Eastern Europe Convergence
Eastern Europe Convergence
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.
Basic information
Historical perf. as of 30-04-2011
Invests mainly in shares in companies domiciled in or with major activities in Eastern Europe excluding Russia, new EU countries and/or EU candidate countries. A minor proportion can be invested in shares in companies domiciled in countries bordering Eastern Europe.
NAV as of 30-04-2011 (EUR) 54.77 Morningstar Category Aktier - Europa Nye Markeder ex. Rusland ISIN LU0156840208 Bloomberg Ticker FNEECAA Dividends No Benchmark Benchmark EEC Web site www.danskeinvest.lu Launch 16-12-2002 Total assets , mill. (EUR) 88.50 Base currency EUR Domicile LUX Initial charges up to 3.00 % Fund company Danske Invest Management Company (société anonyme) Management fee 1.60 %
Key f igures - 3 years 30-04-2011
Top 10 holdings as of 30-04-2011
Sharpe ratio Volatility Average annual return (%) Tracking error Information ratio
Issue
%
PKO Bank Polski S.A. KGHM Polska Miedz S.A. CEZ AS Polski Koncern Naftowy S.A. Bank Pekao S.A. MOL Magyar Olaj-Es Gazipari (serie A) OTP Bank Komercni Banka Bank of Cyprus Public Co. Ltd. (GR) Powszechny Zaklad Ubezpieczen SA Other
7.48 % 6.62 % 6.36 % 5.41 % 4.51 % 4.46 % 4.27 % 3.20 % 2.36 % 2.14 % 53.20 %
-0.14 34.61 -3.55 7.82 0.14
Return volat.
12-may-11 - http://www.danskeinvest.lu - 1077_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 30-04-2011 Year to date Fund 6.43 Benchmark 7.75
1 mth 3.58 4.65
3 mth 6.65 5.37
6 mth 7.94 7.72
12 mth 11.10 8.23
36 mth -10.27 -13.39
60 mth Start -2.69 180.13 -14.49 140.32
This factsheet, 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.
Eastern Europe Convergence
Sector allocation as of
Fund report
nFinancials 37.60% nEnergy 11.99% nMaterials 9.26% nIndustrials 8.57% nUtilities 8.17% nConsumer discretionaries 4.84%
nTelekom 4.80% nOther 14.77%
Country allocation as of nPoland 44.09% nHungary 12.13% nCzech Republic 11.66% nTurkey 9.34% nRomania 2.69% nCyprus 2.62% nLithuania 2.13% nOther 15.34%
Currency nPLN 40.58% nEUR 18.72% nCZK 12.57% nHUF 11.05% nTRY 9.35% nRON 2.60% nUSD 2.50% nOther 2.64%
Annual report 2010 Return and benchmark The sub-fund provided a 22.15% return in 2010 in euro, while its benchmark increased 12.15%. Thus, the sub-funds return was highly satisfactory relative to the development in its benchmark and met our moderately positive expectations for the Eastern European stock markets at the beginning of the year. Market Most of the Eastern European markets provided positive returns in 2010. The Baltic markets were among the best performing markets, while the Hungarian stock market disappointed and ended the year in negative territory.
markets. We expect that the global economy and corporate earnings will continue along the positive development track. Thus, we expect that we will continue to see positive returns in the stock markets in 2011, however, with the risk of significant fluctuation. Strategy At the beginning of 2011 our largest country weights are Poland, Hungary, Turkey and the Check Republic. Furthermore, the sub-fund is also invested in selected countries/companies in e.g. the Balkans, the Baltic States and Cyprus. Selecting individual stocks is an important part of the ongoing management of the portfolio.
Performance The sub-fund outperformed its benchmark by 10 percentage points. There were positive contributions to performance from our investments in Turkey and our stock selection in Poland and our underweight position in Slovenia. There was a negative contribution from our underweight position in Poland. Market outlook We take a long-term positive stance towards the Eastern European stock markets. In the short term, the development in the Eastern European stock markets will be much dependent on the development in the global stock
Return
Portfolio manager Name: Morten Lund Ligaard Title: Senior Portfolio Manager Background: Diploma in Business Administration, CFA Seniority: 11 Company: Danske Capital
Holding type nStock market 96.13% nOther 3.87%
Return measures
2006
2007
2008
2009
2010
Fund Benchmark
20.92 14.90
20.33 11.16
-61.21 -57.50
46.31 41.18
22.15 12.15
This factsheet, 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.
