nordea 1, sicav monthly report · ping an insurance group co of china china financials 2.58...

February 2021

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Nordea 1, SICAV

Monthly Report

Fact Sheet | February 2021 | Advertising material

Nordea 1 - Alpha 10 MA Fund

Cumulative Annualized

Year To Date -1.60

1 month -0.77

3 months -1.22

1 year 7.02 7.02

3 years 7.02 2.29

5 years 21.37 3.95

Since launch 29.50 2.29

Key Figures Fund

Volatility in %** 6.25

Sharpe Ratio** 0.42

Parametric VaR (20d,99%)*** 4.79

Effective Duration 0.42

Discrete Year

Performance (indexed at 100)

Multi Assets Team

Launch date 30/09/2009

ISIN LU0445386369

Sedol B4TMSZ5

WKN A0YHE7

Bloomberg ticker NORMABP LX

Number of holdings 170

Share class BP-EUR

Last NAV

AUM (Million EUR)

Minimum investment (EUR)

1.700Annual management fee in %

Manager

Fund Data

Maximum front end fee in % 5.00

No / No

AccumulatingFund category

Swing factor / Threshold

12.95

3,731.02

0

* EURIBOR 1M (Source: NIMS)** Annualized 3 year data*** Source: MSCI RiskManager**** As a % of total assetsWith effect from 14/12/2020, the official reference index of the fund is EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against EURIBOR 1M. This reference index is used for performance comparison purposes.With effect as of 23/10/2017 the sub-fund is renamed from Nordea 1 - Multi-Asset Fund to Nordea 1 - Alpha 10 MA Fund.Performances are in EUR

Exposure by Asset Class (%) **** Long Short Gross Net

Equity 88.94 -48.77 137.71 40.17

Fixed Income 43.25 -18.28 61.53 24.96

Fx Forward 36.51 -102.00 138.52 -65.49

Net Liquid Asset 23.44 -0.13 23.57 23.31

Total 192.14 -169.19 361.33 22.95

Performance in %

Risk and Reward Profile

Lower risk Higher risk

7654321

Equity 27.27

SAA Risk Balancing 27.27

X - Asset 18.18

Currency 9.09

Fixed Income 9.09

Trading 9.09

SuperStrategy

Risk budget allocation in %

The fund aims to generate a return of cash + 5-7% (gross of fees) p.a. over a full investment cycle with a volatility between 7-10% p.a. The fund uses numerous types low-correlation investment strategies to provide dynamic exposure to multiple asset classes, within a universe consisting of a subset of equities, fixed income securities and currencies. The fund will typically implement some of the different investment strategies through pair trades and/or long/short positions across the different investable asset classes. In other words, the fund may combine a long position that is (partly) offset by a short position. Over time, the fund is aiming to build a largely market neutral portfolio.

Investment Strategy

3




Year To Date -2.16

1 month -1.03

3 months -1.46

1 year 12.38 12.38

3 years 16.20 5.13

5 years 46.55 7.94


Key Figures Fund


Sharpe Ratio** 0.59



Discrete Year


Multi Assets Team


ISIN LU0607983383

Sedol B45ZP79

WKN A1JHT2

Bloomberg ticker NMAPBIE LX


Share class BI-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



89.94

2,976.94

75,000

* EURIBOR 1M (Source: NIMS)** Annualized 3 year data*** Source: MSCI RiskManager**** As a % of total assetsWith effect from 14/12/2020, the official reference index of the fund is EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against EURIBOR 1M. This reference index is used for performance comparison purposes.With effect as of 23/10/2017 the sub-fund is renamed from Nordea 1 - Alpha 15 to Nordea 1 - Alpha 15 MA Fund.Performances are in EUR


Equity 148.72 -88.10 236.82 60.63

Fixed Income 47.76 -27.63 75.39 20.14

Fx Forward 71.65 -141.92 213.58 -70.27

Net Liquid Asset 27.87 0.00 27.87 27.87

Total 296.01 -257.65 553.66 38.36

Performance in %



7654321

Equity 27.27


X - Asset 18.18

Currency 9.09

Fixed Income 9.09

Trading 9.09

SuperStrategy



Investment Strategy

4




Year To Date -1.14

1 month -0.57

3 months -0.96

1 year 3.85 3.85

3 years

5 years


Key Figures Fund

Volatility in %**

Sharpe Ratio**



Discrete Year


Multi Assets Team


ISIN LU1807426207

Sedol BF50T79

WKN A2JNKR

Bloomberg ticker NOA7BPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



104.98

353.73

0

* EURIBOR 1M (Source: NIMS)** Annualized 3 year data*** Source: MSCI RiskManager**** As a % of total assetsWith effect from 14/12/2020, the official reference index of the fund is EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against EURIBOR 1M. This reference index is used for performance comparison purposes.Performances are in EUR


Equity 61.94 -34.12 96.06 27.82

Fixed Income 37.33 -12.76 50.08 24.57

Fx Forward 24.69 -92.53 117.22 -67.84

Net Liquid Asset 20.10 0.00 20.10 20.10

Total 144.06 -139.40 283.46 4.66

Performance in %



7654321

Equity 27.27


X - Asset 18.18

Currency 9.09

Fixed Income 9.09

Trading 9.09

SuperStrategy



Investment Strategy

5


Nordea 1 - Asia ex Japan Equity Fund

Cumulative Fund Benchmark*

Year To Date 6.40 5.38

1 month 0.17 1.25

3 months 12.93 12.54

1 year 50.28 41.95

3 years 41.96 30.42

5 years 151.00 117.69


Key Figures Fund Benchmark*

Annualised return in %** 12.39 9.26

Volatility in %** 18.66 17.97

Alpha in %** 3.12

Beta** 1.00

Sharpe Ratio** 0.56 0.41

Correlation** 0.96

Information ratio** 0.64

Tracking error in %** 4.91

Discrete Year


Manulife Investment Management (Hong Kong) Limited


ISIN LU0064675985

Sedol 4394226

WKN 973349

Bloomberg ticker FRTFEEI LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



40.26

145.15

0

* MSCI AC Asia ex Japan - Net Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 30/10/2013. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI AC Far East ex. Japan - Net Return Index.This reference index is used for performance comparison purposes.With effect as of 13/11/2019 the sub-fund is renamed from Nordea 1 - Asian Focus Equity Fund to Nordea 1 - Asia ex Japan Equity Fund.Performances are in USD

Performance in %



7654321

Asset Allocation in %

China 41.11

Taiwan 18.09

South Korea 15.35

India 7.46

Hong Kong 5.19

Singapore 2.40

Thailand 2.25

Indonesia 2.06

Other 3.63

Net Liquid Assets 2.47

Country Fund

Information Technology 31.27

Consumer Discretionary 21.56

Communication Services 12.80

Financials 8.81

Industrials 7.81

Materials 5.30

Consumer Staples 4.48

Health Care 2.26

Other 3.24


Sector Fund

Top Holdings in %

Security Name Country Sector Weight

Taiwan Semiconductor Manufacturing Taiwan Information Technology 8.63

Samsung Electronics South Korea Information Technology 7.91

Alibaba Group Holding China Consumer Discretionary 7.63

Tencent Holdings China Communication Services 7.20

China Merchants Bank China Financials 2.23

Baidu ADR China Communication Services 2.09

New Oriental Education & Technology Group ADR China Consumer Discretionary 1.89

Trip.com Group ADR China Consumer Discretionary 1.67

NARI Technology China Industrials 1.66

Sany Heavy Industry China Industrials 1.63

This Sub-fund aims to preserve Shareholder’s capital and to provide an adequate rate of return on the investment by investing in Asian stocks. The Sub-fund is managed in accordance with the International Focus Equities Concept, an investment process which focuses on in-depth analysis of company fundamentals when selecting an investment target. The process seeks to identify attractively valued equities of companies with strong fundamentals. The process focuses on equities which, in the portfolio manager's view, are undervalued in relation to the company´s ability to generate cash flow over the long term.

Investment Strategy

6


Nordea 1 - Asian Stars Equity Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch


Annualised return in %**

Volatility in %**

Alpha in %**

Beta**

Sharpe Ratio**

Correlation**

Information ratio**

Tracking error in %**

Due to local regulatory restrictions, we are not allowed to show performance on share classes less than 1 year old.

Discrete Year



Fundamental Equities Team


ISIN LU2152927971

Sedol BMZ7RW0

WKN A2P3TS

Bloomberg ticker NO1ASBP LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



167.22

253.80

0

* MSCI AC Asia ex Japan - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


China 40.58

Taiwan 16.87

India 16.09

South Korea 13.54

Hong Kong 7.86

Indonesia 3.07

Netherlands 0.96


Country Fund


Financials 27.57




Health Care 2.40

Materials 1.67

Industrials 1.08


Sector Fund

Top Holdings in %






Ping An Insurance Group Co of China China Financials 4.88

AIA Group Hong Kong Financials 4.69

Meituan China Consumer Discretionary 3.98


Hong Kong Exchanges & Clearing Hong Kong Financials 3.17

Bank Rakyat Indonesia Persero Indonesia Financials 3.07

This sub-fund aims to achieve long-term capital growth by investing mainly in a diversified portfolio of equity or equities related securities of companies, which are domiciled or exercise the predominant part of their economic activity in Asia, excluding Japan. The fund is managed by the Fundamental Equities Team, based in Copenhagen, focusing on fundamental bottom-up research. Alpha is generated through stock selection and by actively incorporating an ESG based analysis as part of the investment process.

Investment Strategy

7


Nordea 1 - Asian Stars Equity Fund

ESG Rating

Fund AAA AA A BBB BB B CCC

Benchmark AAA AA A BBB BB B CCC

Coverage Rate (Fund/Benchmark): 84% / 98%

Benchmark: MSCI AC Asia ex Japan - Net Return Index

Source: MSCI ESG research LLC

ESG rating breakdown

Leader Average Laggard


CCCBBBBBBAAAAAA NR Cash

Fund Benchmark

ESG Scores per pillar

Source: All data is from MSCI ESG Fund Ratings as of 26/02/2021, based on holdings as of 31/12/2020.The overall portfolio rating is calculated on an industry relative basis while the underlying individual E,S and G ratings are absolute. Hence, the overall rating cannot be seen as an average of the individual E, S and G ratings. Rated on a scale of 0 to 10, where 0 is very poor and 10 is very good.

Portfolio exposure by ESG pillar

Source: All data is from MSCI ESG Fund Ratings as of 26/02/2021, based on holdings as of 31/12/2020.



7654321

Weighted average carbon intensity

(In Tons of CO2 equivalent per dollar millions of sales)

Fund

61Benchmark

196

-69%

Source: Data sourced from MSCI Inc. for equities and ISS Ethix for fixed Income. For sovereigns (countries) turnovers is replaced by GDP. Please note that only scope 1 & 2 are taken into consideration, excluding scope 3. The carbon intensity of our fund might therefore appear higher than the benchmark.

Sustainability characteristics

Engagement

ESG Integration

ESG positive screening and selection

Norm based screening and corporate exclusion list

Voting

ESG integration summaryThis fund does not invest in companies involved in the production of illegal or nuclear weapons or exhibiting more than 10% of their revenues from oil sand. We also exclude companies with large and sustained exposure to coal mining, with a 10% revenue threshold on thermal coal and a 30% revenue threshold on total coal (including metallurgical coal). Beyond these corporate exclusions (1), we have developed a specific range of cutting-edge products focusing on Responsible Investment: the STARS funds. Our dedicated Responsible Investment team conducts a thorough ESG analysis on each holding resulting in an internal score. Our proprietary ESG scoring model includes a business model dimension in addition to environmental, social and governance aspects. We assess how sustainability trends can positively or negatively impact the company’s business model, its value chain, products and services. We also seek to understand the company’s contribution to these themes. Please note that the MSCI ESG rating is mainly backward looking, relying mainly on publicly available information and can differ from Nordea’s internal scoring which is based on a forward-looking approach. (1) Nordea Asset Management corporate exclusion list is available on the following link: https://www.nordea.com/en/sustainability/sustainable-business/investments/exclusion-list/

The metrics are used for illustrative purposes only and solely rely on MSCI ESG Research views© 2021 MSCI ESG Research LLC. Reproduced by permission. Although Nordea Investment Management AB information providers, including without limitation, MSCI ESG Research LLC and“ its affiliates (the “ESG Parties”), obtain information from sources they consider reliable, none of the ESG Parties warrants or guarantees the originality, accuracy and/or completeness of any data herein. None of the ESG Parties makes any express or implied warranties of any kind, and the ESG Parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to any data herein. None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein. Further, without limiting any of the foregoing, in no event shall any of the ESG Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

8


Nordea 1 - Balanced Income Fund


Year To Date -1.67

1 month -1.47

3 months -2.00

1 year 1.48 1.48

3 years 5.03 1.65

5 years 6.22 1.21



Annualised return in %** 1.65 -0.43



Effective Yield in % 0.14

Weighted Average Rating AA+

Discrete Year

Multi Assets Team


ISIN LU0634509953

Sedol B74CWW6

WKN A1JYYS

Bloomberg ticker NCDSBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



113.41

569.05

0

* EURIBOR 1M (Source: NIMS)** Annualized 3 year data*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesWith effect from 14/12/2020, the official reference index of the fund is EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against EURIBOR 1M. This reference index is used for performance comparison purposes.With effect as of 23/10/2017 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 23/10/2017 the sub-fund is renamed from Nordea 1 - Flexible Fixed Income Plus Fund to Nordea 1 - Balanced Income Fund.Performances are in EUR


Performance in %



7654321

Net Equity Exposure 16.83%

Short Duration -60.58%

Credit HY 0.58%

Other Government Bonds 2.74%

Cash 2.80%

Emerging Market Debt 9.47%

Equity Beta 16.83%

Covered bonds 34.08%

Credit IG 49.10%

High Quality Government Bonds 69.21%

Gross exposure ****

EURO 102.71%

USD 22.64%

Emerging Markets 2.21%

Developed, non EURO -27.56%

Currency Exposure ****

Security Name Weight

Realkredit Danmark 1% 04-01-2022 SDRO AR T 6.93

Bundesschatzanweisungen 0.000000% 10-09-2021 6.20

United States Treasury Infla 0.25% 15-07-2029 5.66


Bundesrepublik Deutschland B 0.000000% 15-08-2029 4.65



United States Treasury Note/ 2% 31-05-2024 3.93

Nykredit Realkredit 1% 04-01-2022 SDO AR H 3.05


Geograph. Mod. Duration Fund

Others 1.05

United States 0.57

Europe ex-UK 0.27

United Kingdom 0.05

Total 1.93

Top Holdings in %Rating *** Fund

AAA 90.29

AA 4.17

A 0.72

BBB 0.68

BB 0.01

B

CCC

<CCC

NR 4.13

The fund offers a robust diversification across fixed income asset classes and regions with a limited exposure to equities. Using active management, the fund aims to preserve capital and provide positive returns in excess of cash over an investment cycle. The objective is to build an unconstrained balanced product, designed to address a constantly changing environment in financial markets, such as interest rates fall and rise as well as changes in credit spreads and equity volatility. The fund will use active currency management to mitigate risk without reducing the return expectancy.

Investment Strategy

9


Nordea 1 - Chinese Equity Fund



1 month 0.70 -0.40

3 months 13.64 10.54

1 year 63.91 44.41

3 years 53.23 39.10

5 years 170.65 144.95





Alpha in %** 3.29

Beta** 1.04


Correlation** 0.96



Discrete Year


Manulife Investment Management


ISIN LU0975278572

Sedol BH65Q32

WKN A1W72R

Bloomberg ticker NOCEBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



237.79

462.93

0

* MSCI China 10/40 - Net Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 05/05/2020. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI Golden Dragon Index - Net Total Return Index.This reference index is used for performance comparison purposes.Performances are in USD

Performance in %



7654321


China 86.73

Hong Kong 3.77

United States 2.37

Taiwan 1.52


Country Fund




Financials 9.92

Industrials 8.37

Health Care 6.86

Materials 5.46

Real Estate 4.62

Other 4.18


Sector Fund

Top Holdings in %



Alibaba Group Holding ADR China Consumer Discretionary 6.17




Hong Kong Exchanges & Clearing Hong Kong Financials 2.72

Baidu ADR China Communication Services 2.70

Pinduoduo ADR China Consumer Discretionary 2.68

Hongfa Technology China Industrials 2.27

New Oriental Education & Technology Group ADR China Consumer Discretionary 2.02

This Sub-fund aims to achieve long-term capital growth by investing in Chinese stocks (PRC, Hong Kong and Taiwan). The Sub-fund is managed in accordance with the International Focus Equities Concept, an investment process which focuses on in-depth analysis of company fundamentals when selecting an investment target. The process seeks to identify attractively valued equities of companies with strong fundamentals. The process focuses on equities which, in the portfolio manager's view, are undervalued in relation to the company´s ability to generate cash flow over the long term.

Investment Strategy

10


Nordea 1 - Conservative Fixed Income Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**



Weighted Average Rating AAA


Discrete Year

Multi Assets Team


ISIN LU2166350277

Sedol BLBPXP6

WKN A2P4C6

Bloomberg ticker NCFIBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



100.16

122.42

0

* EURIBOR 1M (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against EURIBOR 1M. This reference index is used for performance comparison purposes.Performances are in EUR



Performance in %



7654321



Cash 3.37%

Credit HY 4.52%


Credit IG 26.03%



Gross exposure

EURO 89.22%

USD 9.48%


Developed, non EURO 0.25%

Currency Exposure






Nykredit Realkredit 1% 01-01-2022 SDO A H 4.28

Bundesobligation 0.000000% 11-04-2025 4.11






Other 0.71

United States 0.35

Europe (Ex UK) 0.16

United Kingdom 0.03

Total 1.25

Top Holdings in %

Rating Fund

AAA 93.66

AA 3.64

A 0.14

BBB 0.59

BB 0.01

B

CCC

<CCC

NR 1.96

The fund offers a robust diversification across fixed income asset classes and regions. Using active management, the fund aims to preserve capital and provide positive returns in excess of cash over an investment cycle. The objective is to build an unconstrained bond product with low risk.

Investment Strategy

11


Nordea 1 - Danish Covered Bond Fund


Year To Date -2.55 -1.19

1 month -2.26 -0.98

3 months -2.33 -1.28

1 year -2.70 -2.27

3 years 3.14 1.83

5 years 8.25 1.55





Year to maturity 22.85



Correlation** 0.88



Discrete Year


Danish Fixed Income Team


ISIN LU0076315968

Sedol 5206847

WKN 986766

Bloomberg ticker FRODMBF LX


Share class BP-DKK

Last NAV

AUM (Million DKK)



Manager

Fund Data


No / No



238.98

8,356.54

0

* 75% Nordea DK Govt CM 5Y and 25% Nordea DK Govt CM 3Y (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is 75% Nordea DK Govt CM 5Y and 25% Nordea DK Govt CM 3Y. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against 75% Nordea DK Govt CM 5Y and 25% Nordea DK Govt CM 3Y. This reference index is used for performance comparison purposes.With effect as of 19/06/2019 the sub-fund is renamed from Nordea 1 - Danish Mortgage Bond Fund to Nordea 1 - Danish Covered Bond Fund.Performances are in DKK

Performance in %



7654321


Covered Bonds 95.11

Government Bonds 1.93


Asset Type Fund

AAA 96.98

AA

A

BBB

BB

B

CCC

<CCC

NR 0.07


Rating Fund

Top Holdings in %

Security Name Asset Type Rating Weight

Jyske Realkredit A/S 1% 10-01-2050 SDO E Covered Bonds AAA 10.22

Realkredit Danmark 1% 10-01-2050 SDRO S Covered Bonds AAA 8.49

Nykredit Realkredit 1% 10-01-2050 SDO E Covered Bonds AAA 6.04

Nordea Kredit 1% 10-01-2050 SDRO 2 Covered Bonds AAA 5.60

Jyske Realkredit A/S 1% 10-01-2053 Covered Bonds AAA 5.44

Nykredit Realkredit 2% 01-01-2025 SDO A H Covered Bonds AAA 4.70

DLR Kredit 1% 10-01-2022 SDO A B Covered Bonds AAA 4.28

Nordea Kredit 2% 10-01-2047 SDRO 2 Covered Bonds AAA 3.46

Nykredit Realkredit 2% 10-01-2047 SDO E Covered Bonds AAA 3.36

DNB Boligkreditt AS 0.625% 14-01-2026 Covered Bonds AAA 2.79

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities domiciled in Denmark. Investments are made primarily in callable Danish mortgage backed bonds listed on the Copenhagen Stock Exchange. The holdings of Danish mortgage backed bonds in the Sub-fund will typically have high coupons in comparison with the general yield level of bonds with similar durations. Investments in Danish government bonds listed on the Copenhagen Stock Exchange are also permitted.

