Global Emerging Markets Small Cap
Global Emerg ing Markets Small Cap 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.
Historical perf. as of 31-05-2011
Invests in shares in small and medium-sized companies domiciled in or with major activities in the emerging markets. The aim is that the value of the equities does not exceed USD 2.5 billion at the time of acquisition.
Basic information NAV as of 31-05-2011 (USD) 33.39 Morningstar Category Aktier - Globale Nye Markeder ISIN LU0292126785 Dividends No Benchmark MSCI EM Small Cap Net Dividend Web site www.danskeinvest.lu Launch 10-04-2007 Total assets , mill. (USD) 218.04 Base currency USD Domicile LUX Initial charges up to 3% Fund company Danske Invest Management Company (société anonyme) Management fee 1.60 %
Key f igures - 3 years 31-05-2011
Top 10 holdings as of 31-05-2011
Sharpe ratio Volatility Average annual return (%) Tracking error Information ratio
Issue
%
Aeon Co (M) Berhad National Societe Generale Bank Grupo Aeroportuario del Centro Norte B8 -ADR Iguatemi Empresa de Shopping Centers SA Türk Ekonomi Bankasi A.S. Siam Makro PCL (Foreign) Odontoprev S.A. Wilson Sons Ltd. African Oxygen Ltd. Jollibee Foods Corp. Other
3.12 % 3.04 % 3.02 % 2.89 % 2.51 % 2.41 % 2.39 % 2.35 % 2.28 % 2.07 % 73.91 %
0.43 31.17 16.05 12.14 0.26
Return volat.
08-jun-11 - http://www.danskeinvest.lu - 2217_N
The chart shows the value of an investment of USD 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 31-05-2011 Year to date Fund -0.60 Benchmark -1.54
1 mth -1.86 -3.15
3 mth 11.86 5.86
6 mth 2.31 4.24
12 mth 35.95 29.86
36 mth 56.30 43.98
60 mth - -
Start 66.93 64.96
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.
Global Emerg ing Markets Small Cap Sector allocation as of
Fund report
nFinancials 21.52% nConsumer discretionaries 18.34%
nConsumer staples 15.77% nIndustrials 11.44% nMaterials 10.99% nHealth care 7.87% nIT 4.35% nOther 9.73%
Country allocation as of nBrazil 17.42% nMalaysia 11.88% nThailand 11.56% nSouth Africa 8.96% nIndia 7.01% nTurkey 5.86% nHong Kong 5.77% nOther 31.55%
Currency nBRL 17.42% nMYR 11.88% nTHB 11.55% nZAR 8.92% nUSD 8.71% nINR 7.02% nHKD 6.88% nOther 27.62%
Annual report 2010 Return and benchmark The portfolio rose 46.78% in US dollar terms in 2010, compared to the MSCI Emerging Markets Small Cap Indexs gain of 27.17%. This performance is very satisfactory. Market commentary Smaller companies in emerging markets significantly outperformed their large cap counterparts in 20101, despite the stilluncertain environment. Stock markets were initially buoyant but lost their footing in April and May because of recurrent fears over Europes sovereign debt problems and Chinas monetary tightening. But equities rebounded after the summer, encouraged by the ECB/ IMF bailout of Greece, continued growth in key emerging economies2 and improved corporate results. Capital inflows3 and expectations that the Fed would unleash another bout of quantitative easing4 lent further support. The momentum was largely maintained for the rest of the year, though November saw markets stumble briefly following the unprovoked artillery attack on South Korea by the North.
its improved sales mix; Egypts NSGB gained from robust lending and its inclusion into the MSCI indices; Brazils OdontoPrev made two acquisitions, increasing its distribution reach, while South African retailer Massmart was helped by improved consumer spending. Conversely, Turkish lender TEB lagged due to the delay in its merger with Fortis Banks local unit. African Oxygen also disappointed because of weak demand. Forecast of market trends Robust growth in the developing world and an influx of liquidity fuelled by the Feds quantitative easing may continue to drive emerging market equities. But we expect volatility to persist, as structural imbalances, rising inflation and Europes debt problems continue to dominate markets. Gains of the last 12 months have also left some markets looking vulnerable to a correction. As such, caution is merited. Strategy for 2011 We will continue to invest in companies with strong balance sheets and long-term domestic growth potential.
Performance attribution The strong outperformance was driven by our overweight to Thailand, underweight to Taiwan and our exposure to domestic consumeroriented sectors. Positive stock selection was driven by Thailands Siam Makro, thanks to
Return
Portfolio manager Name: Devan Kaloo Title: Head of Global Emerging Market Equities Background: Master of Arts Seniority: 16 Company: Aberdeen Asset Management
Holding type nStock market 97.62% nFund 0.00% nOther 2.38%
Return measures Fund Benchmark
2007
2008
2009
2010
0.00 0.00
-45.70 -50.38
88.27 113.79
46.78 27.17
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.
