Nordea 1 - Global Climate and Environment Fund - ISIN: LU0348927095 (BI-EUR) - Die ...
←
→
Transkription von Seiteninhalten
Wenn Ihr Browser die Seite nicht korrekt rendert, bitte, lesen Sie den Inhalt der Seite unten
Nur für professionelle Investoren*
Nordea 1 – Global Climate and Environment Fund
ISIN: LU0348927095 (BI-EUR)
Webinar Drescher & Cie:
Klimafonds: Effektiv oder nur heiße Luft?
Seien Sie Teil der Lösung.
*die gemäß MiFID-Definition (Richtlinie 2014/65/EG) auf
eigene Rechnung anlegen
Heiße Luft oder Effektiv? Die Richtung muss stimmen!
Klima- und Umweltlösungen ermöglichen eine nachhaltigere Zukunft
Quelle: Nordea Investment Management AB, Tricomix, EPEA Internationale Umweltforschung GmbH, rechnungswesen-verstehen.de
2
Confidential
Anlageprozess mit “Impact Investing”
Engagement &
Proprietäres Volle ESG Diszipliniertes
Stimmrecht
Universum Integration Risikomanagement
Identifizierung von Fundamentale Portfolio Aktive
Klima- und und ESG & Risiko- Einflussnahme
Umweltlösungsanbietern Analyse management
Impact Impact
durch durch
Klima- Engagement
lösungen
Impact via
Climate Solutions
3
Confidential
Umweltschutz und Wirtschaftlichkeit gehen Hand in Hand
Amortisationszeiten für verschiedene Klimalösungen
Jahre
Klimalösungen sind wirtschaftlich sinnvoll!
4
Confidential
Klimalösungen am Wendepunkt – viele Chancen
Marktpenetrierung
Emissions-
technologie
Intelligentes Bauen
Energieeffizienz
Grüner Konsum
Solar und Wind
Smart Farming
Öko-Mobilität
Energiespeicher
Zeit
Quelle: Nordea Investment Management AB
5
Confidential
Das Anlageuniversum
• Hausinternes Anlagespektrum von ~1.250 Firmen mit einer Marktkapitalisierung von insgesamt über 6 Bio. EUR
Alternative Energien Ressourceneffizienz Umweltschutz
Cluster
Portfolio Universum Portfolio Universum Portfolio Universum
~5%* ~10%* ~55%* ~70%* ~40%* ~20%*
Erneuerbare Energie Energieeffizienz Sauberes Wasser und saubere Luft
Strategien
Solar Smarte Netze Grüner Konsum
Wind Öko-Mobilität Abfallwirtschaft
Energiespeicher Smarte Forstwirtschaft Umweltdienstleistungen
Intelligentes Bauen Nachhaltige Forstwirtschaft
Fortgeschrittene Werkstoffe
*Hinweis: Basierend auf Marktkapitalisierung
Quelle: Nordea Investment Management AB
6
Confidential
Fundamentalanalyse - 5 Fokuspunkte
Strategische Bewertung
• Geschäftsgrundlagen
• Finanzkennzahlen
• Unternehmenskultur
Bewertungsgrundlagen
• Bewertung - internes
Discounted-Cashflow-Modell
• Erwartungslücke - wo
unterscheidet sich unsere
Sichtweise?
7
Confidential
Portfolio Management Sharpe Ratio
Sharpe Ratio = Ertrag / Risiko
Optimal
2012 Portfolio
eingeführt
Total portfolio Stock contribution
Barra ex. Ante volatility risk to total risk
Nordea Global Climate & Environment vs. MSCI World
Portfoliorisiko ggü. MSCI World
Einzeltitelbeitrag zum Portfoliorisiko
Nordea 1 – Global Climate and Env.
