plc B Ord HSBC Holdings Plc Ord (UK Reg) GlaxoSmithKline Plc Ord (GBP) Total S.A. (FR) British American Tobacco Plc Ord Roche Holding (genusscheine) Barclays Plc Ord Siemens (Regd) Bayer AG Other
%
4.73 % 4.10 % 3.50 % 3.19 % 3.16 % 2.92 % 2.89 % 2.51 % 2.47 % 2.44 % 68.10 %
Performance 31-05-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund 3.65 0.06 1.69 9.27 17.35 -7.59 Benchmark index 2.99 -0.81 -0.93 8.62 17.21 -4.57
Start 2.64 3.48
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 European Equit y Fund D Basic equit y funds
Sector allocation/asset allocation nConsumer staples 22.00% nFinancials 18.64% nHealth care 13.06% nMaterials 10.11% nConsumer discretionary 9.37%
nEnergy 8.48% nIndustrials 7.78% nOther 10.57%
Country allocation nUnited Kingdom 23.22% nGermany 17.51% nSwitzerland 12.37% nFrance 11.44% nNetherlands 10.51% nNorway 4.76% nFinland 3.83% nOther 16.36%
Currency nEUR 46.41% nGBP 30.27% nCHF 13.15% nNOK 5.86% nDKK 3.16% nSEK 1.15%
Portfolio manager review Macroeconomic data from both US, China and a number of European countries were weaker during the month and gave reason to renewed doubt about the strength of the global economic rebound. The figures were followed by downgrades from rating agencies on e.g. Italy. Greece were in the spotlight again as the IMF and ECB were conducting a review on the progress on the restructuring plans and the targets achieved so far. Especially the income side is lagging behind as tax receipts are not living up to expectations. As a result further measures and reforms will be demanded in order to release the next portion of loans. Also increasing resistance towards reforms and savings from political opposition and the population are worrying markets. Also Chanselor Merkel lost local elections in Germany, which is also interpretated as increasing resistance to the German contributions to Southern Europe. The quarterly reporting season were in general living up to expectations, however, without leading to upgrades of earnings estimates for 2011 in aggregate. Looking at individual countries, however, there was a clear tendency that earnings estimates were revised upwards in Germany, France, Netherlands, Sweden and Austria while they were adjusted down in Greece, Ireland, Portugal, Spain and Italy. On a sector level Auto and Chemicals saw the strongest
upwards adjustments. The market ended the month falling 0.2 percent. However, weaker data and the political turmoil around the Euro led to a very pronounced defensive rotation, where the best sectors were Health Care and Consumer Staples increasing 6.5 and 4.5 percent respectively, while IT, Energy, Financials, Materials and Industrials all fell more than the market. The portfolio rose by 0.06 percent and thereby performed 0,87 percent better than the market. The overall allocation on sectors were favourable due to over weigths in Health Care and Consumer Staples. However, disappointing reports and news from Maire Tecnimont, Praktiker and Nokia together formed a drag of 0.7 percent on relative performance. We sold National Bank of Greece as we are no longer convinced they will be able to survive a potential restructuring of Greek government debt. Instead we increased weights in Intesa, HSBC, Barclays, Soc.Gen. and AXA, which were all in the portfolio beforehand. Due to strong performance we also reduced exposure in DnB NOR, Nestle, DSV and Sulzer. Furthermore we reduced in Synthes, that has gone up because of an offer from Johnson & Johnson. (3.6.2011)
Return
Holding type nStock market 99.59% nOther 0.41%
Return and dividends for individual years
2006
2007
2008
2009
2010
Fund Benchmark index
22.67 20.66
6.22 2.46
-47.86 -43.08
40.26 32.45
10.96 12.40
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