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.
Historical perf. as of 31-05-2011
Invests in shares in small and medium-sized companies domiciled in or with major activities in the emerging markets. The aim is that the value of the equities does not exceed USD 2.5 billion at the time of acquisition.
Basic information NAV as of 31-05-2011 (USD) 33.39 Morningstar Category Aktier - Globale Nye Markeder ISIN LU0292126785 Dividends No Benchmark MSCI EM Small Cap Net Dividend Web site www.danskeinvest.lu Launch 10-04-2007 Total assets , mill. (USD) 218.04 Base currency USD Domicile LUX Initial charges up to 3% Fund company Danske Invest Management Company (société anonyme) Management fee 1.60 %
Key f igures - 3 years 31-05-2011
Top 10 holdings as of 31-05-2011
Sharpe ratio Volatility Average annual return (%) Tracking error Information ratio
Issue
%
Aeon Co (M) Berhad National Societe Generale Bank Grupo Aeroportuario del Centro Norte B8 -ADR Iguatemi Empresa de Shopping Centers SA Türk Ekonomi Bankasi A.S. Siam Makro PCL (Foreign) Odontoprev S.A. Wilson Sons Ltd. African Oxygen Ltd. Jollibee Foods Corp. Other
3.12 % 3.04 % 3.02 % 2.89 % 2.51 % 2.41 % 2.39 % 2.35 % 2.28 % 2.07 % 73.91 %
0.43 31.17 16.05 12.14 0.26
Return volat.
08-jun-11 - http://www.danskeinvest.lu - 2217_N
The chart shows the value of an investment of USD 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 31-05-2011 Year to date Fund -0.60 Benchmark -1.54
1 mth -1.86 -3.15
3 mth 11.86 5.86
6 mth 2.31 4.24
12 mth 35.95 29.86
36 mth 56.30 43.98
60 mth - -
Start 66.93 64.96
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.
Global Emerg ing Markets Small Cap Sector allocation as of
Fund report
nFinancials 21.52% nConsumer discretionaries 18.34%
nConsumer staples 15.77% nIndustrials 11.44% nMaterials 10.99% nHealth care 7.87% nIT 4.35% nOther 9.73%
Country allocation as of nBrazil 17.42% nMalaysia 11.88% nThailand 11.56% nSouth Africa 8.96% nIndia 7.01% nTurkey 5.86% nHong Kong 5.77% nOther 31.55%
Currency nBRL 17.42% nMYR 11.88% nTHB 11.55% nZAR 8.92% nUSD 8.71% nINR 7.02% nHKD 6.88% nOther 27.62%
Annual report 2010 Return and benchmark The portfolio rose 46.78% in US dollar terms in 2010, compared to the MSCI Emerging Markets Small Cap Indexs gain of 27.17%. This performance is very satisfactory. Market commentary Smaller companies in emerging markets significantly outperformed their large cap counterparts in 20101, despite the stilluncertain environment. Stock markets were initially buoyant but lost their footing in April and May because of recurrent fears over Europes sovereign debt problems and Chinas monetary tightening. But equities rebounded after the summer, encouraged by the ECB/ IMF bailout of Greece, continued growth in key emerging economies2 and improved corporate results. Capital inflows3 and expectations that the Fed would unleash another bout of quantitative easing4 lent further support. The momentum was largely maintained for the rest of the year, though November saw markets stumble briefly following the unprovoked artillery attack on South Korea by the North.
its improved sales mix; Egypts NSGB gained from robust lending and its inclusion into the MSCI indices; Brazils OdontoPrev made two acquisitions, increasing its distribution reach, while South African retailer Massmart was helped by improved consumer spending. Conversely, Turkish lender TEB lagged due to the delay in its merger with Fortis Banks local unit. African Oxygen also disappointed because of weak demand. Forecast of market trends Robust growth in the developing world and an influx of liquidity fuelled by the Feds quantitative easing may continue to drive emerging market equities. But we expect volatility to persist, as structural imbalances, rising inflation and Europes debt problems continue to dominate markets. Gains of the last 12 months have also left some markets looking vulnerable to a correction. As such, caution is merited. Strategy for 2011 We will continue to invest in companies with strong balance sheets and long-term domestic growth potential.
Performance attribution The strong outperformance was driven by our overweight to Thailand, underweight to Taiwan and our exposure to domestic consumeroriented sectors. Positive stock selection was driven by Thailands Siam Makro, thanks to
Return
Portfolio manager Name: Devan Kaloo Title: Head of Global Emerging Market Equities Background: Master of Arts Seniority: 16 Company: Aberdeen Asset Management
Holding type nStock market 97.62% nFund 0.00% nOther 2.38%
Return measures Fund Benchmark
2007
2008
2009
2010
0.00 0.00
-45.70 -50.38
88.27 113.79
46.78 27.17
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.