Investment Strategy

12


Nordea 1 - Emerging Market Bond Fund



1 month -2.52 -2.55

3 months -1.54 -1.78

1 year -0.38 0.91

3 years 8.90 14.06

5 years 31.85 33.41








Correlation** 0.99

Information ratio** -0.39


Discrete Year


PGIM Inc.


ISIN LU0772926670

Sedol B8972K1

WKN A1J0GT

Bloomberg ticker NEMBBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



151.40

1,821.05

0

* JP Morgan Emerging Markets Bond Index Global Diversified (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


AAA

AA 4.22

A 5.14

BBB 30.29

BB 17.88

B 26.89

CCC 8.18

<CCC 1.31

NR 3.54


Rating Fund

Sovereigns 67.28

Quasi-Sovereigns 23.68

Corporates 6.49


Foreign Agencies 0.00

Asset Type

Top Holdings in %


Qatar Government Internation 5.103% 23-04-2048 Government Bonds AA 1.61

Argentine Republic Governmen MULTI 09-07-2030 Government Bonds CCC 1.35

1MDB Global Investments Ltd 4.4% 09-03-2023 Corporate Bonds NR 1.32

Petroleos Mexicanos 6.5% 13-03-2027 Corporate Bonds BBB 1.22

Dominican Republic Internati 7.45% 30-04-2044 Government Bonds BB 1.21


Ukraine Government Internati 9.75% 01-11-2028 Government Bonds B 0.99

Saudi Government Internation 5.25% 16-01-2050 Government Bonds A 0.95

Angolan Government Internati 9.5% 12-11-2025 Government Bonds CCC 0.95


The fund mainly invests in Emerging Markets bonds labelled in hard currency (like USD) of sovereign and quasi-sovereign entities. An active research-based management style is applied tailored to generate alpha through strong country allocation and security selection based on the global risk appetite, countries’ fundamentals, relative value and technicals, and proprietary tools.

Investment Strategy

13


Nordea 1 - Emerging Market Bond Opportunities Fund



1 month -2.74 -2.61

3 months -0.82 -1.07

1 year 0.41 2.46

3 years 2.67 8.01

5 years 29.05 32.68








Correlation** 0.99



Discrete Year


PGIM Inc.


ISIN LU0772920129

Sedol B8NZT22

WKN A1J3ST

Bloomberg ticker NEBLBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



115.77

105.88

0

* 50% JP EMBI GD and 50% JP GBI-EM GD (Source: Datastream)** Annualized 3 year dataWith effect as of 16/12/2016 the sub-fund is renamed from Nordea 1 - Emerging Market Blend Bond Fund to Nordea 1 - Emerging Market Bond Opportunities Fund.Performances are in USD

Performance in %



7654321



Corporate Bonds 15.99


Asset Type Fund

AAA 0.88

AA 3.52

A 15.50

BBB 31.72

BB 20.01

B 16.65

CCC 5.41

<CCC 1.12

NR 1.97


Rating Fund

Top Holdings in %


Brazil Notas do Tesouro Naci 10% 01-01-2025 Government Bonds BB 1.98

Mexican Bonos 7.5% 03-06-2027 Government Bonds BBB 1.82

Republic of Poland Governmen 3.25% 25-07-2025 Government Bonds A 1.56

China Government Bond 3.29% 23-05-2029 Government Bonds A 1.47

Mexican Bonos 7.75% 29-05-2031 Government Bonds BBB 1.44



Republic of South Africa Gov 10.5% 21-12-2026 Government Bonds BB 0.96

1MDB Global Investments Ltd 4.4% 09-03-2023 Corporate Bonds NR 0.95

Ukraine Government Internati 9.75% 01-11-2028 Government Bonds B 0.91

The fund mainly invests in Emerging Markets bonds labelled in hard currency (like USD) and local currency, of sovereign and quasi-sovereign entities. An active research-based management style is applied tailored to generate alpha through strong country allocation and security selection based on the global risk appetite, countries’ fundamentals, relative value and technicals, and proprietary tools.

Investment Strategy

14


Nordea 1 - Emerging Market Corporate Bond Fund


Year To Date 0.07 -0.17

1 month 0.20 -0.10

3 months 2.84 1.30

1 year 8.04 5.35

3 years 22.63 20.09

5 years 44.40 39.89








Correlation** 0.99



Discrete Year


Metlife Investment Management, LLC


ISIN LU0634509870

Sedol B4R0H10

WKN A1JP01

Bloomberg ticker NEMCBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



168.41

225.30

0

* JPM Corporate Emerging Markets Bond Index Broad Diversified (Source: NIMS)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321





Asset Type Fund

AAA

AA 2.06

A 3.93

BBB 24.86

BB 22.58

B 24.37

CCC 10.14

<CCC 0.25

NR 4.89


Rating Fund

Top Holdings in %



CSN Islands XII Corp Corporate Bonds B 1.11

IHS Netherlands Holdco BV 8% 18-09-2027 Corporate Bonds B 1.10

Pampa Energia SA 7.5% 24-01-2027 Corporate Bonds CCC 1.08

Argentine Republic Governmen MULTI 09-07-2030 Government Bonds CCC 1.08

Oryx Funding Ltd 5.8% 03-02-2031 Corporate Bonds BB 1.02

Tecpetrol SA 4.875% 12-12-2022 Corporate Bonds CCC 0.97

Galaxy Pipeline Assets Bidco 2.625% 31-03-2036 Corporate Bonds AA 0.96

Alibaba Group Holding Ltd 2.125% 09-02-2031 Corporate Bonds A 0.94

Banistmo SA 4.25% 31-07-2027 Corporate Bonds BBB 0.93

This sub-fund shall invest a minimum of two-thirds of its total assets in debt securities issued in US Dollars by private borrowers, which are domiciled or exercise the predominant part of their economic activity in an Emerging Market country.

Investment Strategy

15


Nordea 1 - Emerging Markets Debt Total Return Fund


Year To Date -3.52 0.02

1 month -2.77 0.01

3 months -2.40 0.03

1 year -0.56 0.26

3 years 11.19 4.61

5 years








Correlation** 0.08



Discrete Year


Nordea Emerging Markets Debt Team


ISIN LU1721355870

Sedol BF42YL5

WKN A2H73J

Bloomberg ticker NDTRBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



112.85

94.04

0

* ICE 1 Month USD LIBOR (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is ICE 1 Month USD LIBOR. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against ICE 1 Month USD LIBOR. This reference index is used for performance comparison purposes.Performances are in USD

Performance in %



7654321


Egypt 8.49

China 7.06

Indonesia 6.68

South Africa 5.63

Colombia 5.44

Qatar 5.06

Philippines 4.99

Turkey 4.47

Other 50.09


Country Fund

AAA

AA 9.24

A 11.75

BBB 36.67

BB 17.37

B 22.53

CCC 0.12

<CCC

NR 0.22


Rating Fund

Top Holdings in %

Security Name Country Rating Weight

Philippine Government Intern 6.25% 14-01-2036 Philippines BBB 4.09

Qatar Government Internation 5.103% 23-04-2048 Qatar AA 4.06

Indonesia Government Interna 1.85% 12-03-2031 Indonesia BBB 4.03

Republic of South Africa Gov 8.25% 31-03-2032 South Africa BB 3.72

Turkey Government Bond 12.4% 08-03-2028 Turkey B 3.69

China Government Bond 2.68% 21-05-2030 China A 3.13

Colombian TES 7% 30-06-2032 Colombia BBB 3.08

Egypt Treasury Bills 06-07-2021 Egypt B 3.05



The fund invests across all subsectors of the Emerging Markets debt universe (Hard Currency and Local Currency debt), unconstrained by benchmark limitations. It seeks to deliver returns similar to broad EMD indexes while targeting a lower volatility and placing a particular emphasis on limiting drawdowns. The fund selects securities across a holistic portfolio, that tactically shifts allocations across the emerging markets debt asset class spectrum and takes advantage of the team’s best ideas across local currency, hard currency and emerging market corporate debt.

Investment Strategy

16


Nordea 1 - Emerging Markets Small Cap Fund



1 month 4.90 5.96

3 months 16.49 14.23

1 year 36.92 41.75

3 years 2.96 13.18

5 years 58.88 71.23





Alpha in %** -3.18

Beta** 0.98

Sharpe Ratio** -0.04 0.10

Correlation** 0.97



Discrete Year


TimesSquare Capital Management, LLC


ISIN LU0975279208

Sedol BH65JN3

WKN A1W72Z

Bloomberg ticker NEMSBSD LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



132.68

22.93

0

* MSCI Emerging Markets Small Cap - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


China 17.81

Taiwan 14.75

India 13.67

South Korea 12.47

Brazil 10.41

Indonesia 5.43

South Africa 3.57

Philippines 2.32

Other 16.74


Country Fund



Industrials 13.62


Health Care 8.65


Financials 4.72

Materials 3.29

Other 4.07


Sector Fund

Top Holdings in %


Hansol Chemical South Korea Materials 1.94

Venustech Group China Information Technology 1.79

Sinbon Electronics Taiwan Information Technology 1.75

WinWay Technology Taiwan Information Technology 1.73

A-Living Smart City Services China Industrials 1.72

Boa Vista Servicos Brazil Industrials 1.71

Tokai Carbon Korea South Korea Information Technology 1.70

New Frontier Health Hong Kong Health Care 1.67

Accton Technology Taiwan Information Technology 1.66

Laobaixing Pharmacy Chain JSC China Consumer Staples 1.65

The fund invests in small-cap stocks of emerging markets companies. These companies must either be domiciled in an Emerging Market or exercise the predominant part of their economic activity in Emerging Markets. At the time of purchase, the companies must have a market capitalization between USD 100 million and USD 5 billion. The fund’s aim is to generate alpha through a bottom-up and fundamental research approach.

Investment Strategy

17


Nordea 1 - Emerging Stars Bond Fund



1 month -2.72 -2.55

3 months -2.31 -1.78

1 year 1.27 0.91

3 years

5 years




Volatility in %**




Correlation**

Information ratio**


Discrete Year




ISIN LU1915689316

Sedol BFMXPB7

WKN A2PBWE

Bloomberg ticker NOSBBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



113.35

1,142.55

0

* JP Morgan Emerging Markets Bond Index Global Diversified (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321





Asset Type Fund

AAA 0.10

AA 9.95

A 4.73

BBB 33.48

BB 17.44

B 28.13

CCC 2.06

<CCC 0.24

NR 0.62


Rating Fund

Top Holdings in %



Egypt Treasury Bills 06-07-2021 Government Bonds B 1.97

Republic of South Africa Gov 8.25% 31-03-2032 Government Bonds BB 1.74



Qatar Government Internation 4% 14-03-2029 Government Bonds AA 1.15



Indonesia Government Interna 4.625% 15-04-2043 Government Bonds BBB 1.07

Uruguay Government Internati 5.1% 18-06-2050 Government Bonds BBB 0.97

The sub-fund invests at least two-thirds of its total assets (excluding cash) in debt securities issued by public authorities, quasi sovereigns or private borrowers, which are domiciled or exercise the predominant part of their economic activity in emerging markets. The Sub-fund´s objective is to prudently invest the Shareholder’s capital and to provide a return exceeding the average return of the Emerging Market bonds market. In actively managing the fund’s portfolio, the management team selects issuers with a particular focus on their ability to comply with international standards for environmental, social and corporate governance, and that appear to offer superior growth prospects and investment characteristics.

Investment Strategy

18


Nordea 1 - Emerging Stars Bond Fund

ESG Rating




Benchmark: JP Morgan Emerging Markets Bond Index Global Diversified






Fund Benchmark







7654321

ESG Labels

The fund is recognized by LuxFLAG ESG Label. LuxFLAG is an international and independent non-profit association and labelling agency.The fund has received recognition from the Belgian Central Labelling Agency in the form of Towards Sustainability label. The label aims to instil trust and reassure potential investors that the financial product is managed with sustainability in mind and is not exposed to very unsustainable practices, without requiring of investors to do a detailed analysis themselves.



Fund

88Benchmark

221

-60%



Engagement

ESG Integration



Voting



19


Nordea 1 - Emerging Stars Equity Fund



1 month -1.02 0.76

3 months 10.40 11.49

1 year 50.16 36.05

3 years 40.50 20.29

5 years 149.36 103.23





Alpha in %** 5.38

Beta** 1.06


Correlation** 0.97



Discrete Year




ISIN LU0602539602

Sedol B4V3771

WKN A1JHTL

Bloomberg ticker NEMSBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



200.26

6,454.79

0

* MSCI Emerging Markets Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect from 23/08/2016, the official reference index of the fund is MSCI Emerging Markets Index (Net Return). Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI Emerging Markets Index (Net Return). This reference index is used for performance comparison purposes.Performances are in USD

Performance in %



7654321


China 31.97

Taiwan 14.18

India 12.60

South Korea 11.26

Brazil 5.55

Russian Federation 5.43

Hong Kong 3.18

Indonesia 2.44

Other 12.19


Country Fund


Financials 25.23




Health Care 2.99

Materials 1.80

Industrials 1.03

Other 1.23


Sector Fund

Top Holdings in %









Housing Development Finance India Financials 2.57

Bank Rakyat Indonesia Persero Indonesia Financials 2.44

HDFC Bank India Financials 2.35

This Sub-fund aims to achieve long-term capital growth by investing mainly in a diversified portfolio of equity or Equities Related Securities of companies, which are domiciled or exercise the predominant part of their economic activity in the Emerging Markets. The fund is managed by the Fundamental Equities Team, based in Copenhagen, focusing on fundamental bottom-up research. Alpha is generated through stock selection and by actively incorporating an ESG based analysis as part of the investment process.

Investment Strategy

20


Nordea 1 - Emerging Stars Equity Fund

ESG Rating




Benchmark: MSCI Emerging Markets Index (Net Return)






Fund Benchmark







7654321

ESG Labels

The fund has been awarded the FNG-Label as it meets the quality standard developed by Forum Nachhaltige Geldanlagen e. V. (FNG) for sustainable investments in the German-speaking countries. Certified funds pursue a stringent and transparent sustainability approach. The fund has received 3 out of 3 possible stars for its particularly ambitious and comprehensive sustainability strategy, which gained it additional points in the areas of institutional credibility, product standards, and selection and dialogue strategies.Label ISR recognises the fund. Label ISR is created and supported by the French Finance Ministry. The label’s goal is to increase the visibility of SRI products among savers in France and Europe.The fund is recognized by LuxFLAG ESG Label. LuxFLAG is an international and independent non-profit association and labelling agency.The fund has received recognition from the Belgian Central Labelling Agency in the form of Towards Sustainability label. The label aims to instil trust and reassure potential investors that the financial product is managed with sustainability in mind and is not exposed to very unsustainable practices, without requiring of investors to do a detailed analysis themselves.



Fund

74Benchmark

256

-71%



Engagement

ESG Integration



Voting



21


Nordea 1 - Emerging Stars Local Bond Fund



1 month -1.97 -2.68

3 months -0.27 -0.37

1 year 2.53 3.70

3 years -0.49 1.77

5 years 26.22 30.93



Annualised return in %** -0.16 0.59





Correlation** 0.99



Discrete Year




ISIN LU1160612526

Sedol BYM2W16

WKN A142YQ

Bloomberg ticker NOELBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



121.64

62.37

0

* JP Morgan GBI Emerging Market Global Diversified (Source: Datastream)** Annualized 3 year dataWith effect as of 05/05/2020 the sub-fund is renamed from Nordea 1 - Emerging Market Local Debt Fund Plus to Nordea 1 - Emerging Stars Local Bond Fund.Performances are in USD

Performance in %



7654321


China 10.08

Indonesia 9.17

South Africa 9.07

Thailand 7.58

Mexico 7.27

Malaysia 7.20

Poland 5.74


Other 28.16


Country Fund

AAA 2.00

AA 3.00

A 31.63

BBB 34.46

BB 12.89

B 6.00

CCC

<CCC

NR


Rating Fund

Top Holdings in %




Republic of Poland Governmen 3.25% 25-07-2025 Poland A 2.75

Indonesia Treasury Bond 9% 15-03-2029 Indonesia BBB 2.65

Thailand Government Bond 3.85% 12-12-2025 Thailand A 2.49



Malaysia Government Bond 4.181% 15-07-2024 Malaysia A 2.21

Republic of Poland Governmen 2.75% 25-10-2029 Poland A 2.09


The fund mainly invests in emerging market bonds denominated in local currencies. Specifically, the fund invests at least two thirds of total assets in debt securities that are denominated in local currencies. These securities are issued by public authorities or quasisovereign issuers, or by companies that are domiciled or conduct the majority of their business, in emerging markets

Investment Strategy

22


Nordea 1 - Emerging Stars Local Bond Fund

ESG Rating




Benchmark: JP Morgan GBI Emerging Market Global Diversified






Fund Benchmark







7654321



Fund

91Benchmark

98

-7%



Engagement

ESG Integration



Voting



23


Nordea 1 - Emerging Wealth Equity Fund



1 month 3.71 0.86

3 months 8.59 9.87

1 year 26.32 23.12

3 years 29.30 20.87

5 years 64.39 81.93





Alpha in %** 2.70

Beta** 0.96


Correlation** 0.90



Discrete Year


GW&K Investment Management LLC


ISIN LU0390857471

Sedol B3FBT34

WKN A0RASQ

Bloomberg ticker NOEMBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



29.08

145.85

0

* MSCI Emerging Markets - Net Return Index (Source: Datastream)** Annualized 3 year dataWith effect from 13/11/2019, the official reference index of the fund is MSCI Emerging Markets - Net Return Index. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI Emerging Markets - Net Return Index. This reference index is used for performance comparison purposes.With effect as of 13/11/2019 the sub-fund is renamed from Nordea 1 - Emerging Consumer Fund to Nordea 1 - Emerging Wealth Equity Fund.Performances are in EUR

Performance in %



7654321


China 40.82

India 17.44

Hong Kong 12.25

United States 8.14

Germany 5.14

Mexico 3.60

France 2.53

Peru 2.20

Other 6.68


Country Fund


Financials 21.52


Health Care 11.75



Materials 2.06


Sector Fund

Top Holdings in %


Sands China Hong Kong Consumer Discretionary 7.08

Trip.com Group ADR China Consumer Discretionary 5.63

Infineon Technologies Germany Information Technology 5.14

QUALCOMM United States Information Technology 4.56

HDFC Bank ADR India Financials 4.41

Yum China Holdings China Consumer Discretionary 4.25


Tencent Music Entertainment ADR China Communication Services 3.51

Kotak Mahindra Bank India Financials 3.33

Alibaba Group Holding ADR China Consumer Discretionary 3.33

The fund invests globally in companies, which are expected to benefit either directly or indirectly from the ongoing urbanisation trend and changing consumer behaviour in the emerging market economies. The aim is to select businesses that expect to generate a significant proportion of their earnings from consumers in Emerging Markets, e.g. by establishing themselves as the leading brands. Additionally the fund will focus investment around firms in developed markets that sell products and services targeted towards the marginal spending of the emerging consumer, benefiting from the expected increases in disposable income.