MSCI World
Quelle: Nordea Investment Management AB, Barra risk Daten per 30/12/2018
8
Confidential
Fokus auf globalen Klimalösungen
Australische Software für
Leiterplatten
US Wasser-Infrastruktur
Natürliche Zutaten Smarte Netze für Hawaii
Quelle: Nordea Investment Management AB
9
Confidential
Wertentwicklung
Quelle: Nordea Investment Management AB, Wertentwicklung vor Gebühren. Die dargestellte Wertentwicklung ist historisch; Wertentwicklungen in der Vergangenheit sind kein verläßlicher Richtwert für
zukünftige Erträge und Anleger erhalten möglicherweise nicht den vollen Anlagebetrag zurück. Der Wert der Anteile kann je nach Anlagepolitik des Teilfonds stark schwanken und wird nicht
gewährleistet, es kann zu einem teilweisen oder vollständigen Wertverlust kommen.
10
ConfidentialEine solide, beständige Wertentwicklung (Performance BP-EUR)
Renditen im Kalenderjahr in % Fonds
2014 10.34%
2015 11.44%
2016 16.36%
2017 15.38%
2018 -13.33%
Seit Jahresbeginn 23.21%
Kumulierte Renditen in % Fonds
Seit Jahresbeginn 23.21%
1 Monat 5.39%
Quelle (falls nicht anders angegeben): Nordea Investment Funds S.A.
Betrachteter Zeitraum (falls nicht anders angegeben): 30.06.2014 - 28.06.2019. 3 Monate 4.03%
Wertentw icklung errechnet von Nettoanteilsw ert zu Nettoanteilsw ert (nach Gebühren und in Luxemburg
6 Monate 23.21%
auflaufenden Steuern) in der Währung der jew eiligen Anteilklasse, bei Wiederanlage der Erträge und reinvestierter
Dividenden, ohne Berücksichtigung des Ausgabeaufschlages oder der Rücknahmegebühr. Ausgabe- und 1 Jahr 9.49%
Rücknahmegebühren könnten die Wertentw icklung beeinträchtigen. Stand: 28.06.2019. Die dargestellte
Wertentw icklung ist historisch; Wertentw icklungen in der Vergangenheit sind kein verläßlicher 3 Jahre 49.24%
Richtw ert für zukünftige Erträge und Anleger erhalten m öglicherw eise nicht den vollen Anlagebetrag
zurück. Der Wert der Anteile kann je nach Anlagepolitik des Teilfonds stark schw anken und w ird 5 Jahre 61.42%
nicht gew ährleistet , es kann zu einem teilw eisen oder vollständigen Wertverlust kom m en. *
Seit Gründung 85.80%
Sofern sich die w ährung der betreffenden Anteilklasse von der Währung des Landes, in dem der Anleger w ohnt,
unterscheidet, kann die dargestellte Wertentw icklung aufgrund von Wechselkursschw ankungen abw eichend sein.
* Auflegungsdatum: 13.03.2008
11
ConfidentialUnsere Anlagelösung im Überblick
• Wir bieten eine einzigartige Anlagelösung, mit der man an
einem starken Wachstumsmarkt partizipieren kann, an dem
viele Klimalösungen auch wirtschaftlich sinnvoll sind.
• Das Portfolio wird von einem bewährten und stabilen Team
gemanagt, so dass Anleger von einem vom Research
vernachlässigten und missverstandenen Anlagespektrum
profitieren können.
• Konstante und solide Performance: hat sich in 7 von 8
Jahren besser als seine Mitbewerber entwickelt
• Ein Investment, das attraktive Erträge bietet und zusätzlich
zu einer nachhaltigeren Gesellschaft beiträgt.
