Global Emerging Markets
Global Emerg ing Markets
Riskmeter
About the fund Fund
Low risk
High risk
Historical perf. as of 30-04-2011
Invests in shares in companies operating in the emerging markets.
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 NAV as of 30-04-2011 (USD) 76.28 Morningstar Category Aktier - Globale Nye Markeder ISIN LU0085580271 Bloomberg Ticker FNFARES Dividends No Benchmark MSCI Emerging Markets Free Index Web site www.danskeinvest.lu Launch 13-12-2002 Total assets , mill. (USD) 805.55 Base currency USD Domicile LUX 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
%
Samsung Electronics (Pref.) Aberdeen Global - India Opportunities Fund Z2 Vale SA Pref A (ADR) China Mobile Ltd. (HK) Taiwan Semiconductor Manufacturing Co. Banco Bradesco SA ADR Fomento Economico Mexicano (ADR) Femsa Petroleo Brasileiro S.A. (ADR) (Pref) PetroChina Company Ltd. Massmart Holdings Ltd. Other
4.22 % 3.88 % 3.85 % 3.51 % 3.19 % 3.07 % 3.05 % 3.04 % 3.03 % 3.02 % 66.13 %
0.29 27.93 9.70 7.78 0.90
Return volat.
12-may-11 - http://www.danskeinvest.lu - 1060_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 30-04-2011 Year to date Fund 3.05 Benchmark 5.21
1 mth 3.11 3.10
3 mth 8.97 8.15
6 mth 7.02 9.74
12 mth 22.74 20.67
36 mth 32.02 8.27
60 mth Start 90.95 411.75 59.98 386.55
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
Sector allocation as of
Fund report
nFinancials 30.01% nEnergy 15.11% nConsumer staples 11.27% nConsumer discretionaries 8.88%
nMaterials 7.21% nTelekom 5.55% nIndustrials 5.32% nOther 16.66%
Country allocation as of nBrazil 17.18% nIndia 8.98% nMexico 7.98% nHong Kong 6.96% nChina 6.53% nLuxembourg 5.90% nSouth Korea 5.60% nOther 40.87%
Currency nUSD 28.06% nHKD 13.49% nINR 9.03% nBRL 7.21% nKRW 5.60% nZAR 5.26% nTHB 4.96% nOther 26.39%
Annual report 2010 Return and benchmark The portfolio rose 26.98% in US dollar terms in 2010, compared to the MSCI Emerging Markets Indexs gain of 18.88%. Market Emerging stock markets had a good 2010, in spite of a still uncertain environment. What were initially buoyant stock markets lost their footing in April and May because of recurrent fears over Europes sovereign debt problems and Chinas monetary tightening. But equities bounced back after the summer, encouraged by the ECB/IMF bailout of Greece, continued growth in key emerging economies and improved corporate results. Capital inflows and expectations that the Fed would unleash another bout of quantitative easing lent further support. The momentum remained largely uninterrupted for the rest of the year, though November saw markets stumble briefly following the unprovoked artillery attack on South Korea by the North.
retailers Massmart and Truworths rose on the back of improved consumer spending; Massmart was further bolstered by Walmarts bid. At the regional level, our overweight to several smaller markets, such as the Philippines, Thailand and Turkey contributed to relative return, as they rallied on better-than-expected economic growth. Expectations Looking ahead, robust growth in the developing world and a further influx of liquidity fuelled by the Feds latest bout of quantitative easing may well continue to drive emerging equities. But we expect volatility to persist, as structural imbalances, rising inflation, international currency disputes and Europes debt problems continue to dominate market attention in 2011. Strategy for 2011 As bottom-up stock pickers, we will continue to invest in companies with strong balance sheets and long-term domestic growth potential.
Performance The portfolios significant outperformance was largely due to positive stock selection, notably in Brazil and South Africa. In Brazil, our holding in tobacco company Souza Cruz was buoyed by healthy third-quarter results, while retailer Lojas Renner gained from robust like-for-like sales growth across its network of apparel stores. South African
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 92.61% nFund 3.88% nOther 3.50%
Return measures
2006
2007
2008
2009
2010
Fund Benchmark
32.69 32.18
30.89 39.39
-43.54 -53.33
75.94 78.51
26.98 18.88
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
Historical perf. as of 30-04-2011
Invests in shares in companies operating in the emerging markets.