Investment Strategy

24


Nordea 1 - European Corporate Bond Fund



1 month -0.82 -0.78

3 months -0.98 -0.77

1 year 0.08 0.93

3 years 5.56 7.13

5 years 10.99 13.41








Correlation** 1.00



Discrete Year


Nordea Credit Team


ISIN LU0173783928

Sedol B1WL966

WKN 358442

Bloomberg ticker FRTGEUR LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



50.51

568.56

0

* ICE BofA Euro Corporate Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 23/10/2008. The past performance data shown prior to that date is related to the sub-fund's previous reference indexes, Lehman Brothers Euro Aggregate (converted to DKK) until 23/10/2008 and JP Morgan Global Government Bond Total Return Index in USD (converted to DKK) until 30/06/2008.This reference index is used for performance comparison purposes.With effect as of 30/06/2008 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 15/01/2010 the sub-fund is renamed from Nordea 1 - Corporate Bond Fund to Nordea 1 - European Corporate Bond Fund.Performances are in EUR

Performance in %



7654321


France 16.31

United Kingdom 14.79

Germany 14.14

United States 13.87

Denmark 8.98

Switzerland 7.53

Netherlands 5.78

Norway 4.81

Other 10.90


Country Fund

AAA

AA 1.51

A 37.58

BBB 52.65

BB 4.66

B

CCC

<CCC

NR 0.71


Rating Fund

Top Holdings in %


BPCE SA 0.25% 14-01-2031 France A 2.39

Danfoss A/S 1.375% 23-02-2022 Denmark BBB 2.09

Nykredit Realkredit 0.5% 07-10-2025 Denmark A 1.91

Global Switch Holdings Ltd 2.25% 31-05-2027 United Kingdom BBB 1.88

Danske Bank A/S 0.625% 26-05-2025 Denmark A 1.70

Commerzbank AG 0.625% 28-08-2024 Germany BBB 1.58

Electricite de France SA MULTI Perpetual France BB 1.45

LeasePlan Corp NV 0.125% 13-09-2023 Netherlands BBB 1.36

UBS AG/London 0.625% 23-01-2023 Switzerland A 1.27

Avinor AS 1.75% 20-03-2021 Norway A 1.24

This Sub-fund aims to preserve the Shareholders capital and to provide an adequate rate of return on the investment. The investment manager aims to invest the assets of the Sub-fund, within the limitations stated below, into corporate bonds directly or indirectly through the use of derivatives, and into other types of transferable securities and money market instruments in anticipation of up and down market movements. This Sub-fund is further using its reference index as a tool for performance comparison purposes. This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in corporate bonds with fixed coupon or fixed and contingent coupon or variable coupon. The Sub-fund shall focus on corporate bonds issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe.

Investment Strategy

25


Nordea 1 - European Corporate Bond Fund Plus



1 month -0.79 -0.78

3 months -0.88 -0.77

1 year 1.03 0.93

3 years 7.45 7.13

5 years 14.28 13.41








Correlation** 0.99



Discrete Year


Nordea Credit Team


ISIN LU0533593298

Sedol B3M51F5

WKN A1H9Y6

Bloomberg ticker NEDCBIE LX


Share class BI-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



149.28

79.89

75,000

* ICE BofA Euro Corporate Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


France 15.35


United States 14.32

Germany 14.08

Denmark 9.41

Switzerland 7.68

Netherlands 5.79

Norway 5.21

Other 10.72


Country Fund

AAA

AA 1.85

A 36.67

BBB 53.06

BB 4.85

B

CCC

<CCC

NR 0.62


Rating Fund

Top Holdings in %



BPCE SA 0.25% 14-01-2031 France A 2.31







Avinor AS 1.75% 20-03-2021 Norway A 1.39

BMW Finance NV 0.000000% 24-03-2023 Germany A 1.29

This Sub-fund aims to preserve the Shareholders capital and to provide a return exceeding the average return of the Euro corporate bond market. The investment manager actively uses derivatives in order to enhance returns and manage risks in the Sub-fund. This Sub-fund is further using its reference index as a tool for performance comparison purposes. This Sub-fund shall invest a minimum of two-thirds of its total assets (after deduction of cash) in corporate bonds, asset-backed securities and covered bonds with fixed coupon or fixed and contingent coupon or variable coupon. The Sub-fund shall focus on corporate bonds and debt instruments issued by companies which are domiciled or exercise the predominant part of their economic activity in Europe. A maximum of 20 percent of the net assets of this Sub-fund may be invested in asset-backed securities. At the time of the investment, the securities must have a long-term rating between AAA and BBB- or equivalent by any available rating agency (S&P, Moodys and Fitch).

Investment Strategy

26


Nordea 1 - European Corporate Stars Bond Fund



1 month -0.86 -0.78

3 months -1.07 -0.77

1 year -0.13 0.93

3 years

5 years




Volatility in %**




Correlation**

Information ratio**


Discrete Year


Nordea Credit Team


ISIN LU1927797156

Sedol BHN89T1

WKN A2PBWK

Bloomberg ticker NOCSBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



106.16

625.97

0

* ICE BofA Euro Corporate Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


France 20.85

United States 14.96


Germany 11.55

Denmark 7.78

Switzerland 7.23

Netherlands 5.72

Norway 4.45

Other 8.65


Country Fund

AAA 0.32

AA 1.52

A 38.41

BBB 51.86

BB 2.37

B

CCC

<CCC

NR 0.70


Rating Fund

Top Holdings in %





BPCE SA 0.25% 14-01-2031 France A 1.57



BPCE SA 0.625% 28-04-2025 France A 1.39


UBS AG/London 0.625% 23-01-2023 Switzerland A 1.23

UniCredit SpA 1.250% MULTI 16-06-2026 Italy BBB 1.19

The fund aims to outperform the broader European investment grade market on a gross of fees basis, investing in companies living up to Nordea’s ESG standards. The STARS process, based on the collaboration between the Investment Team and the Responsible Investment Team, is designed to integrate the ESG analysis in the bottom-up credit selection process.

Investment Strategy

27


Nordea 1 - European Corporate Stars Bond Fund

ESG Rating




Benchmark: ICE BofA Euro Corporate Index






Fund Benchmark







7654321

ESG Labels




Fund

44Benchmark

151

-71%



Engagement

ESG Integration



Voting



28


Nordea 1 - European Covered Bond Fund



1 month -0.88 -0.81

3 months -1.17 -0.97

1 year 0.15 -0.63

3 years 7.53 4.49

5 years 11.69 5.12








Correlation** 0.92



Discrete Year


Danish Fixed Income & Euro Covered Bond Team


ISIN LU0076315455

Sedol 5096004

WKN 986135

Bloomberg ticker FRTGRBI LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



13.57

7,177.36

0

* iBoxx euro Covered Total Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 07/03/2014. The past performance data shown prior to that date is related to the sub-fund's previous reference indexes, 50% Iboxx Germany, 40% Iboxx France and 10% Iboxx Spain until 07/03/2014, Barclays Capital Euro Aggregate Bond Index until 30/01/2012 and JP Morgan EMU Aggregate All Mats. (E) - Total Return Index until 22/10/2008.This reference index is used for performance comparison purposes.With effect as of 30/01/2012 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.Performances are in EUR

Performance in %



7654321


France 17.48

Italy 16.82

Denmark 13.55

Greece 8.36

Norway 5.01

Germany 4.69

Sweden 4.52

Austria 4.00

Other 22.55


Country Fund

AAA 52.23

AA 19.18

A 4.16

BBB 9.19

BB 8.76

B

CCC 0.96

<CCC

NR 2.52


Rating Fund

Top Holdings in %


French Republic Government B 0.7% 25-07-2030 France AA 2.96

Nykredit Realkredit 1% 07-01-2025 SDO A H Denmark AAA 2.59


Stadshypotek AB 1% 03-09-2025 Sweden AAA 2.18

Hellenic Republic Government 3.375% 15-02-2025 Greece BB 1.86

Banca Monte dei Paschi di Si 0.875% 08-10-2026 Italy AA 1.85

Swedbank Hypotek AB 1% 18-06-2025 Sweden AAA 1.77

Italy Buoni Poliennali Del T 0.4% 15-05-2030 Italy BBB 1.72



The fund invests a minimum of two-thirds of its total assets (after deduction of cash) in high credit quality covered bonds which are admitted for official listing on a stock exchange or traded in another regulated market within the OECD and are issued by companies or financial institutions domiciled or exercising the predominant part of their economic activities in Europe. The fund's investment philosophy builds on a quantitative and risk-based approach.

Investment Strategy

29


Nordea 1 - European Covered Bond Opportunities Fund



1 month 0.21 -0.01

3 months 0.24 -0.11

1 year 2.63 0.34

3 years

5 years




Volatility in %**



Effective Yield in % -0.34

Correlation**

Information ratio**


Discrete Year




ISIN LU1915690595

Sedol BJJPSJ3

WKN A2PBWH

Bloomberg ticker NECVBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



108.11

170.33

0

* Iboxx Euro Covered Interest Rate 1Y Duration Hedged (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is Iboxx Euro Covered Interest Rate 1Y Duration Hedged. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against Iboxx Euro Covered Interest Rate 1Y Duration Hedged. This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


Italy 83.45

Greece 16.19

France 14.01

Iceland 7.49

Portugal 7.02

Austria 6.96

Sweden 6.80

Denmark 5.89

Other 29.01

Net Liquid Assets -76.81

Country Fund

AAA 25.41

AA 37.16

A 19.89

BBB 75.26

BB 16.19

B

CCC 1.18

<CCC

NR 1.72

Net Liquid Assets -76.81

Rating Fund

Top Holdings in %






Danmarks Skibskredit 0.125% 03-20-2025 Denmark A 5.30

AMCO - Asset Management Co S 1.5% 17-07-2023 Italy BBB 5.03

Iceland Government Internati 0.625% 03-06-2026 Iceland A 4.98



Vseobecna Uverova Banka AS 0.01% 23-06-2025 Slovakia AA 4.74

The fund mainly invests, directly or through derivatives, in European bonds. Specifically, the fund invests at least two thirds of total assets in government bonds and covered bonds that are issued by public authorities, or by companies or financial institutions that are domiciled, or conduct the majority of their business, in Europe. Objective: To provide shareholders with investment growth in the medium to long term. The fund's investment philosophy builds on a quantitative and risk-based approach. In actively managing the fund’s portfolio, the management team selects securities that appear to offer superior investment opportunities.

Investment Strategy

30


Nordea 1 - European Cross Credit Fund


Year To Date -0.15

1 month -0.18

3 months 0.44

1 year 0.57

3 years 5.17

5 years 15.69

Since launch 35.16


Annualised return in %** 1.70





Correlation**

Information ratio**


Discrete Year


Nordea Credit Team


ISIN LU0733673288

Sedol B777BK9

WKN A1JXU3

Bloomberg ticker NECCBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



135.16

1,073.07

0

* No Benchmark** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


United States 31.12


Germany 9.89

Italy 9.76

France 6.57

Sweden 5.70

Netherlands 5.63

Spain 4.68

Other 8.72


Country Fund

AAA

AA

A

BBB 26.18

BB 61.56

B 10.71

CCC

<CCC

NR


Rating Fund

Top Holdings in %



SoftBank Group Corp 5% 15-04-2028 Japan BB 1.87

Techem Verwaltungsgesellscha 2% 15-07-2025 Germany B 1.85

Virgin Media Secured Finance 5% 15-04-2027 United Kingdom BB 1.84

Arqiva Broadcast Finance PLC 6.75% 30-09-2023 United Kingdom B 1.83

Ball Corp 4.375% 15-12-2023 United States BB 1.83

Ardagh Packaging Finance PLC 2.125% 15-08-2026 United States BB 1.83

Grifols SA 3.2% 01-05-2025 Spain B 1.82

Levi Strauss & Co 3.375% 15-03-2027 United States BB 1.82

NGG Finance PLC 2.125% MULTI 05-09-2082 United Kingdom BBB 1.82

The fund invests in the universe of high yield and investment grade bonds to take advantage of structural inefficiencies created by rating agencies. More specifically, the fund invests in European corporate bonds (excluding financials) which have, at time of purchase, a long-term rating between BBB+ and B– or equivalent by any other available rating agency such as Moodys and Fitch. The cornerstone of the strategy is to exploit credit spreads/valuation variations between the different rating buckets revealing the best risk/adjusted returns. The fund follows a bottom-up approach which results in a conservative high conviction portfolio being built based on the credits’ solid fundamentals.

Investment Strategy

31


Nordea 1 - European Financial Debt Fund


Year To Date 0.90

1 month 0.71

3 months 1.67

1 year 3.12

3 years 10.50

5 years 37.22

Since launch 84.02


Annualised return in %** 3.39





Correlation**

Information ratio**


Discrete Year


Nordea Credit Team


ISIN LU0772944145

Sedol B7WP9F9

WKN A1J53Z

Bloomberg ticker NEBDBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



184.02

1,205.70

0

* No Benchmark** Annualized 3 year dataWith effect as of 07/03/2014 the sub-fund is renamed from Nordea 1 - Euro Bank Debt Fund to Nordea 1 - European Financial Debt Fund.Performances are in EUR

Performance in %



7654321


Italy 23.67

Ireland 11.17

Spain 10.55

Switzerland 9.16

France 8.64

United Kingdom 7.73

Netherlands 7.18

Austria 5.83

Other 8.61


Country Fund

AAA 0.00

AA

A 6.82

BBB 21.08

BB 40.99

B 13.27

CCC 2.38

<CCC

NR 7.99


Rating Fund

Top Holdings in %


Unipol Gruppo SpA 3.25% 23-09-2030 Italy BB 4.46

Phoenix Group Holdings PLC 5.375% 06-07-2027 United Kingdom NR 3.48

Argentum Netherlands BV 5.625% MULTI 15-08-2052 Switzerland BBB 3.39

Abanca Corp Bancaria SA 6.125% MULTI 18-01-2029 Spain BB 3.17

NN Group NV 4.625% MULTI 13-01-2048 Netherlands BBB 3.05

Ethias SA 5% 14-01-2026 Belgium NR 3.05

ASR Nederland NV MULTI Perpetual Netherlands BB 2.93

BPER Banca 3.625% MULTI 30-11-2030 Italy B 2.66

SCOR SE MULTI Perpetual France A 2.62

Credit Agricole Assurances S 2% 17-07-2030 France BBB 2.58

This Sub-fund aims to provide an adequate rate of return on the investment. The Sub-fund invests primarily in financial sector corporate, covered as well as Contingent Convertible bonds directly or indirectly through the use of derivatives. This Sub-fund shall invest a minimum of two-thirds of its Total Assets in bonds and credit default swaps issued by European financial institutions. This geographic requirement applies to the issuing entity itself or to the ultimate parent company of the issuing entity.

Investment Strategy

32


Nordea 1 - European High Yield Bond Fund



1 month 0.20 0.56

3 months 0.96 1.86

1 year 3.50 5.58

3 years 8.36 11.98

5 years 25.91 32.85








Correlation** 0.99



Discrete Year


Capital Four Management Fondsmæglerselskab A/S


ISIN LU0141799501

Sedol B1WL8P8

WKN 529937

Bloomberg ticker NIMEHEU LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



35.77

4,855.96

0

* ICE BofA European Ccy High Yield Constrained Index - TR 100% Hdg EUR (Source: Datastream)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


United States 20.37


Germany 11.71

Netherlands 9.34

France 6.98

Sweden 4.75

Spain 3.10

Switzerland 2.92

Other 16.01


Country Fund

AAA

AA

A 1.50

BBB 8.12

BB 42.63

B 34.00

CCC 7.05

<CCC 0.11

NR 1.10


Rating Fund

Top Holdings in %


Altice France SA/France 3.375% 15-01-2028 France B 1.73

Nidda Healthcare Holding Gmb 3.5% 30-09-2024 Germany B 1.69

Verisure Midholding AB 5.25% 15-02-2029 Sweden CCC 1.68

DKT Finance ApS 7% 17-06-2023 Denmark CCC 1.57

Virgin Media Vendor Financin 4.875% 15-07-2028 Ireland B 1.35

Netflix Inc 4.625% 15-05-2029 United States BB 1.34

Virgin Media Secured Finance 4.25% 15-01-2030 United Kingdom BB 1.34

Teva Pharmaceutical Finance 1.125% 15-10-2024 Israel BB 1.26

Thames Water Kemble Finance 5.875% 15-07-2022 United Kingdom B 1.19

Grifols SA 3.2% 01-05-2025 Spain B 1.09

The fund seeks to preserve shareholder capital and to provide a return exceeding the average return of the European high-yield bond market. The fund uses its reference index as a benchmark for investment purposes. The fund invests a minimum two-thirds of its net assets in high-yield fixed-income and floating-rate debt securities that are issued by private borrowers and public authorities domiciled in Europe or predominantly active in Europe. The fund may invest up to one-third of its net assets in debt securities denominated in currencies other than the Funds base currency or which do not meet the above restrictions regarding country or geographical area, as well as in money market instruments. In addition, the fund may invest up to 10% of its net assets in equity securities. The investment manager aims to hedge non-Euro investments to Euro, this is achieved via derivatives.

Investment Strategy

33


Nordea 1 - European High Yield Stars Bond Fund



1 month 0.37 0.56

3 months 1.37 1.86

1 year 3.37 5.58

3 years

5 years




Volatility in %**




Correlation**

Information ratio**


Discrete Year


Nordea Credit Team


ISIN LU1927798717

Sedol BJCXZY8

WKN A2PBWL

Bloomberg ticker NOEHYBP LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


Yes / Yes



115.42

377.86

0

* ICE BofA European Ccy High Yield Constrained Index - TR 100% Hdg EUR (Source: Datastream)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321



United States 11.61

France 10.80

Italy 10.00

Spain 9.14

Germany 8.81

Netherlands 7.43

Sweden 5.68

Other 19.39


Country Fund

AAA

AA

A 1.95

BBB 6.23

BB 47.55

B 31.24

CCC 6.77

<CCC

NR 1.98


Rating Fund

Top Holdings in %


SoftBank Group Corp 5% 15-04-2028 Japan BB 3.04

NN Group NV 4.625% MULTI 13-01-2048 Netherlands BBB 2.10

Pinewood Finance Co Ltd 3.25% 30-09-2025 United Kingdom BB 1.97

Unipol Gruppo SpA 3.25% 23-09-2030 Italy BB 1.92

Ziggo BV 5.5% 15-01-2027 Netherlands B 1.87

Virgin Media Secured Finance 5% 15-04-2027 United Kingdom BB 1.87

ProGroup AG 3% 31-03-2026 Germany BB 1.65

Eurofins Scientific SE MULTI Perpetual France BB 1.63

Iceland Bondco PLC 4.625% 15-03-2025 United Kingdom B 1.61

Very Group Funding Plc/The 7.75% 15-11-2022 United Kingdom B 1.54

The fund aims to outperform the broader European high yield market on a gross of fees basis, investing in companies living up to Nordea’s ESG standards. The STARS process, based on the collaboration between the Investment Team and the Responsible Investment Team, is designed to integrate the ESG analysis in the bottom-up credit selection process.

Investment Strategy

34


Nordea 1 - European High Yield Stars Bond Fund

ESG Rating


Coverage Rate (Fund/Benchmark): 66% / Insufficient coverage






Fund Benchmark







7654321

ESG Labels



The coverage rate is insufficient to provide a useful sustainability score

for the fund


Engagement

ESG Integration



Voting



35


Nordea 1 - European Inflation Linked Bond Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**




Correlation**

Information ratio**



Discrete Year




ISIN LU2252510537

Sedol BL6N2Q9

WKN A2QHUN

Bloomberg ticker NOILBBA LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



99.33

14.93

0

* Bloomberg Barclays Euro Government Inflation-Linked Bond Index (Source: NIMS)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


Italy 34.77

France 29.11

Germany 19.98

Spain 15.54


Country Fund

AAA 19.98

AA 29.11

A

BBB 50.31

BB

B

CCC

<CCC

NR


Rating Fund

Top Holdings in %


Deutsche Bundesrepublik Infl 0.5% 15-04-2030 Germany AAA 7.97

Spain Government Inflation L 0.7% 30-11-2033 Spain BBB 7.65



Spain Government Inflation L 0.15% 30-11-2023 Spain BBB 6.49



Deutsche Bundesrepublik Infl 0.1% 15-04-2026 Germany AAA 6.09



In actively managing the fund’s portfolio, the management team applies an asset allocation process to seek to exploit market opportunities such as changes in interest rates and inflation. The team selects inflation-linked government and investment-grade bonds issued within the EUR countries.