Quelle - © 2019 Morningstar, Inc. Alle Rechte vorbehalten. Stand: 06.02.2019, Morningstar-Kategorie EAA OE Sector Equity Ecology. Performance in EUR. Das Morningstar-Rating beruht auf der historischen Wertentwicklung eines Fonds –
basierend auf Ertrag und Risiko – so dass ähnliche Investments mit ihren jeweiligen Mitbewerbern verglichen werden können. Beobachtungszeitraum: 01.01.2009 – 31.12.2018. Wertentwicklung errechnet von Nettoanteilswert zu
Nettoanteilswert (nach Abzug von Gebühren und Luxemburger Steuern) bei Wiederanlage von Bruttoerträgen und Dividenden in der Basiswährung des jeweiligen Teilfonds ohne Berücksichtigung des Ausgabeaufschlags oder der
Rücknahmegebühr. Stand: 31.01.2018. Ausgabe- und Rücknahmegebühren könnten die Wertentwicklung beeinträchtigen. Die dargestellte Wertentwicklung ist historisch; Wertentwicklungen in der Vergangenheit sind kein
verläßlicher Richtwert für zukünftige Erträge und Anleger erhalten möglicherweise nicht den vollen Anlagebetrag zurück. Der Wert der Anteile kann je nach Anlagepolitik des Teilfonds stark schwanken und wird nicht
gewährleistet, es kann zu einem teilweisen oder vollständigen Wertverlust kommen. Sofern sich die Währung der betreffenden Anteilklasse von der Währung des Landes, in dem der Anleger wohnt, unterscheidet, kann die dargestellte
Wertentwicklung aufgrund von Wechselkursschwankungen abweichend sein.
12
ConfidentialNur für professionelle Investoren* Appendix
Reasons for Investing
• Participation in a strong growth
segment of the market
• Under-researched and
misunderstood universe
• Climate solutions at economic
inflection point
• Proven risk management
• Stable investment team
• 11 years track record
14
ConfidentialInvestment Team
• Climate & Environment Portfolio Management embedded in strong global research platform
• All Fundamental and ESG investment professionals to contribute to idea generation
Thomas Sørensen Henning Padberg
Portfolio Manager, 22 years with Nordea and 11 years Portfolio Manager, 11 years with Nordea and 10 years
managing this fund managing this fund
15
ConfidentialProduct Characteristics
• Investment universe: Global equities with exposure to Climate & Environment
• Benchmark: No benchmark
• Investment process: Fundamental bottom up
• Number of stocks: 40-60
• Bias: GARP and mid-cap
• Style: Bottom up and cash flow driven
16
ConfidentialPositioning towards Climate Beneficiaries*
Environment Protection
*based on analysis of exposure approximation of 156 GICS Sub-Industries
Strong differentiation through focus on Climate Solutions
Source: Nordea Investment Management AB, Bloomberg, and MSCI. Date: 31.12.2018
17
ConfidentialTypical Portfolio Composition
• 40-60 global holdings, fully invested, high conviction
• High exposure to mid-cap growth with bias towards Industrials & Technology sectors
• Focus on Climate Solutions: no direct oil, coal and nuclear investments
Nordea 1 – Global Climate and Environment Fund – Regional Nordea 1 – Global Climate and Environment Fund – Market Capitalisation Exposure
Exposure
Source: Nordea Investment Management AB as of 31/12/2018
18
ConfidentialAnnualized performance over various periods
Source - © 2019 Morningstar, Inc. All Rights Reserved as of 06.06.2019. Performance in EUR. Period under consideration: 01.06.2014 – 31.05.2019. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross income
reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges. Initial and exit charges could affect 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. If the base currency
of the respective sub-fund differs from the currency of the country where the investor resides the represented performance might vary due to currency fluctuations. The Nordea 1- Global Climate and Environment Equity Fund does not have
an official benchmark. The indexes shown are for illustrative purpose only.
19
ConfidentialIdea Generation
• Pure focus on Climate & Environment Information Flow within Team
beneficiaries
• Industry knowledge and value-chain analysis
are essential
• Ideas are generated from a variety of sources:
• Internal and external research
• Company meetings
• Industry and financial conferences
• Academic research
• Structural trends, innovation budgets (e.g.
company’s R&D) and regulation
• Experienced team of analysts capable of
filtering the information and identifying the
most attractive opportunities is key
Source: Nordea Investment Management AB
20
ConfidentialExample: Environment Protection / Green Consumerism
• Global leader in natural ingredients, organic food and
eco-friendly products (mainly natural flavours)
• Transition from synthetic towards natural products as
consumers focus on clean label, “free from …”, plant-
based, enhanced nutritional benefits etc.