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 NAV as of 30-04-2011 (USD) 76.28 Morningstar Category Aktier - Globale Nye Markeder ISIN LU0085580271 Bloomberg Ticker FNFARES Dividends No Benchmark MSCI Emerging Markets Free Index Web site www.danskeinvest.lu Launch 13-12-2002 Total assets , mill. (USD) 805.55 Base currency USD Domicile LUX 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
%
Samsung Electronics (Pref.) Aberdeen Global - India Opportunities Fund Z2 Vale SA Pref A (ADR) China Mobile Ltd. (HK) Taiwan Semiconductor Manufacturing Co. Banco Bradesco SA ADR Fomento Economico Mexicano (ADR) Femsa Petroleo Brasileiro S.A. (ADR) (Pref) PetroChina Company Ltd. Massmart Holdings Ltd. Other
4.22 % 3.88 % 3.85 % 3.51 % 3.19 % 3.07 % 3.05 % 3.04 % 3.03 % 3.02 % 66.13 %
0.29 27.93 9.70 7.78 0.90
Return volat.
12-may-11 - http://www.danskeinvest.lu - 1060_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 30-04-2011 Year to date Fund 3.05 Benchmark 5.21
1 mth 3.11 3.10
3 mth 8.97 8.15
6 mth 7.02 9.74
12 mth 22.74 20.67
36 mth 32.02 8.27
60 mth Start 90.95 411.75 59.98 386.55
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
Sector allocation as of
Fund report
nFinancials 30.01% nEnergy 15.11% nConsumer staples 11.27% nConsumer discretionaries 8.88%
nMaterials 7.21% nTelekom 5.55% nIndustrials 5.32% nOther 16.66%
Country allocation as of nBrazil 17.18% nIndia 8.98% nMexico 7.98% nHong Kong 6.96% nChina 6.53% nLuxembourg 5.90% nSouth Korea 5.60% nOther 40.87%
Currency nUSD 28.06% nHKD 13.49% nINR 9.03% nBRL 7.21% nKRW 5.60% nZAR 5.26% nTHB 4.96% nOther 26.39%
Annual report 2010 Return and benchmark The portfolio rose 26.98% in US dollar terms in 2010, compared to the MSCI Emerging Markets Indexs gain of 18.88%. Market Emerging stock markets had a good 2010, in spite of a still uncertain environment. What were initially buoyant stock markets lost their footing in April and May because of recurrent fears over Europes sovereign debt problems and Chinas monetary tightening. But equities bounced back after the summer, encouraged by the ECB/IMF bailout of Greece, continued growth in key emerging economies and improved corporate results. Capital inflows and expectations that the Fed would unleash another bout of quantitative easing lent further support. The momentum remained largely uninterrupted for the rest of the year, though November saw markets stumble briefly following the unprovoked artillery attack on South Korea by the North.
retailers Massmart and Truworths rose on the back of improved consumer spending; Massmart was further bolstered by Walmarts bid. At the regional level, our overweight to several smaller markets, such as the Philippines, Thailand and Turkey contributed to relative return, as they rallied on better-than-expected economic growth. Expectations Looking ahead, robust growth in the developing world and a further influx of liquidity fuelled by the Feds latest bout of quantitative easing may well continue to drive emerging equities. But we expect volatility to persist, as structural imbalances, rising inflation, international currency disputes and Europes debt problems continue to dominate market attention in 2011. Strategy for 2011 As bottom-up stock pickers, we will continue to invest in companies with strong balance sheets and long-term domestic growth potential.
Performance The portfolios significant outperformance was largely due to positive stock selection, notably in Brazil and South Africa. In Brazil, our holding in tobacco company Souza Cruz was buoyed by healthy third-quarter results, while retailer Lojas Renner gained from robust like-for-like sales growth across its network of apparel stores. South African
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 92.61% nFund 3.88% nOther 3.50%
Return measures
2006
2007
2008
2009
2010
Fund Benchmark
32.69 32.18
30.89 39.39
-43.54 -53.33
75.94 78.51
26.98 18.88
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.