Investment Strategy

36


Nordea 1 - European Small and Mid Cap Equity Fund



1 month 3.53 2.70

3 months 5.67 7.58

1 year 14.16 17.53

3 years 18.42 19.91

5 years 50.09 53.41





Alpha in %** -0.55

Beta** 1.02


Correlation** 0.97



Discrete Year




ISIN LU0417818407

Sedol B3LZLQ7

WKN A0RGH4

Bloomberg ticker NOSMBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



782.76

520.51

0

* MSCI Europe SMID Cap (Net Return) Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 05/05/2020. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Dow Jones STOXX Mid 200 - Net Return Index.This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321



Italy 13.60

France 13.35

Switzerland 12.94

Germany 11.03

Spain 5.42

Netherlands 4.95

Finland 3.75

Other 9.66


Country Fund

Industrials 29.85

Financials 17.07

Health Care 9.85


Materials 9.55




Other 7.42


Sector Fund

Top Holdings in %


iShares FTSE 250 UCITS ETF United Kingdom Other 4.94

Teleperformance France Industrials 4.42

St James's Place United Kingdom Financials 3.34

Orpea France Health Care 3.32

Phoenix Group Holdings United Kingdom Financials 3.21

Pirelli & C Italy Consumer Discretionary 2.94

FinecoBank Banca Fineco Italy Financials 2.91

DS Smith United Kingdom Materials 2.84

Rotork United Kingdom Industrials 2.76

Informa United Kingdom Communication Services 2.74

The fund taps into a potential investment universe of small and mid-size companies having a stock-market value between two and ten billion Euros (as measured at the time of acquisition), which are domiciled or exercise the predominant part of their economic activity in Europe. Additionally, the fund focuses on researching structural growth industries in order to identify companies with long term earnings power. Portfolio managers invest in market leaders within an industry and pay only for companies which stand to deliver the best Growth at Reasonable Price (GARP).

Investment Strategy

37


Nordea 1 - European Stars Equity Fund



1 month 1.57 2.53

3 months 2.07 4.18

1 year 21.73 8.86

3 years 22.23 13.55

5 years





Alpha in %** 2.44

Beta** 1.03


Correlation** 0.95



Discrete Year




ISIN LU1706106447

Sedol BDDVJR0

WKN A2H6N0

Bloomberg ticker NOESEBP LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



124.32

620.79

0

* MSCI Europe - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


Netherlands 16.76


France 16.06

Germany 15.52

Denmark 9.19

Switzerland 7.25

Italy 5.32

Sweden 4.18

Other 7.48


Country Fund

Health Care 18.39

Financials 18.09


Industrials 13.37



Materials 9.22

Utilities 2.33


Sector Fund

Top Holdings in %


Nestle Switzerland Consumer Staples 5.02

ASML Holding Netherlands Information Technology 4.20

ING Groep Netherlands Financials 3.97

AXA France Financials 3.71

Unilever United Kingdom Consumer Staples 3.58

Sanofi France Health Care 3.49

AstraZeneca United Kingdom Health Care 3.36

SAP Germany Information Technology 3.30

Koninklijke Philips Netherlands Health Care 3.23

UniCredit Italy Financials 2.99

This Sub-fund aims to achieve long-term capital growth by investing mainly in a diversified portfolio of equity of companies that are domiciled or exercise the predominant part of their economic activity in Europe. The fund is managed by the Fundamental Equities Team, based in Copenhagen, focusing on fundamental bottomup research. Alpha is generated through stock selection and by actively incorporating an ESG based analysis as part of the investment process.

Investment Strategy

38


Nordea 1 - European Stars Equity Fund

ESG Rating




Benchmark: MSCI Europe - Net Return Index






Fund Benchmark







7654321

ESG Labels

The fund has been awarded the FNG-Label as it meets the quality standard developed by Forum Nachhaltige Geldanlagen e. V. (FNG) for sustainable investments in the German-speaking countries. Certified funds pursue a stringent and transparent sustainability approach. The fund has received 3 out of 3 possible stars for its particularly ambitious and comprehensive sustainability strategy, which gained it additional points in the areas of institutional credibility, product standards, and selection and dialogue strategies.The fund is recognized by LuxFLAG ESG Label. LuxFLAG is an international and independent non-profit association and labelling agency.The fund has received recognition from the Belgian Central Labelling Agency in the form of Towards Sustainability label. The label aims to instil trust and reassure potential investors that the financial product is managed with sustainability in mind and is not exposed to very unsustainable practices, without requiring of investors to do a detailed analysis themselves.



Fund

98Benchmark

144

-32%



Engagement

ESG Integration



Voting



39


Nordea 1 - Flexible Fixed Income Fund


Year To Date -1.18

1 month -1.08

3 months -1.54

1 year -0.96 -0.96

3 years 2.68 0.89

5 years 3.54 0.70







Weighted Average Rating AA+

Discrete Year

Multi Assets Team


ISIN LU0915365364

Sedol B6VGVZ0

WKN A1T96A

Bloomberg ticker NGFIBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



108.85

3,631.50

0

* EURIBOR 1M (Source: NIMS)** Annualized 3 year data*** Rebased to 100% for illustrative purpose**** for entire portfolio including derivativesWith effect from 14/12/2020, the official reference index of the fund is EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against EURIBOR 1M. This reference index is used for performance comparison purposes.With effect as of 01/12/2014 the sub-fund is renamed from Nordea 1 - Global Fixed Income Alpha Fund to Nordea 1 - Flexible Fixed Income Fund.Performances are in EUR


Performance in %



7654321


Credit HY 0.35%

Cash 2.88%




Credit IG 49.30%


Gross exposure ****

EURO 96.22%

USD 15.25%



Currency Exposure ****







United States Treasury Note/ 2.625% 31-01-2026 4.47

Bundesrepublik Deutschland B 0.000000% 15-08-2029 3.94



United States Treasury Note/ 2% 31-05-2024 2.67


Others 0.36

United States 0.33

Europe ex-UK 0.27

United Kingdom 0.03

Total 0.98

Top Holdings in %

Rating *** Fund

AAA 89.55

AA 3.94

A 1.18

BBB 1.09

BB 0.02

B

CCC

<CCC

NR 4.24

The fund offers a robust diversification across fixed income asset classes and regions. Using active management, the fund aims to preserve capital and provide positive returns in excess of cash over an investment cycle. The objective is to build an unconstrained bond product, designed to address a constantly changing environment in the fixed income space, such as interest rates fall and rise as well as changes in credit spreads. The fund will use active currency management to mitigate risk without reducing the return expectancy.

Investment Strategy

40


Nordea 1 - Global Bond Fund



1 month -2.34 -2.32

3 months -3.96 -3.99

1 year -6.56 -7.23

3 years 10.20 11.06

5 years 1.30 3.46








Correlation** 0.99



Discrete Year


International Fixed Income Team


ISIN LU0064321150

Sedol 4703372

WKN 973354

Bloomberg ticker FRTGBDI LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



17.94

98.42

0

* JP Morgan GBI Global - Total Return Index (Source: Datastream)** Annualized 3 year dataWith effect as of 01/03/2009 the sub-fund is renamed from Nordea 1 - Global Bond Fund (EUR) to Nordea 1 - Global Bond Fund.Performances are in EUR

Performance in %



7654321


United States 26.77

Japan 13.47

Italy 8.21

France 6.93

United Kingdom 6.15

Canada 5.98

Germany 4.80

Supranational 4.32

Other 20.74


Country Fund

AAA 46.96

AA 19.82

A 14.47

BBB 13.33

BB 1.54

B

CCC

<CCC

NR 1.25


Rating Fund

Top Holdings in %


United States Treasury Note/ 1.5% 15-08-2026 United States AAA 4.76




Japan Government Thirty Year 1.7% 20-09-2044 Japan A 2.73


Japan Government Thirty Year 2.3% 20-03-2035 Japan A 2.59

CDP Financial Inc 5.6% 25-11-2039 Canada AAA 2.29

Canadian Government Bond 2.25% 01-06-2025 Canada AAA 2.17

Spain Government Bond 0.35% 30-07-2023 Spain BBB 1.86

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by an OECD member state or companies registered in such countries. Investments are made in government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds with a good rating, and bonds issued by supranational institutions. The fund may further use derivative instrument to reduce risks. The fund aims to exploit market movements as well as the yield spreads between various credit risk segments.

Investment Strategy

41


Nordea 1 - Global Climate and Environment Fund



1 month 1.46 2.65

3 months 5.67 4.31

1 year 34.17 17.05

3 years 50.76 36.57

5 years 115.77 73.15





Alpha in %** 3.04

Beta** 1.06


Correlation** 0.97



Discrete Year




ISIN LU0348926287

Sedol B2Q4WQ9

WKN A0NEG2

Bloomberg ticker NOCEBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



25.72

6,816.14

0

* MSCI World - Net Return Index (Source: Datastream)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is MSCI World - Net Return Index. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI World - Net Return Index. This reference index is used for performance comparison purposes.With effect as of 23/08/2016 the sub-fund is renamed from Nordea 1 - Climate and Environment Equity Fund to Nordea 1 - Global Climate and Environment Fund.Performances are in EUR

Performance in %



7654321


United States 67.00

Germany 6.77

Netherlands 5.08

Japan 3.26

France 2.72

Australia 1.91

Switzerland 1.73

Ireland 1.72

Other 8.48


Country Fund

Industrials 35.94


Materials 17.73

Utilities 5.67

Health Care 3.70


Real Estate 1.51

Financials 0.45


Sector Fund

Top Holdings in %



Waste Management United States Industrials 2.98

Republic Services United States Industrials 2.96

Synopsys United States Information Technology 2.86

Infineon Technologies Germany Information Technology 2.84

Linde United States Materials 2.82

Zebra Technologies United States Information Technology 2.74

Air Liquide France Materials 2.72

Parker-Hannifin United States Industrials 2.62

Johnson Controls International United States Industrials 2.49

This fund aims to achieve long-term capital growth through a diversified portfolio of equity or equity related investments in companies, which are expected to benefit either directly or indirectly from developments related to environmental challenges such as climate change. The fund shall invest globally and shall invest a minimum of two thirds of its total assets in equities, other equity shares such as co-operative shares and participation certificates, dividend right certificates, warrants on equities and equity rights.

Investment Strategy

42


Nordea 1 - Global Climate and Environment Fund

ESG Rating




Benchmark: MSCI World - Net Return Index






Fund Benchmark







7654321

ESG Labels

The fund has received recognition from the Belgian Central Labelling Agency in the form of Towards Sustainability label. The label aims to instil trust and reassure potential investors that the financial product is managed with sustainability in mind and is not exposed to very unsustainable practices, without requiring of investors to do a detailed analysis themselves.



Fund

225Benchmark

137

64%



Engagement

ESG Integration



Thematic

Voting



43


Nordea 1 - Global Disruption Fund



1 month 0.04 2.32

3 months 4.82 6.58

1 year 49.95 30.25

3 years

5 years




Volatility in %**

Alpha in %**

Beta**

Sharpe Ratio**

Correlation**

Information ratio**


Discrete Year




ISIN LU1940854943

Sedol BHL36G4

WKN A2PDKL

Bloomberg ticker NGLDBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



165.70

219.84

0

* MSCI ACWI Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is MSCI ACWI Index (Net Return). Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI ACWI Index (Net Return). This reference index is used for performance comparison purposes.Performances are in USD

Performance in %



7654321


United States 49.06

China 8.22

Germany 5.87

Taiwan 5.59

Japan 4.45

India 3.46

Sweden 2.88


Other 15.86


Country Fund




Health Care 13.13

Financials 9.89

Industrials 6.34

Materials 3.11

Utilities 2.82



Sector Fund

Top Holdings in %


Alphabet United States Communication Services 4.66

PayPal Holdings United States Information Technology 4.24

Amazon.com United States Consumer Discretionary 4.11

Taiwan Semiconductor Manufacturing ADR Taiwan Information Technology 4.05



NextEra Energy United States Utilities 2.82

HDFC Bank ADR India Financials 2.50

Pan Pacific International Holdings Japan Consumer Discretionary 2.47

T-Mobile US United States Communication Services 2.45

The sub-fund invests globally and a minimum of three-fourths of its total assets (excluding cash) in equity related securities. The Fund invests into global equities with exposure to disruptive innovation. We aim to create a well-diversified cross sector thematic fund with exposure to structural growth. In actively managing the fund’s portfolio, the management team focuses on companies that are gamechangers and that appear to offer superior growth prospects and investment characteristics. Game-changers are those companies whose products or services are highly innovative and have the potential to disrupt existing business models.

Investment Strategy

44


Nordea 1 - Global Disruption Fund

ESG Rating




Benchmark: MSCI ACWI Index (Net Return)






Fund Benchmark







7654321



Fund

111Benchmark

153

-27%



Engagement

ESG Integration



Thematic

Voting



45


Nordea 1 - Global Equity Market Neutral Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**

Alpha in %**

Beta**

Sharpe Ratio**

Correlation**

Information ratio**



Discrete Year




ISIN LU2166349774

Sedol BMG6R26

WKN A2P4C4

Bloomberg ticker NP1GNBP LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


15.00


Performance Fee in %

96.83

27.32

0

* No Benchmark** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


United States 32.31

Germany 8.67

Sweden 7.41

Netherlands 5.49

Canada 3.96

Belgium 3.95

Switzerland 2.65

Finland 2.58

Other 2.58


Country Fund


Industrials 12.12

Health Care 10.74



Financials 5.46

Real Estate 3.57

Energy 3.09

Other 4.82


Sector Fund

Top Holdings in %


Koninklijke Vopak Netherlands Energy 2.86


Aon United States Financials 2.60

Comcast United States Communication Services 2.59

Republic Services United States Industrials 2.55

Swedish Match Sweden Consumer Staples 2.52

Elisa Finland Communication Services 2.48

Alcon Switzerland Health Care 2.35

Deutsche Boerse Germany Financials 2.31

Oracle United States Information Technology 2.28

This Sub-fund aims to deliver a positive (absolute) return, independent of market conditions by investing mainly in a diversified portfolio of cash equity and equity derivatives (CFD) of companies, which are domiciled in developed markets: Europe and North America. The fund is managed by the Fundamental Equities Team. While the portfolio construction is made up of statistical analysis, the stock picking is deeply fundamental and bottom up.

Investment Strategy

46


Nordea 1 - Global Gender Diversity Fund



1 month 1.98 2.32

3 months 4.56 6.58

1 year 25.65 30.25

3 years

5 years




Volatility in %**

Alpha in %**

Beta**

Sharpe Ratio**

Correlation**

Information ratio**


Discrete Year


Diversified Equity Team


ISIN LU1939214778

Sedol BJ1FG86

WKN A2PDJ7

Bloomberg ticker NISGGBP LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



124.12

157.70

0

* MSCI ACWI Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is MSCI ACWI Index (Net Return). Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI ACWI Index (Net Return). This reference index is used for performance comparison purposes.Performances are in USD

Performance in %



7654321


United States 60.05

France 6.36

China 4.37

Canada 3.57

Sweden 3.27

Australia 2.24

Japan 2.11

Denmark 1.99

Other 13.73


Country Fund


Financials 14.12


Health Care 13.49

Industrials 10.00



Materials 3.54

Other 5.37


Sector Fund

Top Holdings in %


Microsoft United States Information Technology 5.81

NVIDIA United States Information Technology 3.44

United Rentals United States Industrials 2.30

Eli Lilly and United States Health Care 2.22

Cummins United States Industrials 2.15

Zoetis United States Health Care 1.90

Tractor Supply United States Consumer Discretionary 1.87

Mastercard United States Information Technology 1.86

Schneider Electric France Industrials 1.85

Target United States Consumer Discretionary 1.76

The sub-fund invests its assets with a particular focus on companies demonstrating sustainability, and a high level of gender diversity and equality in management. The fund’s objective is to invest on companies that are Gender Diverse according to our criteria but that also present strong fundamentals and develop their business in an attractive way. In actively managing the fund’s portfolio, the management team focuses on companies that demonstrate sustainability and a high level of gender diversity and equality in management, and that appear to offer superior growth prospects and investment characteristics.

Investment Strategy

47


Nordea 1 - Global Gender Diversity Fund

ESG Rating










Fund Benchmark







7654321



Fund

87Benchmark

153

-43%



Engagement

ESG Integration



Thematic

Voting



48


Nordea 1 - Global High Yield Bond Fund



1 month -0.05 0.41

3 months 1.62 2.88

1 year 8.18 10.36

3 years 14.37 18.12

5 years 41.95 51.66








Correlation** 0.99



Discrete Year


MacKay Shields LLC


ISIN LU0476539324

Sedol B62PCH5

WKN A1CTP3

Bloomberg ticker GLBHYBP LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



18.78

726.79

0

* ICE BofA Developed Markets High Yield Constrained Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 23/08/2016. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Merrill Lynch Global High Yield Constrained Index.This reference index is used for performance comparison purposes.Performances are in USD

Performance in %



7654321


United States 76.33

Canada 8.31

United Kingdom 3.11

Luxembourg 2.92

Netherlands 1.93

France 1.78

Italy 1.09

Germany 0.92

Other 0.84


Country Fund

AAA

AA

A

BBB 3.00

BB 42.22

B 34.78

CCC 16.79

<CCC

NR 0.43


Rating Fund

Top Holdings in %


CCO Holdings LLC / CCO Holdi 4.75% 01-03-2030 United States BB 1.38

Altice France Holding SA 10.5% 15-05-2027 Luxembourg CCC 0.95

Sprint Corp 7.625% 01-03-2026 United States BB 0.85

Bausch Health Americas Inc 8.5% 31-01-2027 United States B 0.82

Kronos Acquisition Holdings 7% 31-12-2027 Canada CCC 0.78

Kraft Heinz Foods Co 5% 04-06-2042 United States BB 0.76

Telecom Italia Finance SA 7.75% 24-01-2033 Italy BB 0.76

Virgin Media Finance PLC 5% 15-07-2030 United Kingdom B 0.75

Altice France Holding SA 8% 15-05-2027 Luxembourg CCC 0.75

Zayo Group Holdings Inc 6.125% 01-03-2028 United States CCC 0.64

The fund seeks to achieve attractive risk-adjusted return by identifying target bonds and eliminating uncompensated risk. The fund manager rigorously screens the investment universe for risk in order to quantify upside potential using bond analysis, not equity-style analysis. By targeting the sweet spot for risk compensation, the managers goal is to eliminate rather than include bonds. The underlying belief is that to deliver attractive returns it is more important to recognise which bonds not to include in the portfolio, than to focus on the ones that should be selected.