• Kerry’s integrated taste and nutrition solutions enable
its global food and beverage clients to develop more
sustainable products “Green Consumer” retail categories see accelerating momentum
• Market underestimates growth driven by new product
innovation to address “green” consumer demand
Source: Nordea Investment Management AB, BNP Exane, www.fibl.org, Kerry
21
ConfidentialBottom-up analysis
Kerry risk / reward 1. Business Fundamentals
Strategic case • Leading provider of integrated solutions enabling
authentic taste and clean label products
• Benefitting from local and regional players gaining
share from consumer focus on authenticity
2. Financial Performance
• Strong track record for growth and returns
• Brilliant dealmaker with long record for value-enhancing
bolt-on acquisitions
3. Corporate Culture
• Great management with visionary expansion in taste &
Valuation case nutrition through R&D and customer focus
Underestimating growth
• Sustainability and ESG core part of corporate strategy
WACC 6.6%
Standard ROIC-WACC fade 67%
Growth
Nordea
Max ROIC-WACC spread 25.2% 4. DCF €118
ROIC-WACC spread allowed 90%
Market ROIC-WACC spread in terminal 22.7% • Above market organic volume growth, ongoing margin
expansion and M&A
Target price 118
Market price 106
Upside (%) 12% 5. “Expectation gap”:
Time
• Sustainable growth from Green Consumerism and
excellent bolt-on acquisitions underestimated
22 •
ConfidentialHow is ESG Information Integrated in our Analysis?
• Investors need to analyse qualitative and quantitative ESG information on top of all other available information to
make the best decision
• Investment decisions cannot be made on ESG information only
• We evaluate a company’s ESG profile within our strategic company analysis
Example 1: Example 2: Example 3:
C-rated Company Weaker ESG profile Excellent ESG profile
C-rated
Not Investable
No or little excess return in the long term Attractive long term excess return
Source: Nordea Investment Management AB
23
ConfidentialCompany example: Energy Efficiency
• Leading simulation software provider, enabling
customers to predict how products will behave in the
real world
• Unmatched position with integrated and customisable
simulation platform, containing Fluid Dynamics,
Structural Mechanics, Electromagnetics and Systems &
Multiphysics
• High barriers to entry, strong business model with high
operating margins and recurring revenues providing
visibility and stability
• Simulation is driving higher energy efficiency in several Adding flow simulation to the design
applications like aerospace, automotive, industrial improves efficiency by ~2% alone. With
pumps responsible for 10% of world’s
applications or wind energy electricity consumption the savings
potential is large
• We view Ansys as a long-term winner in a digitalising
world where all industries demand smarter engineering Aerodynamic optimisation Lightweight composites Engine emissions modelling
solutions that can deliver fast innovations
Simulation makes
economic sense!
Source: www.ansys.com
24
ConfidentialImpact Analysis- Ansys
Problem Solutions Impact
Resource Efficiency
Carbon pollution from flying in Europe Innovation through simulation to Each 1% increase in fuel efficiency
rose by 26% in the last five years, more deliver more fuel efficient and generates $2bn of savings across the
than any other transport mode. environmentally friendly aircrafts. industry and reduces CO2 emissions by
9 million tonnes.
Air traffic continues to grow above GDP -15% in fuel burn due to propulsion
requiring more fuel efficient solutions. -4.5% drag due to introduction of winglets Thus, each 1% increase in efficiency is
-18% weight through cargo weight equivalent to 2mio cars taken off the
reduction road for a year.
Energy Intensity
Source: Ansys
Source: Ansys
Source: European Aviation Environmental Report
25
ConfidentialCompany example: Advanced Materials
• Hexcel is one of the leading carbon fibers producers in
the world; lightweight materials are essential to improve
fuel efficiency in the transport sector, especially in
aircrafts
• Carbon fibers offer significant material advantages versus
steel and aluminium in the manufacturing of aircrafts
• The new generation of commercial aircrafts use a high
proportion of carbon fibers in the design
• Carbon fibers also making inroads into other industrial
applications such as wind turbines and high-end cars
• Hexcel is uniquely positioned to capture future growth
opportunities
Carbon fibers make
economic sense!