Basic information
Historical perf. as of 30-04-2011
Invests mainly in shares in companies domiciled in or with major activities in Eastern Europe excluding Russia, new EU countries and/or EU candidate countries. A minor proportion can be invested in shares in companies domiciled in countries bordering Eastern Europe.
NAV as of 30-04-2011 (EUR) 54.77 Morningstar Category Aktier - Europa Nye Markeder ex. Rusland ISIN LU0156840208 Bloomberg Ticker FNEECAA Dividends No Benchmark Benchmark EEC Web site www.danskeinvest.lu Launch 16-12-2002 Total assets , mill. (EUR) 88.50 Base currency EUR Domicile LUX Initial charges up to 3.00 % Fund company Danske Invest Management Company (société anonyme) Management fee 1.60 %
Key f igures - 3 years 30-04-2011
Top 10 holdings as of 30-04-2011
Sharpe ratio Volatility Average annual return (%) Tracking error Information ratio
Issue
%
PKO Bank Polski S.A. KGHM Polska Miedz S.A. CEZ AS Polski Koncern Naftowy S.A. Bank Pekao S.A. MOL Magyar Olaj-Es Gazipari (serie A) OTP Bank Komercni Banka Bank of Cyprus Public Co. Ltd. (GR) Powszechny Zaklad Ubezpieczen SA Other
7.48 % 6.62 % 6.36 % 5.41 % 4.51 % 4.46 % 4.27 % 3.20 % 2.36 % 2.14 % 53.20 %
-0.14 34.61 -3.55 7.82 0.14
Return volat.
12-may-11 - http://www.danskeinvest.lu - 1077_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 30-04-2011 Year to date Fund 6.43 Benchmark 7.75
1 mth 3.58 4.65
3 mth 6.65 5.37
6 mth 7.94 7.72
12 mth 11.10 8.23
36 mth -10.27 -13.39
60 mth Start -2.69 180.13 -14.49 140.32
This factsheet, 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.
Eastern Europe Convergence
Sector allocation as of
Fund report
nFinancials 37.60% nEnergy 11.99% nMaterials 9.26% nIndustrials 8.57% nUtilities 8.17% nConsumer discretionaries 4.84%
nTelekom 4.80% nOther 14.77%
Country allocation as of nPoland 44.09% nHungary 12.13% nCzech Republic 11.66% nTurkey 9.34% nRomania 2.69% nCyprus 2.62% nLithuania 2.13% nOther 15.34%
Currency nPLN 40.58% nEUR 18.72% nCZK 12.57% nHUF 11.05% nTRY 9.35% nRON 2.60% nUSD 2.50% nOther 2.64%
Annual report 2010 Return and benchmark The sub-fund provided a 22.15% return in 2010 in euro, while its benchmark increased 12.15%. Thus, the sub-funds return was highly satisfactory relative to the development in its benchmark and met our moderately positive expectations for the Eastern European stock markets at the beginning of the year. Market Most of the Eastern European markets provided positive returns in 2010. The Baltic markets were among the best performing markets, while the Hungarian stock market disappointed and ended the year in negative territory.
markets. We expect that the global economy and corporate earnings will continue along the positive development track. Thus, we expect that we will continue to see positive returns in the stock markets in 2011, however, with the risk of significant fluctuation. Strategy At the beginning of 2011 our largest country weights are Poland, Hungary, Turkey and the Check Republic. Furthermore, the sub-fund is also invested in selected countries/companies in e.g. the Balkans, the Baltic States and Cyprus. Selecting individual stocks is an important part of the ongoing management of the portfolio.
Performance The sub-fund outperformed its benchmark by 10 percentage points. There were positive contributions to performance from our investments in Turkey and our stock selection in Poland and our underweight position in Slovenia. There was a negative contribution from our underweight position in Poland. Market outlook We take a long-term positive stance towards the Eastern European stock markets. In the short term, the development in the Eastern European stock markets will be much dependent on the development in the global stock
Return
Portfolio manager Name: Morten Lund Ligaard Title: Senior Portfolio Manager Background: Diploma in Business Administration, CFA Seniority: 11 Company: Danske Capital
Holding type nStock market 96.13% nOther 3.87%
Return measures
2006
2007
2008
2009
2010
Fund Benchmark
20.92 14.90
20.33 11.16
-61.21 -57.50
46.31 41.18
22.15 12.15
This factsheet, 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.