Investment Strategy

49


Nordea 1 - Global Listed Infrastructure Fund



1 month -0.74 -0.85

3 months -0.74 -1.31

1 year 6.19 0.96

3 years

5 years




Volatility in %**

Alpha in %**

Beta**

Sharpe Ratio**

Correlation**

Information ratio**


Discrete Year


CBRE Clarion Securities LLC


ISIN LU1947902109

Sedol BJBLDQ1

WKN A2PBEG

Bloomberg ticker NOLIBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



12.00

356.45

0

* FTSE Global Infrastructure 50/50 Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is FTSE Global Infrastructure 50/50 Index (Net Return). Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against FTSE Global Infrastructure 50/50 Index (Net Return). This reference index is used for performance comparison purposes.The performance figures shown before 05/03/2019 are the ones achieved by CBRE Clarion Funds SICAV - Global Listed Infrastructure Fund Class IA Shares USD.Performances are in USD

Performance in %



7654321


United States 50.74

Italy 8.39

France 8.38

United Kingdom 5.61

Australia 5.40

Canada 5.05

Spain 4.13

Portugal 3.10

Other 8.82


Country Fund

Utilities 54.83

Industrials 26.75

Real Estate 9.90

Energy 4.56



Sector Fund

Top Holdings in %


Enel Italy Utilities 4.58

American Tower United States Real Estate 4.14

Vinci France Industrials 4.09

Crown Castle International United States Real Estate 4.00

NextEra Energy United States Utilities 3.92

American Electric Power United States Utilities 3.89

Union Pacific United States Industrials 3.64

EDP - Energias de Portugal Portugal Utilities 3.10

Ameren United States Utilities 3.02

National Grid United Kingdom Utilities 2.93

The sub-fund invests globally and a minimum of three-fourths of its total assets (excluding cash) in equity related securities issued by infrastructure companies listed or traded on a regulated market. The Strategy seeks to generate meaningful outperformance versus the global infrastructure securities market utilizing top-down sector allocation along with stock selection through fundamental market research and analysis. In actively managing the fund’s portfolio, the management team combines region and sector allocation with fundamental company research to select companies that appear to offer superior growth prospects and investment characteristics.

Investment Strategy

50


Nordea 1 - Global Opportunity Fund



1 month 1.40 2.40

3 months 3.39 5.03

1 year 21.22 17.86

3 years 45.86 34.82

5 years 90.51 74.17





Alpha in %** 2.78

Beta** 1.01


Correlation** 0.95



Discrete Year


Loomis, Sayles & Company, LP


ISIN LU0975280552

Sedol BGY6X73

WKN A1W729

Bloomberg ticker NGLBPEU LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



236.98

344.51

0

* MSCI AC World - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


United States 70.40

Canada 4.80

Netherlands 4.37

Taiwan 4.12

United Kingdom 3.62

China 2.83

Japan 2.08

India 2.08

Other 4.84


Country Fund



Health Care 13.58

Financials 11.93

Industrials 8.84


Materials 5.95



Sector Fund

Top Holdings in %





Mastercard United States Information Technology 3.67

Danaher United States Health Care 3.65

IQVIA Holdings United States Health Care 3.56


Linde United States Materials 3.43

Estee Lauder Cos United States Consumer Staples 3.12

S&P Global United States Financials 3.10

The fund invests in equities worldwide in accordance with a bottom-up driven investment process which is designed to identify opportunities through fundamental research, as well as understand the drivers of value for the companies within the investable universe. The fund applies a high conviction approach resulting in a concentrated portfolio with a high active share. Stock picking should be the principal alpha driver of the fund. In the long run, the fund aims to outperform the MSCI All Country World – Net Return Index

Investment Strategy

51


Nordea 1 - Global Portfolio Fund



1 month 3.68 2.65

3 months 6.00 4.31

1 year 26.48 17.05

3 years 47.16 36.57

5 years 86.47 73.15





Alpha in %** 2.88

Beta** 0.99


Correlation** 0.97



Discrete Year




ISIN LU0476541221

Sedol B64HF14

WKN A0RDXL

Bloomberg ticker NORGLPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



32.67

263.45

0

* MSCI World - Net Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in EUR

Performance in %



7654321


United States 72.51

Netherlands 7.24

Japan 5.05

United Kingdom 2.99

South Korea 2.98

Taiwan 2.24

Sweden 2.23

China 1.55

Ireland 1.52


Country Fund


Financials 13.51

Industrials 12.83

Health Care 12.68




Materials 4.19

Other 4.80


Sector Fund

Top Holdings in %





Citigroup United States Financials 3.41

Samsung Electronics GDR South Korea Information Technology 2.98

Chubb United States Financials 2.81

ING Groep Netherlands Financials 2.64

Visa United States Information Technology 2.41


Jones Lang LaSalle United States Real Estate 2.37

The fund follows a disciplined investment process based on fundamental approach, which combines quantitative and qualitative research. The focus is on finding the winners within various industries and also the factors that drive their growth and profitability. The fund invests globally in competitive and dynamic companies which exhibit attractive valuation and predictability. The fund has a long term investment horizon and avoids companies with operational or financial risks.

Investment Strategy

52


Nordea 1 - Global Real Estate Fund



1 month 3.81 3.70

3 months 5.42 6.47

1 year 7.53 1.12

3 years 22.17 15.38

5 years 45.29 28.61





Alpha in %** 2.12

Beta** 0.97


Correlation** 0.98



Discrete Year


Duff & Phelps Investment Management Co.


ISIN LU0705260189

Sedol B4QX635

WKN A1JREV

Bloomberg ticker NGREBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



198.85

795.52

0

* FTSE EPRA/NAREIT Developed - Net Total Return Index (Source: Datastream)** Annualized 3 year dataWith effect as of 19/06/2019 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.Performances are in USD

Performance in %



7654321


United States 55.52

Japan 10.13

United Kingdom 5.88

Germany 4.43

Canada 4.21

Australia 3.92

Hong Kong 2.92

Sweden 2.77

Other 9.69


Country Fund

Real Estate 98.47



Sector Fund

Top Holdings in %


Prologis United States Real Estate 4.91

Mitsubishi Estate Japan Real Estate 2.97

Sun Communities United States Real Estate 2.74

Duke Realty United States Real Estate 2.60

AvalonBay Communities United States Real Estate 2.59

Extra Space Storage United States Real Estate 2.46

Healthpeak Properties United States Real Estate 2.45

CubeSmart United States Real Estate 2.38

Equity Residential United States Real Estate 2.35

Equinix United States Real Estate 2.34

This Sub-funds investment objective is to achieve long-term capital growth by investing globally in equity securities of companies that are engaged principally in the real estate industry.

Investment Strategy

53


Nordea 1 - Global Small Cap Fund



1 month 5.47 4.99

3 months 13.36 15.05

1 year 42.72 40.76

3 years 28.41 35.90

5 years 70.39 101.11





Alpha in %** -0.94

Beta** 0.87


Correlation** 0.97



Discrete Year


GW&K Investment Management LLC


ISIN LU1029332142

Sedol BKSZZ78

WKN A1XFPE

Bloomberg ticker NOGSPOT LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



156.78

263.72

0

* MSCI World Small Cap Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect as of 19/06/2019 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.Performances are in USD

Performance in %



7654321


United States 45.07

Japan 10.84

Sweden 8.15

Canada 6.45

Italy 4.23

Hong Kong 3.12

Spain 2.65

United Kingdom 2.36

Other 15.14


Country Fund

Industrials 26.03

Health Care 19.01



Materials 10.11


Real Estate 4.21

Financials 3.82

Other 5.44


Sector Fund

Top Holdings in %


Texas Pacific Land United States Energy 2.49

Vericel United States Health Care 2.44

SITC International Holdings Hong Kong Industrials 2.26

Embracer B Sweden Communication Services 2.14

Charles River Laboratories International United States Health Care 1.95

Castle Biosciences United States Health Care 1.87

Green Brick Partners United States Consumer Discretionary 1.84

Rafael Holdings United States Real Estate 1.77

UFP Technologies United States Materials 1.69

Cloudera United States Information Technology 1.66

The fund invests globally and shall invest a minimum of two-thirds of its Total Assets worldwide in equities and Equities Related Securities which have a market capitalization (at the time of purchase) between USD 200 million and USD 10 billion or are included in the benchmark of the sub- fund. The fund is managed in accordance with an investment process which is designed to identify companies - through a bottom-up fundamental research approach - that are mispriced and possess factors that can close the gap between the market price and intrinsic value.

Investment Strategy

54


Nordea 1 - Global Social Empowerment Fund


Year To Date

1 month

3 months

1 year

3 years

5 years

Since launch



Volatility in %**

Alpha in %**

Beta**

Sharpe Ratio**

Correlation**

Information ratio**



Discrete Year





ISIN LU2257592514

Sedol BM9GNN6

WKN A2QHUS

Bloomberg ticker NOGIUBP LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



104.90

134.57

0

* MSCI ACWI Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect as of 25/02/2021 the sub-fund is renamed from Nordea 1 - Global Impact Fund to Nordea 1 - Global Social Empowerment Fund.Performances are in USD

Performance in %



7654321


United States 46.51

China 11.57

India 7.51

Netherlands 5.48

France 5.00

Japan 4.43

Taiwan 3.17

Kenya 2.67

Other 12.47


Country Fund

Health Care 30.82

Industrials 14.75


Financials 10.05




Utilities 3.80

Other 6.25


Sector Fund

Top Holdings in %



Deere United States Industrials 3.14

PayPal Holdings United States Information Technology 2.93


HDFC Life Insurance India Financials 2.89

DexCom United States Health Care 2.87

AbbVie United States Health Care 2.87

Ecolab United States Materials 2.71

Essential Utilities United States Utilities 2.67

Safaricom Kenya Communication Services 2.67

This fund aims to achieve long-term capital growth through a diversified portfolio of equity or equity related investments in companies. The fund focuses on selecting businesses which provide social solutions, creating a positive impact on the society while generating sustainable returns. We believe our fundamental bottom-up approach coupled with our internal ESG expertise will be key for our investors and the society as a whole to reap the benefits of this under researched theme. We define our investment universe in 3 themes and 9 strategies which are strongly aligned with the United Nation Sustainable Development Goals.

Investment Strategy

55


Nordea 1 - Global Social Empowerment Fund

ESG Rating










Fund Benchmark







7654321



Fund

89Benchmark

153

-42%



Engagement

ESG Integration



Thematic

Voting

ESG integration summary

This fund does not invest in companies involved in the production of illegal or nuclear weapons or exhibiting more than 10% of their revenues from oil sand. We also exclude companies with large and sustained exposure to coal mining, with a 10% revenue threshold on thermal coal and a 30% revenue threshold on total coal (including metallurgical coal). Beyond these corporate exclusions (1), we have developed a specific range of cutting-edge products focusing on Responsible Investment: the STARS funds. Our dedicated Responsible Investment team conducts a thorough ESG analysis on each holding resulting in an internal score. Our proprietary ESG scoring model includes a business model dimension in addition to environmental, social and governance aspects. We assess how sustainability trends can positively or negatively impact the company’s business model, its value chain, products and services. We also seek to understand the company’s contribution to these themes. Please note that the MSCI ESG rating is mainly backward looking, relying mainly on publicly available information and can differ from Nordea’s internal scoring which is based on a forward-looking approach. (1) Nordea Asset Management corporate exclusion list is available on the following link: https://www.nordea.com/en/sustainability/sustainable-business/investments/exclusion-list/


56

https://www.nordea.com/en/sustainability/sustainable-business/investments/exclusion-list/

https://www.nordea.com/en/sustainability/sustainable-business/investments/exclusion-list/


Nordea 1 - Global Stable Equity Fund



1 month 1.98 1.87

3 months 3.99 2.74

1 year 5.64 10.32

3 years 15.93 27.49

5 years 27.44 47.67





Alpha in %** -5.80

Beta** 1.28


Correlation** 0.94



Discrete Year


Stable Equities / Multi Assets Team


ISIN LU0112467450

Sedol B1WL9H7

WKN 591135

Bloomberg ticker UGBLEQP LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



23.22

2,593.87

0

* 70% MSCI World Index (Net Return) and 30% EURIBOR 1M (FX adjusted) (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is 70% MSCI World Index (Net Return) and 30% EURIBOR 1M (FX adjusted). Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against 70% MSCI World Index (Net Return) and 30% EURIBOR 1M (FX adjusted). This reference index is used for performance comparison purposes.With effect as of 15/01/2010 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 18/03/2016 the sub-fund is renamed from Nordea 1 - Global Stable Equity Fund - Unhedged to Nordea 1 - Global Stable Equity Fund.Performances are in EUR

Performance in %



7654321


United States 66.76

Japan 9.16

Canada 5.48

Germany 4.22

United Kingdom 3.78

France 3.40

India 1.65

Hong Kong 1.50

Other 3.13


Country Fund

Health Care 28.56





Financials 5.17

Utilities 4.79

Real Estate 3.06

Other 3.01


Sector Fund

Top Holdings in %


Cigna United States Health Care 3.32

eBay United States Consumer Discretionary 3.20


Johnson & Johnson United States Health Care 3.06

AT&T United States Communication Services 2.94

Cisco Systems United States Information Technology 2.80


Laboratory Corp of America United States Health Care 2.60

Nippon Telegraph & Telephone Japan Communication Services 2.51

KDDI Japan Communication Services 2.50

The fund applies a unique process to construct a portfolio of boring equities with stable returns based on an objective, computer driven, quantitative stock screening model. The process identifies companies that operate in established lines of business, generating consistently stable earnings, dividends, cash flows, etc. This stability helps dampen price volatility of such companies stocks, making them less risky than the broader market. There is also a high degree of portfolio diversification with 100 to 150 stocks typically making up the portfolio, thereby adding a further layer of stability. The goal then is to offer investors the benefits of long-term return opportunities in the global equity markets, without the risk of significant capital losses in the short to medium term as is the case with conventional hot stocks.

Investment Strategy

57


Nordea 1 - Global Stable Equity Fund - Euro Hedged



1 month 1.82 1.81

3 months 4.62 3.58

1 year 12.20 17.44

3 years 9.36 20.35

5 years 27.61 48.34





Alpha in %** -5.09

Beta** 1.26


Correlation** 0.95



Discrete Year




ISIN LU0278529986

Sedol B1LCPM8

WKN A0LGS7

Bloomberg ticker NORSBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



19.04

513.95

0

* 70% MSCI World Index NR (hedged EUR) and 30% EURIBOR 1M (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is 70% MSCI World Index NR (hedged EUR) and 30% EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against 70% MSCI World Index NR (hedged EUR) and 30% EURIBOR 1M. This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


United States 66.98

Japan 9.08

Canada 5.47

Germany 4.16

United Kingdom 3.73

France 3.41

India 1.65

Hong Kong 1.49

Other 3.21


Country Fund

Health Care 28.67





Financials 5.13

Utilities 4.75

Real Estate 3.00

Other 3.01


Sector Fund

Top Holdings in %


Cigna United States Health Care 3.33

eBay United States Consumer Discretionary 3.25


Johnson & Johnson United States Health Care 3.10

AT&T United States Communication Services 2.95



Laboratory Corp of America United States Health Care 2.63

AutoZone United States Consumer Discretionary 2.51

Nippon Telegraph & Telephone Japan Communication Services 2.50

The fund applies a unique process to construct a portfolio of equities with stable returns based on an objective, computer driven, quantitative stock screening model. The process identifies companies that operate in established lines of business, generating consistently stable earnings, dividends, cash flows, etc. This stability helps dampen price volatility of such companies stocks, making them less risky than the broader market. There is also a high degree of portfolio diversification with 100 to 150 stocks typically making up the portfolio, thereby adding a further layer of stability. The goal then is to offer investors the benefits of long-term return opportunities in the global equity markets, without the risk of significant capital losses in the short to medium term as is the case with conventional hot stocks. At least 90% of the portfolio currency risk will be hedged against the Base Currency of the Sub-fund (EUR).

Investment Strategy

58


Nordea 1 - Global Stars Equity Fund



1 month 3.26 2.32

3 months 6.94 6.58

1 year 37.38 30.25

3 years 45.87 34.17

5 years





Alpha in %** 3.14

Beta** 1.00


Correlation** 0.99



Discrete Year




ISIN LU0985320562

Sedol BYQPXR4

WKN A2AJ9F

Bloomberg ticker NOGSBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



197.76

1,799.27

0

* MSCI ACWI Index (Net Return) (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


United States 68.32

France 5.44

United Kingdom 4.68

China 3.70

Japan 2.79

Taiwan 2.38

South Korea 1.97

Netherlands 1.86

Other 6.83


Country Fund


Financials 17.06

Industrials 13.95

Health Care 12.70




Materials 3.21

Other 2.97


Sector Fund

Top Holdings in %






Rotork United Kingdom Industrials 2.32


Citigroup United States Financials 1.94

Jones Lang LaSalle United States Real Estate 1.93


Medtronic United States Health Care 1.89

The fund is a global, long only equity fund which aims to generate a sustainable outperformance of 3% p.a. compared to the MSCI World AC – Net Return Index. The portfolio follows a bottom-up stock selection approach and invests in companies with a sustainable competitive advantage, which allows them to deliver high and stable returns. The management team aims to invest in companies exposed to change which should allow them to grow over a 5-7 year investment horizon. The fund has a strong ESG (environmental, social and governance) bias, with the aim of investing in companies with well managed ESG profiles and/or that contribute to solutions relating to global ESG challenges.

Investment Strategy

59


Nordea 1 - Global Stars Equity Fund

ESG Rating










Fund Benchmark







7654321

ESG Labels

Label ISR recognises the fund. Label ISR is created and supported by the French Finance Ministry. The label’s goal is to increase the visibility of SRI products among savers in France and Europe.The fund is recognized by LuxFLAG ESG Label. LuxFLAG is an international and independent non-profit association and labelling agency.The fund has received recognition from the Belgian Central Labelling Agency in the form of Towards Sustainability label. The label aims to instil trust and reassure potential investors that the financial product is managed with sustainability in mind and is not exposed to very unsustainable practices, without requiring of investors to do a detailed analysis themselves.



Fund

87Benchmark

153

-43%



Engagement

ESG Integration



Voting



60


Nordea 1 - Indian Equity Fund



1 month 11.28 5.14

3 months 24.29 13.42

1 year 37.81 30.34

3 years 12.92 23.64

5 years 84.99 90.09





Alpha in %** -3.45

Beta** 1.05


Correlation** 0.96



Discrete Year


ICICI Prudential Asset Management Company Ltd.


ISIN LU0634510613

Sedol B86SRQ8

WKN A1J04M

Bloomberg ticker NOINBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



207.10

216.90

0

* MSCI India 10/40 - Net Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


India 96.28


Country Fund

Financials 22.51


Materials 10.06

Utilities 9.21

Energy 8.98



Health Care 5.48

Other 11.31


Sector Fund

Top Holdings in %


Bharti Airtel India Communication Services 7.99

NTPC India Utilities 7.07

Infosys India Information Technology 6.92

ICICI Bank India Financials 6.11

Axis Bank India Financials 4.14

Hindalco Industries India Materials 3.69

Housing Development Finance India Financials 3.55

ITC India Consumer Staples 3.43

Sun Pharmaceutical Industries India Health Care 3.11

State Bank of India India Financials 2.91

The fund shall invest a minimum two thirds of its total assets in equity and equity related securities issued by companies, which are domiciled or exercise the predominant part of their economic activity in India. It may also invest in equity arbitrage, debt, money market instruments (to the extent permitted) for defensive considerations. It actively uses derivatives (index futures) with an endeavor to reduce volatility and to protect downside of the fund. The fund aims to provide opportunity to capture the potential of the Indian equity markets at a nascent stage of the country’s evolution cycle.

Investment Strategy

61


Nordea 1 - International High Yield Bond Fund - USD Hedged



1 month 0.47 0.40

3 months 2.29 2.49

1 year 6.35 8.23

3 years 15.69 20.59

5 years 43.74 52.71








Correlation** 1.00



Discrete Year


Aegon USA Investment Management, LLC


ISIN LU0826393653

Sedol B7R52Z5

WKN A1KAC5

Bloomberg ticker NIHYBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



143.38

195.48

0

* ICE BofA Global High Yield Constrained Index (USD hedged) (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 07/09/2015. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Merrill Lynch Global High Yield Constrained to Merrill Lynch Global High Yield Constrained hedged USD.This reference index is used for performance comparison purposes.Performances are in USD

Performance in %



7654321




Equities 0.82


Asset Type Fund

AAA

AA

A

BBB 6.05

BB 45.06

B 34.85

CCC 6.83

<CCC 0.30

NR 2.04


Rating Fund

Top Holdings in %


CCO Holdings LLC / CCO Holdi 5.75% 15-02-2026 Corporate Bonds BB 1.23

GMAC Capital Trust I MULTI 15-02-2040 Corporate Bonds BB 0.95

Teva Pharmaceutical Finance 4.5% 01-03-2025 Corporate Bonds BB 0.91

UniCredit SpA 5.861% MULTI 19-06-2032 Corporate Bonds BB 0.87

ARD Finance SA 5% P-I-K 30-06-2027 Corporate Bonds B 0.85

Scientific Games Internation 5.5% 15-02-2026 Corporate Bonds B 0.82

Altice France SA/France 7.375% 01-05-2026 Corporate Bonds B 0.80

Cornerstone Building Brands 8% 15-04-2026 Corporate Bonds B 0.79


Kraft Heinz Foods Co 3.875% 15-05-2027 Corporate Bonds BB 0.71

The fund invests worldwide into High Yield Bonds issued by companies. The fund seeks to achieve attractive risk-adjusted return by using a fundamental and research driven approach to investing in the high yield investment universe. Traditional and distressed credit analysis is the driver of the investment process and is at the core of the portfolio construction. The distressed credit analysis helps evaluate opportunities in the lower quality portion of the high yield market where dislocations may occur.

Investment Strategy

62


Nordea 1 - Latin American Corporate Bond Fund



1 month -1.22 -1.34

3 months -0.37 -0.58

1 year 2.25 5.92

3 years

5 years




Volatility in %**




Correlation**

Information ratio**


Discrete Year


Banco BICE


ISIN LU0317592003

Sedol BD9C0X0

WKN A0MZ0N

Bloomberg ticker NOLCBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



116.46

62.77

0

* JP Morgan Cembi Broad Diversified Latam IG Index (Source: NIMS)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321


Chile 26.62

Mexico 23.79

Colombia 16.23

Brazil 15.78

Peru 14.51

Canada 1.02

United Kingdom 0.80


Country Fund

AAA

AA

A 4.13

BBB 85.10

BB 7.33

B 1.50

CCC

<CCC

NR 0.70


Rating Fund

Top Holdings in %


Ecopetrol SA 5.375% 26-06-2026 Colombia BBB 2.60

Inversiones CMPC SA 4.375% 04-04-2027 Chile BBB 2.13

Southern Copper Corp 7.5% 27-07-2035 Peru BBB 2.09

Promigas SA ESP / Gases del 3.75% 16-10-2029 Colombia BBB 2.07

Vale SA 5.625% 11-09-2042 Brazil BBB 1.98

Engie Energia Chile SA 4.5% 29-01-2025 Chile BBB 1.93



Raizen Fuels Finance SA 5.3% 20-01-2027 Brazil BBB 1.79

Kallpa Generacion SA 4.875% 24-05-2026 Peru BBB 1.75

The fund mainly invests in investment grade corporate debt, issued in US Dollar by private borrowers which are domiciled or exercise the predominant part of their economic activity in Latin America. It seeks to provide a return exceeding the average return of the Latin America corporate bonds market. Based on its knowledge, expertise, and deep coverage of the region, the investment team follows a bottom-up approach with portfolio positioning influenced by macro views.

Investment Strategy

63


Nordea 1 - Latin American Equity Fund



1 month -2.79 -3.00

3 months -0.29 -0.33

1 year -14.12 -15.06

3 years -15.78 -21.08

5 years 35.84 25.60

Since launch 4.60 -0.63


Annualised return in %** -5.56 -7.59


Alpha in %** 2.34

Beta** 1.04

Sharpe Ratio** -0.16 -0.24

Correlation** 0.99



Discrete Year


Itaú USA Asset Management Inc.


ISIN LU0309468808

Sedol B23S383

WKN A0MWQF

Bloomberg ticker NLABPEU LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



10.46

79.17

0

* MSCI EM Latin America 10/40 - Net Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 27/11/2008. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI Latin America Free Index.This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


Brazil 68.12

Mexico 22.32

Chile 7.58

United States 0.46


Country Fund

Materials 25.18

Financials 24.36


Energy 8.43



Real Estate 4.86

Industrials 4.56

Other 7.08


Sector Fund

Top Holdings in %


Vale Brazil Materials 5.42

B3 SA - Brasil Bolsa Balcao Brazil Financials 5.03

Grupo Mexico Mexico Materials 4.71

Banco Bradesco Brazil Financials 4.55

Vale ADR Brazil Materials 3.82

Magazine Luiza Brazil Consumer Discretionary 3.57

Petroleo Brasileiro Brazil Energy 3.06

Itau Unibanco Holding Brazil Financials 3.00

Grupo Financiero Banorte Mexico Financials 2.99

America Movil ADR Mexico Communication Services 2.83

The fund aims to outperform the MSCI LatAm 10/40 Index over a three year period through an active top-down and bottom-up, fundamentally oriented investment approach combined with local market insights. The top-down analysis mainly determines country allocation, while the bottom-up analysis has a greater impact on stock picking inside a given country. The most important source of excess return will be stock-picking. The fund is not restricted to stocks which can be qualified as either value or growth. It has a target excess return of 3% per annum above the benchmark and an ex-ante tracking error of ± 6% per annum. The portfolio will hold on average 40-60 stocks, with no short selling allowed. The manager seeks to remain fully invested with a max cash position of 5% although usually this figure will be less than 2%.

Investment Strategy

64


Nordea 1 - Long Duration US Bond Fund



1 month -7.57 -5.57

3 months -12.24 -10.05

1 year -8.66 -6.02

3 years

5 years




Volatility in %**




Correlation**

Information ratio**


Discrete Year


MacKay Shields LLC


ISIN LU2017791620

Sedol BKKJD30

WKN A2PM3X

Bloomberg ticker NLUBBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



106.77

4.33

0

* Bloomberg Barclays Series - E US Govt 10+ Yr Bond Index (Source: NIMS)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321




Asset Type Fund

AAA 96.25

AA

A

BBB

BB

B

CCC

<CCC

NR


Rating Fund

Top Holdings in %


United States Treasury Note/ 3.375% 15-05-2044 Government Bonds AAA 8.52

United States Treasury Note/ 3% 15-11-2044 Government Bonds AAA 8.06









The fund invests in high quality US bonds with a long duration to offer investors a strong diversifier in case risky assets sell off.

Investment Strategy

65


Nordea 1 - Low Duration European Covered Bond Fund



1 month -0.06 -0.01

3 months -0.20 -0.11

1 year 0.92 0.34

3 years 2.38 0.84

5 years








Correlation** 0.62



Discrete Year




ISIN LU1694212348

Sedol BF53ZV4

WKN A2H6PJ

Bloomberg ticker NOLDBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



102.39

4,571.82

0

* Iboxx Euro Covered Interest Rate 1Y Duration Hedged (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is Iboxx Euro Covered Interest Rate 1Y Duration Hedged. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against Iboxx Euro Covered Interest Rate 1Y Duration Hedged. This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


Denmark 21.78

Italy 17.46

France 13.11

Greece 7.45

Norway 5.81

Germany 4.29

Sweden 3.78

United Kingdom 3.12

Other 20.17


Country Fund

AAA 55.44

AA 19.24

A 2.92

BBB 9.36

BB 7.66

B

CCC 0.51

<CCC

NR 1.83


Rating Fund

Top Holdings in %





Nordea Kredit 1% 10-01-2025 IO SDRO A 2 Denmark AAA 2.22


Cie de Financement Foncier S 0.325% 12-09-2023 France AAA 2.14





The fund invests a minimum of two-thirds of its total assets (after deduction of cash) in high credit quality covered bonds which are admitted for official listing on a stock exchange or traded in another regulated market within the OECD and are issued by companies or financial institutions domiciled or exercising the predominant part of their economic activities in Europe. The fund's investment philosophy builds on a quantitative and risk-based approach. The modified duration of the fund at all times must be between 0 and 2.

Investment Strategy

66


Nordea 1 - Low Duration US High Yield Bond Fund



1 month 0.08 0.01

3 months 0.76 0.03

1 year 4.57 0.40

3 years 11.42 4.69

5 years 19.98 6.13








Correlation** -0.44



Discrete Year


MacKay Shields LLC


ISIN LU0602537069

Sedol B5MN164

WKN A1H9ZT

Bloomberg ticker NLDUBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



13.27

167.17

0

* ICE BofA Merrill Lynch 0-3M U.S. T-Bill Index (Source: NIMS)** Annualized 3 year dataThe sub-fund's reference index changed on 04/10/2012. The past performance data shown prior to that date is related to the sub-fund's previous reference index, LIBOR USD 3 Month Total Return Index.Performances are in USD

Performance in %



7654321





Asset Type Fund

AAA 0.18

AA

A

BBB 7.77

BB 63.91

B 25.73

CCC 0.59

<CCC

NR 0.36


Rating Fund

Top Holdings in %


Tenet Healthcare Corp 4.625% 15-07-2024 Corporate Bonds BB 1.81

Ford Motor Credit Co LLC 4.25% 20-09-2022 Corporate Bonds BB 1.73

Targa Resources Partners LP 4.25% 15-11-2023 Corporate Bonds BB 1.73

Hanesbrands Inc 4.625% 15-05-2024 Corporate Bonds BB 1.65

Mauser Packaging Solutions H 5.5% 15-04-2024 Corporate Bonds B 1.50

Bausch Health Cos Inc 6.125% 15-04-2025 Corporate Bonds B 1.47

T-Mobile USA Inc 6% 01-03-2023 Corporate Bonds BB 1.46

SBA Communications Corp 4.875% 01-09-2024 Corporate Bonds BB 1.46

Sprint Communications Inc 6% 15-11-2022 Corporate Bonds BB 1.42

Clearway Energy Operating LL 5.75% 15-10-2025 Corporate Bonds BB 1.36

The fund seeks to achieve attractive risk-adjusted return by identifying target bonds through eliminating uncompensated risk. The fund manager rigorously screens the investment universe for risk in order to quantify upside potential using bond analysis, not equity-style analysis. By targeting the sweet spot for risk compensation, the managers goal is to eliminate rather than to include bonds. The underlying belief is that to deliver attractive returns it is more important to recognise which bonds not to include in the portfolio, than to focus on the ones that should be selected. This fund focuses primarily on maintaining a low duration using high yield instruments and Treasury futures. The investment process is dominated by bottom-up security selection, with macroeconomic analysis as an integral part.

Investment Strategy

67


Nordea 1 - Nordic Equity Fund



1 month 3.53 1.41

3 months 7.97 4.40

1 year 32.08 27.07

3 years 37.34 33.58

5 years 64.05 59.63

Since launch 1,031.10 1,629.85




Alpha in %** -0.10

Beta** 1.11


Correlation** 0.97



Discrete Year


Nordic, Finnish and Swedish Equities Team


ISIN LU0064675639

Sedol 4919867

WKN 973346

Bloomberg ticker FRTISEQ LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



113.11

221.54

0

* MSCI Nordic 10/40 Index (Net Return) (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 23/11/2015. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI Nordic - Net Return Index.This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


Sweden 48.54

Finland 21.33

Denmark 13.94

Norway 12.05

Switzerland 0.90

United States 0.86


Country Fund


Financials 18.84


Industrials 15.50

Health Care 9.73

Materials 5.89

Energy 4.35




Sector Fund

Top Holdings in %


Kindred Group SDB Sweden Consumer Discretionary 8.94

Evolution Gaming Sweden Consumer Discretionary 6.39

Sampo A Finland Financials 6.13


Gjensidige Forsikring Norway Financials 5.86

Novo Nordisk B Denmark Health Care 5.28

Volvo B Sweden Industrials 4.72

Hennes & Mauritz B Sweden Consumer Discretionary 4.67

Kesko B Finland Consumer Staples 3.79

Bakkafrost Norway Consumer Staples 3.67

The fund taps into a potential investment universe of Nordic-listed companies. This means that the fund has access to world-class companies with strong global market positions, offering broad sector exposure within a relatively compact geographical area. The Nordic region has enjoyed more robust growth than Europe as a whole over the past 10 years. Nordic companies have sound financials and are positioned to benefit from global equity growth. Essentially the funds investment approach involves a fundamental bottom-up process, focusing on internal research and targeting stocks with three common characteristics: attractive valuation, positive earnings momentum and positive news flow. The stock market is screened using both external and internal sources with respect to key parameters, such as FCFy, EV/EBITDA, EV/EBIT, P/E, etc. Both absolute and relative valuations are considered, with quantitative research supporting, but not determining, the weight allocation.

Investment Strategy

68


Nordea 1 - Nordic Equity Small Cap Fund



1 month 0.93 2.96

3 months 7.10 9.62

1 year 43.88 36.36

3 years 55.23 57.33

5 years 120.42 105.18





Alpha in %** 0.71

Beta** 0.93


Correlation** 0.97



Discrete Year




ISIN LU0278527428

Sedol B1LCPG2

WKN A0LGUG

Bloomberg ticker NORESCF LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



38.00

147.90

0

* Carnegie Small CSX Return Nordic (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 30/04/2013. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Carnegie Nordic Small Cap Index.This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


Sweden 56.29

Finland 20.17

Denmark 9.92

Norway 6.36

Switzerland 4.98

Canada 0.46

United States 0.00


Country Fund

Industrials 31.73


Materials 13.96

Health Care 12.06




Financials 3.61

Other 1.07


Sector Fund

Top Holdings in %


SECTRA B Sweden Health Care 7.42

Fenix Outdoor Int. B Switzerland Consumer Discretionary 4.98

Holmen B Sweden Materials 4.92

NENT Group B Sweden Communication Services 3.76

Vaisala A Finland Information Technology 3.07

SSAB B Sweden Materials 2.94

Uponor Finland Industrials 2.51

Bactiguard B Sweden Health Care 2.30

AcadeMedia Sweden Consumer Discretionary 2.19

Ponsse Finland Industrials 2.05

The fund invests a minimum of three-fourths of its net assets in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates and warrants on transferable securities issued by companies which are domiciled in the Nordic region. It invests according to a fundamental bottom up stock picking approach, whereby The fund manager identifies stocks than will benefit in the future. Stocks are selected on the basis of attractive valuation, positive earnings momentum and positive news flow.

Investment Strategy

69


Nordea 1 - Nordic Ideas Equity Fund



1 month 3.64 1.41

3 months 8.07 4.40

1 year 33.32 27.07

3 years 32.31 33.58

5 years 57.37 59.63





Alpha in %** -1.44

Beta** 1.10


Correlation** 0.94



Discrete Year




ISIN LU0915372659

Sedol B92NY41

WKN A1T958

Bloomberg ticker NRDIBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



205.98

91.39

0

* MSCI Nordic 10/40 Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is MSCI Nordic 10/40 Index (Net Dividends Reinvested). Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI Nordic 10/40 Index (Net Dividends Reinvested). This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


Sweden 45.46

Finland 26.66

Denmark 14.71

Norway 11.04


Country Fund


Financials 19.35

Industrials 18.73



Materials 6.21

Health Care 6.12

Energy 3.47


Sector Fund

Top Holdings in %


Evolution Gaming Sweden Consumer Discretionary 8.19

Kindred Group SDB Sweden Consumer Discretionary 8.15


Tryg Denmark Financials 5.37


Atlas Copco A Sweden Industrials 4.87



F-Secure Finland Information Technology 4.63

Kesko B Finland Consumer Staples 4.31

The fund invests in Nordic-listed companies which are domiciled or exercise the predominant part of their economic activity in the Nordic region (Sweden, Norway, Denmark and Finland). This means that the fund has access to both world-class companies with strong global market positions and domestic companies positioned to become the winners of tomorrow. The Nordic region has enjoyed more robust growth than Europe as a whole over the past decade and its companies have sound financials and are positioned to benefit from global equity growth. The fund invests in a concentrated portfolio of Nordic's best positioned companies across all market capitalization with a mid-cap bias, using a pure fundamental bottom-up analysis focusing on internal research. The investment universe is screened using both internal and external sources where both absolute and relative valuations are considered.

Investment Strategy

70


Nordea 1 - Nordic Stars Equity Fund



1 month -1.61 1.41

3 months 2.35 4.40

1 year 27.12 27.07

3 years 35.93 33.58

5 years 63.87 59.63





Alpha in %** -0.84

Beta** 1.14


Correlation** 0.96



Discrete Year




ISIN LU1079987720

Sedol BPCX0N4

WKN A12AD7

Bloomberg ticker NOSEBPE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



173.88

159.64

0

* MSCI Nordic 10/40 Index (Net Return) (Source: Datastream)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is MSCI Nordic 10/40 Index (Net Dividends Reinvested). Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against MSCI Nordic 10/40 Index (Net Dividends Reinvested). This reference index is used for performance comparison purposes.Performances are in EUR

Performance in %



7654321


Sweden 36.77

Finland 31.65

Denmark 13.80

Norway 12.11

Switzerland 2.72

United States 0.98


Country Fund

Industrials 22.39

Financials 17.84

Health Care 12.28


Materials 9.60



Energy 3.55



Sector Fund

Top Holdings in %



Novo Nordisk B Denmark Health Care 5.47



SECTRA B Sweden Health Care 5.02

Bakkafrost Norway Consumer Staples 4.22

Holmen B Sweden Materials 4.02

Neste Finland Energy 3.55

F-Secure Finland Information Technology 3.54

Essity B Sweden Consumer Staples 3.50

This Sub-fund aims to achieve long-term capital growth by investing mainly in a diversified portfolio of equity or Equities Related Securities of companies, which are domiciled or exercise the predominant part of their economic activity in the Nordic countries. The fund is managed by the Fundamental Equities Team, based in Stockholm, focusing on fundamental bottom-up research. Alpha is generated through stock selection and by actively incorporating an ESG based analysis as part of the investment process.

Investment Strategy

71


Nordea 1 - Nordic Stars Equity Fund

ESG Rating




Benchmark: MSCI Nordic 10/40 Index (Net Return)






Fund Benchmark







7654321

ESG Labels

The fund is recognized by LuxFLAG ESG Label. LuxFLAG is an international and independent non-profit association and labelling agency.



Fund

43Benchmark

127

-66%



Engagement

ESG Integration



Voting



72


Nordea 1 - North American High Yield Bond Fund



1 month 0.57 0.30

3 months 2.82 2.59

1 year 4.47 8.59

3 years 13.30 19.87

5 years 38.48 52.64








Correlation** 0.99



Discrete Year


Aegon USA Investment Management, LLC


ISIN LU0826399429

Sedol B8L6R67

WKN A1KADC

Bloomberg ticker NNAHBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



143.71

835.92

0

* ICE BofA US High Yield Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321



Equities 1.00


Asset Type Fund

AAA

AA

A

BBB 5.79

BB 48.48

B 33.92

CCC 8.96

<CCC 0.42

NR 1.98


Rating Fund

Top Holdings in %


GMAC Capital Trust I MULTI 15-02-2040 Corporate Bonds BB 1.40

Cornerstone Building Brands 8% 15-04-2026 Corporate Bonds B 0.88

HCA Inc 5.875% 15-02-2026 Corporate Bonds BB 0.79

Occidental Petroleum Corp 6.45% 15-09-2036 Corporate Bonds BB 0.77


Dana Financing Luxembourg Sa 5.75% 15-04-2025 Corporate Bonds BB 0.70

Virgin Media Secured Finance 5.5% 15-05-2029 Corporate Bonds BB 0.63

Lincoln National Corp MULTI 17-05-2066 Corporate Bonds BBB 0.62

Crown Americas LLC / Crown A 4.75% 01-02-2026 Corporate Bonds BB 0.61

Occidental Petroleum Corp 2.9% 15-08-2024 Corporate Bonds BB 0.57

The fund invests into High Yield Bonds issued by companies which are domiciled or exercise the predominant part of their economic activity in the United States of America. The fund seeks to achieve attractive risk-adjusted return by using a fundamental and research driven approach to investing in the high yield investment universe. Traditional and distressed credit analysis is the driver of the investment process and is at the core of the portfolio construction. The distressed credit analysis helps evaluate opportunities in the lower quality portion of the high yield market where dislocations may occur.

Investment Strategy

73


Nordea 1 - North American Small Cap Fund



1 month 6.68 9.35

3 months 13.81 24.13

1 year 30.79 40.22

3 years 5.84 35.42

5 years 50.44 102.05





Alpha in %** -8.01

Beta** 0.92


Correlation** 0.97



Discrete Year


River Road Asset Management LLC


ISIN LU0826405176

Sedol B7KG824

WKN A1J54B

Bloomberg ticker NAMSBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



182.75

47.96

0

* Russell 2000 Value Index – Net Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 19/06/2019. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Russell 2000 Index – Net Return Index.This reference index is used for performance comparison purposes.With effect as of 19/06/2019 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.Performances are in USD

Performance in %



7654321


United States 91.28

Israel 1.38

United Kingdom 0.51


Country Fund

Industrials 32.14


Financials 14.50


Health Care 5.37



Energy 3.44

Other 2.51


Sector Fund

Top Holdings in %


White Mountains Insurance Group United States Financials 4.43

Air Transport Services Group United States Industrials 3.90

UniFirst United States Industrials 3.87

Cannae Holdings United States Financials 3.66

BJ's Wholesale Club Holdings United States Consumer Staples 3.12

Premier United States Health Care 2.99

Avaya Holdings United States Information Technology 2.91

NCR United States Information Technology 2.84

Hostess Brands United States Consumer Staples 2.77

Comfort Systems USA United States Industrials 2.54

The fund strives to provide clients with above market investment performance over a market cycle. The investment process follows a fundamentally-oriented, bottom-up investment approach, aiming to identify mispricing from the undue influence of multiple emotional biases. Focus is placed on the uncertainty surrounding a company’s ability to successfully enter or extend an earnings growth cycle, seeking to take advantage as corresponding investor cynicism about this ability declines from elevated levels. The fund invests in stocks with a market capitalization between USD 200 million and USD 5 billion.

Investment Strategy

74


Nordea 1 - North American Stars Equity Fund



1 month 3.19 3.09

3 months 5.97 7.18

1 year 41.04 34.67

3 years 50.14 49.56

5 years 104.63 117.04





Alpha in %** 1.30

Beta** 0.91


Correlation** 0.97



Discrete Year




ISIN LU0772958525

Sedol B753GC6

WKN A1J0G1

Bloomberg ticker NNAABPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



288.04

1,035.06

0

* Russell 3000 - Net Return Index (Source: Datastream)** Annualized 3 year dataWith effect as of 19/11/2018 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 19/11/2018 the sub-fund is renamed from Nordea 1 - North American All Cap Fund to Nordea 1 - North American Stars Equity Fund.Performances are in USD

Performance in %



7654321


United States 96.51

United Kingdom 1.64

China 1.12


Country Fund


Financials 14.24

Health Care 13.41

Industrials 12.54




Materials 4.50

Other 3.08


Sector Fund

Top Holdings in %





Apple United States Information Technology 4.11

JPMorgan Chase United States Financials 3.54

Visa United States Information Technology 2.87

Texas Instruments United States Information Technology 2.40

Stryker United States Health Care 2.29

AbbVie United States Health Care 2.19

Autoliv United States Consumer Discretionary 2.14

The fund is a North American, long only equity fund which aims to generate an outperformance of 3% p.a. compared to the Russell 3000 Net Return index, over a full investment cycle. The portfolio follows a bottom-up stock selection approach and invests in companies exhibiting attractive fundamentals as well as strong ESG (environmental, social and governance) profiles. The fund has therefore a strong ESG bias with the aim of investing in companies with well managed ESG profiles and/or that contribute to solutions tackling global ESG challenges. The management team has a 3 to 5 year investment horizon.

Investment Strategy

75


Nordea 1 - North American Stars Equity Fund

ESG Rating




Benchmark: Russell 3000 - Net Return Index






Fund Benchmark







7654321

ESG Labels

Label ISR recognises the fund. Label ISR is created and supported by the French Finance Ministry. The label’s goal is to increase the visibility of SRI products among savers in France and Europe.The fund is recognized by LuxFLAG ESG Label. LuxFLAG is an international and independent non-profit association and labelling agency.The fund has received recognition from the Belgian Central Labelling Agency in the form of Towards Sustainability label. The label aims to instil trust and reassure potential investors that the financial product is managed with sustainability in mind and is not exposed to very unsustainable practices, without requiring of investors to do a detailed analysis themselves.



Fund

77Benchmark

132

-42%



Engagement

ESG Integration



Voting



76


Nordea 1 - North American Value Fund



1 month 2.90 6.21

3 months 6.01 9.87

1 year 17.72 22.43

3 years 15.79 30.72

5 years 59.81 91.30





Alpha in %** -4.20

Beta** 0.98


Correlation** 0.97



Discrete Year


River Road Asset Management LLC


ISIN LU0076314649

Sedol 5229093

WKN 973348

Bloomberg ticker UNINAVI LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



66.64

442.82

0

* Russell 3000 Value Index - Net Return Index (Source: Datastream)** Annualized 3 year dataThe sub-fund's reference index changed on 19/06/2019. The past performance data shown prior to that date is related to the sub-fund's previous reference index, S&P 500 Composite – Total Return Index.This reference index is used for performance comparison purposes.With effect as of 19/06/2019 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.Performances are in USD

Performance in %



7654321


United States 91.93

Mexico 4.06

United Kingdom 3.58


Country Fund

Financials 26.41




Health Care 9.53


Utilities 5.94

Energy 2.62

Industrials 2.12


Sector Fund

Top Holdings in %


Liberty Broadband United States Communication Services 9.20

Berkshire Hathaway United States Financials 8.74


Fidelity National Financial United States Financials 5.23

Liberty Media Corp-Liberty SiriusXM United States Communication Services 4.91


Fomento Economico Mexicano ADR Mexico Consumer Staples 4.06

LKQ United States Consumer Discretionary 3.79

Bristol-Myers Squibb United States Health Care 3.78

AES United States Utilities 3.69

The fund seeks to achieve better than benchmark performance over full market cycles, with the highest investment priority being capital preservation. The investment philosophy is based on three guiding principles, namely: focus on cash return on tangible capital rather than earnings per share; determine the value of a company by cash inflows and outflows discounted by an “optimal” cost of capital; and do not over-diversify but ensure high conviction positions contribute meaningfully to returns with limited turnover. The process utilizes qualitative and quantitative sources for idea generation.

Investment Strategy

77


Nordea 1 - Norwegian Bond Fund



1 month -1.34 -1.50

3 months -1.95 -2.17

1 year 1.53 0.30

3 years 7.70 6.37

5 years 9.29 6.40








Correlation** 0.77



Discrete Year


Norwegian Fixed Income Team


ISIN LU0087209911

Sedol 5466124

WKN 988130

Bloomberg ticker FRONOBD LX


Share class BP-NOK

Last NAV

AUM (Million NOK)



Manager

Fund Data


No / No



228.91

4,633.70

0

* Bloomberg Barclays Series-E Norway Govt All 1+ Yr Bond Index (Source: NIMS)** Annualized 3 year dataThe sub-fund's reference index changed on 27/11/2020. The past performance data shown prior to that date is related to the sub-fund's previous reference indexes, OB (Oslo Stock Exchange) Government Bonds All Index until 27/11/2020 and CGBI WGBI NW All Mats (NOK) Total Return Index until 21/04/2015.This reference index is used for performance comparison purposes.Performances are in NOK

Performance in %



7654321




Covered Bonds 13.19


Asset Type Fund

AAA 21.74

AA 5.80

A 18.34

BBB 11.24

BB

B

CCC

<CCC

NR 41.11


Rating Fund

Top Holdings in %


Den norske stat 20/30 1,375% Government Bonds AAA 8.03

Ferde AS 19/25 FRN Government Bonds NR 4.42

Ferde AS 19/24 FRN Corporate Bonds NR 3.69

Eiendomskreditt AS 19/25 FRN C COVD Covered Bonds AAA 3.55

Den norske stat 19/29 1,75% Government Bonds AAA 2.22

Nykredit Realkredit A/S 20/25 FRN Corporate Bonds BBB 2.20

Danske Bank A/S 20/24 FRN C Corporate Bonds A 2.16

Spb 1 Nord-Norge 19/24 2,37% Corporate Bonds AA 2.00

Olav Thon Eiendomsselskap ASA 19/24 FRN Corporate Bonds BBB 1.83

Spb 1 SMN 20/25 FRN Corporate Bonds A 1.78

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities domiciled in Norway. The Sub-fund invests in bonds denominated in NOK. Invested are government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds with a good rating, and bonds issued by supranational institutions. The Fund may further use derivative instruments to reduce risks. The Fund aims to exploit market movements as well as the yield spreads between various credit risk segments.

Investment Strategy

78


Nordea 1 - Norwegian Equity Fund



1 month 7.11 4.10

3 months 15.02 8.04

1 year 34.10 23.59

3 years 20.37 29.02

5 years 88.81 79.97





Alpha in %** -4.50

Beta** 1.28


Correlation** 0.96



Discrete Year


Nordea Equities Norway Team


ISIN LU0081952003

Sedol 5370452

WKN 987575

Bloomberg ticker FORNOEQ LX


Share class BP-NOK

Last NAV

AUM (Million NOK)



Manager

Fund Data


No / No



315.40

1,008.44

0

* Oslo Exchange Mutual Fund - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in NOK

Performance in %



7654321


Norway 96.81

Netherlands 0.68

Hong Kong 0.45

Denmark 0.37

Sweden 0.28

Canada 0.00


Country Fund

Financials 21.55

Industrials 13.01

Materials 12.90



Energy 11.64


N/A 2.87

Other 7.18


Sector Fund

Top Holdings in %


Atea Norway Information Technology 6.84

Aker BP Norway Energy 6.32

Yara International Norway Materials 4.84

SpareBank 1 SMN Norway Financials 4.48

SalMar Norway Consumer Staples 4.33

Borregaard Norway Materials 4.06

Bouvet Norway Information Technology 3.57

DNB Norway Financials 3.12

SpareBank 1 SR-Bank Norway Financials 3.06

AKVA Group Norway Industrials 2.79

The fund invests a minimum of three-fourths of its net assets in equities, other equity shares such as co-operative shares and participation certificates (equities and equity rights), dividend-right certificates and warrants on transferable securities issued by companies which are domiciled or exercise the predominant part of their economic activity in Norway. The fund manager invests according to a fundamental bottom-up stock picking approach identifying companies able to generate strong long-term earnings. These are selected on the basis of attractive valuation, positive earnings momentum, cash flow generation capacity and management qualities.

Investment Strategy

79


Nordea 1 - Norwegian Short-Term Bond Fund



1 month 0.17 0.07

3 months 0.52 0.24

1 year 1.45 0.95

3 years 4.66 4.09

5 years 8.37 6.10








Correlation** 0.95



Discrete Year


Norwegian Fixed Income Team


ISIN LU0078812822

Sedol 5297454

WKN 987173

Bloomberg ticker FRONKRR LX


Share class BP-NOK

Last NAV

AUM (Million NOK)



Manager

Fund Data


No / No



210.78

3,696.80

0

* 50% NIBOR 3M and 50% Norway FI - RM123FRN (Source: NIMS)** Annualized 3 year dataThe sub-fund's reference index changed on 19/11/2018. The past performance data shown prior to that date is related to the sub-fund's previous reference indexes, Norwegian Interbank 3 Month (NIBOR) rate until 19/11/2018 and Norway Deposit 3 Month - Total Return until 15/01/2010.This reference index is used for performance comparison purposes.With effect as of 19/11/2018 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 19/11/2018 the sub-fund is renamed from Nordea 1 - Norwegian Kroner Reserve to Nordea 1 - Norwegian Short-Term Bond Fund.Performances are in NOK

Performance in %



7654321

Norway 73.66

Sweden 11.90

Denmark 9.53

Netherlands 3.01

Germany 0.56


Country Fund


Covered Bonds 13.80



Asset Type Fund


Security Name Country Asset Type Weight

SSB Boligkreditt AS 19/23 FRN C COVD Norway Covered Bonds 3.53

Olav Thon Eiendomsselskap ASA 18/23 FRN Norway Corporate Bonds 3.12

Nykredit Realkredit A/S 20/25 FRN Denmark Corporate Bonds 2.76

Realkredit Danmark A/S 18/22 FRN COVD Denmark Covered Bonds 2.72

Danske Bank A/S 20/24 FRN C Denmark Corporate Bonds 2.71

Swedbank Hypotek AB 19/22 FRN COVD Sweden Covered Bonds 2.66

DNB Bank ASA 17/27 FRN C SUB Norway Corporate Bonds 2.05

Scania CV AB FRN 18-02-2022 Sweden Corporate Bonds 1.90

Swedbank AB FRN 04-05-2023 Sweden Corporate Bonds 1.87

Kongsberg Gruppen ASA 18/21 FRN FLOOR Norway Corporate Bonds 1.68

Top Holdings in %

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities denominated in NOK. The strategy is to invest mainly in NOK denominated short-term bonds and other short-term transferable debt securities listed on the Oslo Stock Exchange or traded in another regulated market within the OECD.

Investment Strategy

80


Nordea 1 - Renminbi Bond Fund



1 month 0.24 0.39

3 months 1.14 1.35

1 year 0.02 0.81

3 years 3.44 15.43

5 years 20.91 17.06








Correlation** 0.34



Discrete Year


Manulife Investment Management (Hong Kong) Limited


ISIN LU1221952010

Sedol BXC4776

WKN A14SV6

Bloomberg ticker NREHBPC LX


Share class BP-CNH

Last NAV

AUM (Million CNH)



Manager

Fund Data


No / No



124.69

185.73

0

* iBoxx Albi China Onshore Index (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is iBoxx Albi China Onshore Index. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against iBoxx Albi China Onshore Index. This reference index is used for performance comparison purposes.With effect as of 19/11/2018 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 19/11/2018 the sub-fund is renamed from Nordea 1 - Renminbi High Yield Bond Fund to Nordea 1 - Renminbi Bond Fund.Performances are in CNH

Performance in %



7654321





Asset Type Fund

AAA

AA

A 42.50

BBB 6.49

BB

B

CCC

<CCC

NR 47.80


Rating Fund

Top Holdings in %




Far East Horizon Ltd 4.7% 09-02-2024 Corporate Bonds BBB 5.41



China Development Bank 3.9% 03-08-2040 Corporate Bonds NR 4.32

Export-Import Bank of China/ 3.33% 22-02-2026 Government Bonds NR 4.29

China National Chemical Corp 3.24% 24-04-2025 Corporate Bonds NR 4.12

Agricultural Development Ban 4.65% 11-05-2028 Corporate Bonds A 4.01

China Three Gorges Corp 4.15% 11-05-2026 Corporate Bonds NR 3.30

The fund seeks to achieve attractive risk-adjusted return over a full credit cycle by primarily investing in CNH and USD denominated Asian High Yield bonds. The fund will actively hedge USD-denominated Asian High Yield bonds into Renminbi (CNH or CNY) to benefit from the forward carry. The investment team places a strong emphasis on downside protection while making sure it is able to capture most of the upside potential. The Fund will combine a top-down allocation strategy with an accurate bottom-up credit analysis.

Investment Strategy

81


Nordea 1 - Stable Emerging Markets Equity Fund



1 month 2.09 0.60

3 months 9.68 9.24

1 year 12.70 28.88

3 years -10.37 16.30

5 years 27.34 82.31



Annualised return in %** -3.58 5.16


Alpha in %** -9.12

Beta** 1.12

Sharpe Ratio** -0.30 0.21

Correlation** 0.96



Discrete Year




ISIN LU0634510886

Sedol B62K474

WKN A1JP12

Bloomberg ticker NSEMBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



67.07

515.67

0

* 80% MSCI Emerging Markets Index (Net Return) and 20% ICE 1 Month USD LIBOR (F... (Source: NIMS)** Annualized 3 year dataThe sub-fund's reference index changed on 04/10/2012. The past performance data shown prior to that date is related to the sub-fund's previous reference index, MSCI Emerging Markets Index (Net Return).Performances are in USD

Performance in %



7654321


China 35.55

South Korea 20.06

India 11.53

South Africa 8.08

Indonesia 4.33

Taiwan 4.27

Thailand 4.23

Brazil 3.31

Other 7.16


Country Fund

Financials 18.08


Industrials 12.82


Utilities 10.97


Health Care 7.95


Other 4.62


Sector Fund

Top Holdings in %



Hyundai Mobis South Korea Consumer Discretionary 3.64

HCL Technologies India Information Technology 3.50

Naspers South Africa Consumer Discretionary 3.28


Telkom Indonesia Persero Indonesia Communication Services 3.01

China Mobile China Communication Services 2.98

SK Telecom South Korea Communication Services 2.97

Power Grid Corp of India India Utilities 2.83

China Longyuan Power Group China Utilities 2.71

The fund applies a unique process to construct a portfolio of emerging markets equities with stable returns based on an objective, computer driven, quantitative stock screening model. The process identifies companies that operate in established lines of business; generating consistently stable earnings, dividends, cash flows etcThis stability helps dampen price volatility of such companies stocks, making them less risky than the broader market. There is also a high degree of portfolio diversification with 70 to 90 stocks typically making up the portfolio, thereby adding a further layout of stability. The goal then is to outperform the market over a full market cycle with a lower volatility.

Investment Strategy

82


Nordea 1 - Stable Return Fund


Year To Date -0.29

1 month 0.06

3 months -0.06

1 year 2.29 2.29

3 years 2.42 0.80

5 years 4.63 0.91


Key Figures Fund


Sharpe Ratio** 0.21



Discrete Year


Multi Assets Team


ISIN LU0227384020

Sedol B1WL6Z4

WKN A0HF3W

Bloomberg ticker NABSRBE LX


Share class BP-EUR

Last NAV

AUM (Million EUR)



Manager

Fund Data


No / No



16.95

7,138.26

0

* EURIBOR 1M (Source: NIMS)** Annualized 3 year data*** Source: MSCI RiskManager**** Rebased to 100% for illustrative purpose***** for entire portfolio including derivativesWith effect from 14/12/2020, the official reference index of the fund is EURIBOR 1M. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against EURIBOR 1M. This reference index is used for performance comparison purposes.With effect as of 01/03/2009 the sub-fund is renamed from Nordea 1 - Absolute Return Fund to Nordea 1 - Stable Return Fund.Performances are in EUR

Performance in %



7654321

Long Equity Exposure 79.23% Net Equity Exposure 53.66%

Equity Future -25.57%

Fixed Income Future -10.54%

Credit bonds -2.16%

Cash 5.22%

Covered bonds 9.99%

Emerging Market Equities 11.23%

Government Bonds 13.92%

Developed Markets Equities 68.00%

Gross exposure *****

EURO 89.34%

USD 22.99%



Currency Exposure *****

Equity Fixed IncomeCountry **** Fund

United States 69.46

China 4.35

Japan 3.84

France 3.24

India 3.01

Germany 2.69

Canada 2.03

South Korea 1.91

Other 9.47

Sector **** Fund


Health Care 23.97




Financials 5.65

Industrials 5.36

Utilities 2.06

Other 0.84


United States 0.84

Europe (Ex UK) 0.09

Other 0.03

United Kingdom -0.29

Total 0.67

Rating **** Fund

AAA 89.26

AA 4.37

A 6.37

BBB

BB

B

CCC

<CCC

NR

The fund aims to preserve shareholders' capital (over a three year investment horizon) and provide a stable, positive rate of return on investment. Investments are made globally in equities, bonds and money market instruments denominated in various currencies. This sub-fund may also invest in financial derivative instruments - like equity and fixed income futures - to adjust the portfolio's beta and duration.

Investment Strategy

83


Nordea 1 - Swedish Bond Fund



1 month -1.92 -1.74

3 months -2.41 -2.21

1 year -2.96 -3.59

3 years 3.30 3.13

5 years 3.86 4.00








Correlation** 0.97



Discrete Year


Swedish Fixed Income Team


ISIN LU0064320186

Sedol 4747563

WKN 974521

Bloomberg ticker FRTSWDI LX


Share class BP-SEK

Last NAV

AUM (Million SEK)



Manager

Fund Data


No / No



303.23

796.12

0

* JP Morgan Government Bond Sweden - Total Return Index (Source: Datastream)** Annualized 3 year dataPerformances are in SEK

Performance in %



7654321


Covered Bonds 34.89




Asset Type Fund

AAA 63.45

AA 3.14

A 13.59

BBB 5.78

BB

B

CCC

<CCC

NR 12.04


Rating Fund

Top Holdings in %


Sweden Government Bond 3.5% 30-03-2039 Government Bonds AAA 9.55

Lansforsakringar Hypotek AB 1.5% 16-09-2026 Covered Bonds AAA 7.57

Stadshypotek AB 1.5% 03-12-2024 Covered Bonds AAA 7.11

SBAB Bank AB 0.89% 05-06-2023 Corporate Bonds A 5.86

Lansforsakringar Hypotek AB 1.5% 18-09-2024 Covered Bonds AAA 5.39

Stadshypotek AB 2% 01-09-2028 Covered Bonds AAA 4.70


Swedbank AB 1% 29-03-2023 Corporate Bonds A 4.58

Lansforsakringar Hypotek AB 1% 15-09-2027 Covered Bonds AAA 4.52


The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities domiciled in Sweden. The sub-fund invests in bonds denominated in SEK. The fund invests in government bonds or bonds issued by local authorities or agencies, mortgage bonds, corporate bonds with a good rating, and bonds issued by supranational institutions. The fund may further use derivative instruments to reduce risks. The fund aims to exploit market movements as well as the yield spreads between various credit risk segments.

Investment Strategy

84


Nordea 1 - Swedish Short-Term Bond Fund



1 month -0.06 -0.03

3 months 0.04 -0.05

1 year 0.52 -0.05

3 years 0.64 -0.83

5 years 1.26 -1.82








Correlation** 0.48



Discrete Year


Swedish Fixed Income Team


ISIN LU0064321663

Sedol 4339722

WKN 974178

Bloomberg ticker FRTSKRI LX


Share class BP-SEK

Last NAV

AUM (Million SEK)



Manager

Fund Data


No / No



192.38

1,304.27

0

* 75% OMRX T-Bill and 25% OMRX Mortgage Bond index 1-3Y (Source: NIMS)** Annualized 3 year dataThe sub-fund's reference index changed on 19/11/2018. The past performance data shown prior to that date is related to the sub-fund's previous reference index, Sweden Interbank 3 Month (STIBOR) rate.This reference index is used for performance comparison purposes.With effect as of 19/11/2018 the investment policy of the sub-fund was modified. The performance figures shown prior to that date were achieved under circumstances that no longer apply.With effect as of 19/11/2018 the sub-fund is renamed from Nordea 1 - Swedish Kroner Reserve to Nordea 1 - Swedish Short-Term Bond Fund.Performances are in SEK

Performance in %



7654321


Sweden 93.80

Finland 5.09


Country Fund


Covered Bonds 30.50


Asset Type Fund

Top Holdings in %

Security Name Country Asset Type Weight

Lansforsakringar Hypotek AB 2.25% 21-09-2022 Sweden Covered Bonds 9.53

Nordea Hypotek AB 1% 18-09-2024 Sweden Covered Bonds 8.68

Nordea Hypotek AB 1.25% 20-09-2023 Sweden Covered Bonds 7.90

Kraftringen Energi AB FRN 30-05-2023 Sweden Corporate Bonds 6.14

Tele2 AB FRN 11-05-2021 Sweden Corporate Bonds 5.00

Lansforsakringar Hypotek AB 1.25% 17-09-2025 Sweden Covered Bonds 4.39

AAK AB FRN 10-12-2021 Sweden Corporate Bonds 4.15

Husqvarna AB FRN 03-05-2021 Sweden Corporate Bonds 3.53

OP Corporate Bank plc FRN 03-06-2030 Finland Corporate Bonds 3.17

Stockholm Exergi Holding AB 1.75% 18-05-2022 Sweden Corporate Bonds 3.12

The fund invests a minimum of two-thirds of its net assets in fixed-income and floating rate debt securities issued by private borrowers and public authorities denominated in SEK. The strategy is to invest mainly in SEK denominated short-term bonds and other short-term transferable debt securities listed on the Stockholm Stock Exchange or traded in another regulated market within the OECD.

Investment Strategy

85


Nordea 1 - Unconstrained Bond Fund - USD Hedged



1 month -0.38 0.01

3 months 0.52 0.03

1 year 4.03 0.40

3 years 8.77 4.69

5 years 22.22 6.13








Correlation** -0.48



Discrete Year


MacKay Shields LLC


ISIN LU0975281527

Sedol BGY6XH3

WKN A1W73K

Bloomberg ticker NOUNBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


No / No



118.41

46.29

0

* ICE BofA Merrill Lynch 0-3M U.S. T-Bill Index (Source: NIMS)** Annualized 3 year dataWith effect from 14/12/2020, the official reference index of the fund is ICE BofA Merrill Lynch 0-3M U.S. T-Bill Index. Prior to this date, the fund did not have an official reference index. The fund performance since launch is measured against ICE BofA Merrill Lynch 0-3M U.S. T-Bill Index. This reference index is used for performance comparison purposes.With effect as of 01/03/2016 the sub-fund is renamed from Nordea 1 - Unconstrained Bond Fund to Nordea 1 - Unconstrained Bond Fund - USD Hedged.Performances are in USD

Performance in %



7654321




Mortgage Backed Securities 11.89


Asset Type Fund

Treasury Future Exposure -15.86

AAA 15.33

AA 0.79

A 7.95

BBB 36.49

BB 18.52

B 4.03

CCC 0.80

<CCC

NR 7.76


Rating Fund

Top Holdings in %


United States Treasury Infla 0.75% 15-07-2028 Government Bonds AAA 3.74

United States Treasury Infla 0.125% 15-01-2030 Government Bonds AAA 3.58

Hartford Financial Services FRN 12-02-2047 Corporate Bonds BBB 1.55

CVS Pass-Through Trust 5.789% 10-01-2026 Corporate Bonds BBB 1.51

Freddie Mac Pool 2% 01-07-2050 Mortgage Backed Securities NR 1.38

JPMorgan Chase & Co MULTI Perpetual Corporate Bonds BBB 1.22

Morgan Stanley 5% 24-11-2025 Corporate Bonds BBB 1.13

Freddie Mac Pool 2% 01-06-2035 Mortgage Backed Securities NR 1.13



The fund pursues a total return strategy that combines a proven top down analytical framework with a rigorous bottom-up process to eliminate uncompensated risk. The fund seeks to exploit opportunities in the global credit markets, unconstrained by a benchmark, through a process of multi-sector asset allocation strategies. Portfolio returns result from dynamic asset allocation among instruments. The team seeks to deliver positive returns over and throughout a full market cycle while closely monitoring the portfolio to mitigate downside risk. The fund has a duration bandwidth of 0 to 7.

Investment Strategy

86


Nordea 1 - US Corporate Bond Fund



1 month -1.99 -1.74

3 months -2.73 -2.46

1 year 2.82 2.36

3 years 19.20 21.22

5 years 28.92 30.86








Correlation** 0.99



Discrete Year


MacKay Shields LLC


ISIN LU0458979746

Sedol B3MMLR8

WKN A0YKE1

Bloomberg ticker NORBPUS LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



16.76

3,198.72

0

* Bloomberg Barclays Capital US Credit Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321





Asset Type Fund

Treasury Future Exposure 05.53

AAA 0.26

AA 0.35

A 16.20

BBB 65.69

BB 13.58

B

CCC

<CCC

NR 1.11


Rating Fund

Top Holdings in %


Anheuser-Busch Cos LLC / Anh 4.7% 01-02-2036 Corporate Bonds BBB 1.11

Morgan Stanley 2.188% MULTI 28-04-2026 Corporate Bonds BBB 0.90

Valero Energy Corp 2.85% 15-04-2025 Corporate Bonds BBB 0.86

AbbVie Inc 2.95% 21-11-2026 Corporate Bonds BBB 0.78

JPMorgan Chase & Co 1.514% MULTI 01-06-2024 Corporate Bonds A 0.78

Wells Fargo & Co 3.584% MULTI 22-05-2028 Corporate Bonds BBB 0.69

AbbVie Inc 4.05% 21-11-2039 Corporate Bonds BBB 0.66

Anheuser-Busch InBev Worldwi 4.5% 01-06-2050 Corporate Bonds BBB 0.64

Bank of America Corp 2.592% MULTI 29-04-2031 Corporate Bonds A 0.61

Morgan Stanley 2.699% MULTI 22-01-2031 Corporate Bonds BBB 0.59

The fund seeks to achieve consistent, superior rates of return with low volatility by investing primarily in debt securities rated BBB- or better by S&P or Baa3 or better by Moody's at purchase. The fund manager uses a top-down analysis to exploit opportunities and neutralize unwanted risks, and a bottom-up analysis to maximize total return. The fund manager protects the downside by understanding the risk exposures within the portfolio and the correlation among assets, by diversifying risk factors, by defining/articulating an exit strategy for each position, and by carefully monitoring expected tracking error.

Investment Strategy

87


Nordea 1 - US High Yield Bond Fund



1 month 0.00 0.30

3 months 1.27 2.59

1 year 6.85 8.59

3 years 15.84 19.87

5 years 41.47 52.64








Correlation** 0.99



Discrete Year


MacKay Shields LLC


ISIN LU0278531610

Sedol B1LCPV7

WKN A0LGS0

Bloomberg ticker NHYBBPU LX


Share class BP-USD

Last NAV

AUM (Million USD)



Manager

Fund Data


Yes / Yes



22.31

775.18

0

* ICE BofA US High Yield Index (Source: Datastream)** Annualized 3 year dataPerformances are in USD

Performance in %



7654321




Asset Type Fund

AAA

AA

A

BBB 1.12

BB 45.94

B 35.62

CCC 16.41

<CCC

NR


Rating Fund

Top Holdings in %



Altice France Holding SA 10.5% 15-05-2027 Corporate Bonds CCC 1.31

Ford Motor Co 9% 22-04-2025 Corporate Bonds BB 1.23


Bausch Health Cos Inc 7.25% 30-05-2029 Corporate Bonds B 0.99

CSC Holdings LLC 5.5% 15-04-2027 Corporate Bonds BB 0.94

Altice France Holding SA 6% 15-02-2028 Corporate Bonds CCC 0.93

Kraft Heinz Foods Co 5% 15-07-2035 Corporate Bonds BB 0.91

Kraft Heinz Foods Co 5% 04-06-2042 Corporate Bonds BB 0.90

Ford Motor Co 9.625% 22-04-2030 Corporate Bonds BB 0.88

The fund seeks to achieve attractive risk-adjusted return by identifying target bonds through eliminating uncompensated risk. The fund manager rigorously screens the investment universe for risk in order to quantify upside potential using bond analysis, not equity-style analysis. By targeting the sweet spot for risk compensation, the managers goal is to eliminate rather than to include bonds. The underlying belief is that to deliver attractive returns it is more important to recognise which bonds not to include in the portfolio, than to focus on the ones that should be selected.

Investment Strategy

88

MR

_N1_

2102

28_e

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Source (unless otherwise stated): Nordea Investment Funds S.A. Period under consideration (unless otherwise stated): 31.01.2021-28.02.2021. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) in the currency of the respective share class, gross income and dividends reinvested, excluding initial and exit charges as per 28.02.2021. Initial and exit charges could aff ect the value of the performance. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. The value of shares can greatly fluctuate as a result of the sub-fund’s investment policy and cannot be ensured, you could lose some or all of your invested money. If the currency of the respective share class diff ers from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations. The sub-funds mentioned are part of Nordea 1, SICAV, an open-ended Luxembourg-based investment company (Société d’Investissement à Capital Variable), validly formed and existing in accordance with the laws of Luxembourg and with European Council Directive 2009/65/EC of 13 July 2009. This document is advertising material and does not disclose all relevant information concerning the presented sub-funds. Any investment decision in the sub-funds should be made on the basis of the current prospectus and the Key Investor Information Document (KIID), which are available, along with the current annual and semi-annual reports, electronically in English and in the local language of the market where the mentioned SICAV is authorised for distribution, without charge upon request from Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, from the local representatives or information agents, or from our distributors. Investments in derivative and foreign exchange transactions may be subject to signifi cant fluctuations which may aff ect the value of an investment. Investments in Emerging Markets involve a higher element of risk. The value of shares can greatly fluctuate as a result of the sub-fund’s investment policy and cannot be ensured. Investments in equity and debt instruments issued by banks could bear the risk of being subject to the bail-in mechanism (meaning that equity and debt instruments could be written down in order to ensure that most unsecured creditors of an institution bear appropriate losses) as foreseen in EU Directive 2014/59/EU. For further details of investment risks associated with these sub-funds, please refer to the relevant Key Investor Information Document (KIID), available as described above. Nordea Investment Funds S.A. has decided to bear the cost for research, i.e. such cost is covered by existing fee arrangements (Management-/Administration-Fee). Nordea Investment Funds S.A. only publishes product-related information and does not make any investment recommendations. Published by Nordea Investment Funds S.A., 562, rue de Neudorf, P.O. Box 782, L-2017 Luxembourg, which is authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Further information can be obtained from your fi nancial advisor. He/she can advise you independently of Nordea Investment Funds S.A. Please note that all sub funds and share classes might not be available in your country of jurisdiction. Additional information for investors in Switzerland: The Swiss Representative and Paying Agent is BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. Additional information for investors in Germany: The Information Agent in Germany is Société Générale S.A. Frankfurt Branch, Neue Mainzer Straße 46-50, 60311 Frankfurt am Main, Germany. A hard copy of the above-mentioned fund documentation is also available here. Additional information for investors in Austria: The Information and Paying Agent in Austria is Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1, 1100 Vienna, Austria. Additional information for investors in the Netherlands: Nordea 1, SICAV is a Luxembourg Undertaking for Collective Investment in Transferable Securities (UCITS) registered in the Netherlands in the register kept by the AFM, and as such is allowed to off er its shares in the Netherlands. The AFM register can be consulted via www.afm.nl/register. Additional information for investors in France: With the authorisation of the AMF the shares of the sub-funds of Nordea 1, SICAV may be distributed in France. Centralising Correspondent in France is CACEIS Bank, located at 1-3, place Valhubert, 75206 Paris cedex 13, France. Investors are advised to conduct thorough research before making any investment decision. Additional information for investors in Belgium: The Financial Service Agent in Belgium is BNP Paribas Securities Services S.C.A., Brussels Branch, Rue de Loxum, 25, 1000-Brussels, Belgium. A hard copy of the above-mentioned fund documentation is available upon demand free of charge. Additional information for investors in Spain: Nordea 1, SICAV is duly registered in the CNMV offi cial registry of foreign collective investment institutions (entry no. 340) as authorised to be marketed to the public in Spain. The Depositary of the SICAV’s assets is, J.P. Morgan Bank Luxembourg S.A. In Spain, any investment must be made through the authorised distributors and on the basis of the information contained in the mandatory documentation that must be received from the SICAV’s authorised distributor prior to any subscription. The Representative Agent is Allfunds Bank S.A.U., C/ de los Padres Dominicos, 7, 28050 Madrid, Spain. A complete list of the authorised distributors is available in the CNMV’s webpage (www.cnmv.es). Additional information for investors in Portugal: The Management Company of the SICAV, Nordea Investment Funds S.A., and the Depositary of the SICAV’s assets, J.P. Morgan Bank Luxembourg S.A., are validly formed and existing in accordance with the laws of Luxembourg and authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Our distributor in Portugal is BEST - Banco Electrónico de Serviço Total, S.A., duly incorporated under the laws of Portugal and registered with the CMVM as a fi nancial intermediary. Additional information for investors in Italy: Fund documentation as listed above is also available in Italy from the distributors and on the website www.nordea.it. The updated list of distribution agents in Italy, grouped by homogenous category, is available from the distributors themselves or from the Paying Agents: State Street Bank International GmbH – Succursale Italia, Allfunds Bank S.A.U. – Succursale di Milano, Société Générale Securities Services S.p.A., Banca Sella Holding S.p.A, Banca Monte dei Paschi di Siena S.p.A., CACEIS Bank S.A., Italian Branch and on the website www.nordea.it. Any requests for additional information should be sent to the distributors. Before investing, please read the prospectus and the KIID carefully. We recommend that you read the most recent annual fi nancial statement in order to be better informed about the fund’s investment policy. The prospectus and KIID for the sub-funds have been published with Consob. For the risk profi le of the mentioned sub-funds, please refer to the fund prospectus. Additional information for investors in the United Kingdom: The Facilities Agent is FE Fundinfo (UK) Limited. , 3rd Floor, Hollywood House, Church Street East, Woking GU21 6HJ, United Kingdom. Additional information for investors in Ireland: The Facilities Agent is Maples Fund Services (Ireland) Limited, 32 Molesworth Street, D02 Y512 Dublin 2, Ireland. Additional information for investors in Sweden: The Paying Agent is Nordea Bank Abp, Swedish Branch, Smålandsgatan 17, 105 71 Stockholm, Sweden. Additional information for investors in Denmark: The Representative Agent is Nordea Danmark, Filial af Nordea Bank Abp, Finland, Grønjordsvej 10, Postbox 850 0900 CopenhagenC, Denmark. A hard copy of the above-mentioned fund documentation is available here. Additional information for investors in Norway: The Nordea 1, SICAV is registered in Norway. Additional information for investors in Finland: The Representative Agent is Nordea Funds Ltd, Satamaradankatu 5, 00020, Helsinki, Finland. Additional information for investors in Latvia: The Representative Agent is Luminor Bank AS, 62 Skanstes iela 12, 1013 Riga, Latvia. Additional information for investors in Estonia: The Representative Agent in Estonia is Luminor Bank AS, Liivalaia 45, 10145 Tallinn, Estonia. Additional information for investors in Lithuania: The Representative Agent in Lithuania is Luminor Bank AB, Konstitucijos pr. 21 A, 03601 Vilnius, Lithuania. Shareholders must evaluate possible investment risks and take this into consideration when making investment decisions. Additional information for investors in Brazil: This is a strictly privileged and confi dential document for the purposes of a potential investment in foreign securities on a one-on-one basis with potential investors with a pre-existing relationship with Nordea Investment Funds S.A. This document contains information addressed only to a specifi c individual and is not intended for distribution to, or use by, any other person. This document (i) is provided for informational purposes only, (ii) should not be construed in any manner as any solicitation or off er to buy or sell any securities or any related fi nancial instruments, (iii) should not be construed in any manner as a public off er of any securities or any related fi nancial instruments, and (iv) and will be addressed to a potential investor with restrict access of information. Nordea 1, SICAV have not been, and will not be, registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários - CVM), and must not be off ered or sold in Brazil except in circumstances which do not constitute a public off ering or distribution under Brazilian laws and regulations. Any public off ering, placement or distribution, as defi ned under Brazilian laws and regulations, of securities in Brazil, is not legal without prior registration under Law No. 6,385 of December 7, 1976, as amended. Documents relating to the off ering of the Nordea 1, SICAV, as well as information contained therein, must not be supplied to the general public in Brazil (as the off ering of the Nordea 1, SICAV is not a public off ering of securities in Brazil) or used in connection with any off er for subscription or sale of the Nordea 1, SICAV to the general public in Brazil. Investors within Brazil should consult with their own counsel as to the applicability of these laws and regulations or any exemption there from. Source (unless otherwise stated): Nordea Investment Funds S.A. Unless otherwise stated, all views expressed are those of Nordea Investment Funds S.A. This document may not be reproduced or circulated without prior permission. Reference to companies or other investments mentioned within this document should not be construed as a recommendation to the investor to buy or sell the same but is included for the purpose of illustration. The level of tax benefi ts and liabilities will depend on individual circumstances and may be subject to change in the future.