26 Source: Nordea Investment Management AB
ConfidentialImpact Analysis- Hexcel
Problem Solutions Impact
Resource Efficiency
Carbon pollution from flying in Europe rose Lightweight composite solutions reducing Thanks to lightweight materials (53%
by 26% in the last five years, more than any fuel consumption and associated carbon composite) and new engines, the A350
other transport mode. emissions of the aircraft. provide a 25% reduction in fuel burn and
CO2 emissions compared to previous
A reduction in fuel consumption of about models.
Air traffic continues to grow above GDP 0.75% results from each 1% reduction in
requiring more fuel efficient solutions. weight. Each 1% of reduction in aircraft weight
generates $1.5bn of savings across the
industry and reduces CO2 emissions by 7
million tonnes.
Energy intensity Composite solutions 1 million tonnes of CO2 is equivalent to
Source: Bachmann, J., Hidalgo, C. & Bricout, S. Sci. China Technol. Sci. (2017) Source: JCFA Source: Forbes, US Department of Energy
27
ConfidentialNordea Asset Management at a Glance
The largest asset manager in the Nordics, growing
European presence and business
▪ The largest Nordic Retail fund provider, with a
16% market share.
▪ Servicing > 475 Nordic & International
Institutional clients
▪ Growing 3rd party fund distribution franchise
servicing 300 international fund distributors
Our production strategy is based on core products
managed by internal independent investment boutiques
supplemented by complementary offerings from carefully
selected external managers on an exclusive basis.
AuM of EUR 217bn as of Q1 2019
~770 FTE’s whereof ~200 Investment specialists
28
ConfidentialLeader in ESG, Integrated Across All Investment Processes
Investment framework incorporates the Principles for Responsible Investment Enhanced Products
Responsible Investing (RI)
Swedish Stars Nordic Stars Emerging Stars
(AuM € ~1bn) (AuM € ~40m) (AuM € ~2bn)
Active ownership, engagement, proxy voting
Global Stars North American Stars European Stars
(AuM € ~480m) (AuM € ~340m) (AuM € ~50m)
RI-enhanced products where investment evaluation Sustainable EQ Global Gl. Sust. Enhanced EQ
to buy/sell explicitly includes ESG factors (AuM € ~70m) (AuM € ~460m)
Global Gender Diversity Climate & Environment
ESG integration in traditional funds - Actively managed (AuM € ~10m) (AuM € ~1.3 bn)
products include ESG in assessing investments European Stars Swedish FI Stars European HY Stars
(AuM € ~110m) (AuM € ~200 m) (AuM € ~60 m)
Emerging Stars US ESG HY ESG
Norms-based screening, exclusions (AuM € ~40 m) (AuM € ~110 m) (AuM € ~30 m)
Equity Funds Thematic Funds Fixed Income Funds
Awards
“The judging panel has followed Nordea’s trajectory for years, and is
pleased to see the Asset Management team has expanded to become
one of the largest, most diverse, and proactive teams in Europe.”
Source: Nordea Investment Management AB, Q1 2019
29
ConfidentialThe 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 significant fluctuations which may affect 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
financial 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, CH-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, D-60311 Frankfurt am Main, Germany. A hard copy of the above-mentioned fund documentation is also available from here. Additional
information for investors in Austria: The Information and Paying Agent in Austria is Erste Bank der österreichischen Sparkassen AG, Am Belvedere 1, A-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 offer 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, FR-75206 Paris cedex, 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, BE-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 official 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, ES- 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 financial 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, branches (located in the main towns of each region), BNP Paribas Securities Services - Succursale di Milano, Banca Sella Holding S.p.A, Banca Monte dei Paschi di Siena S.p.A., Allfunds Bank S.A.U.
Succursale di Milano, Société Générale Securities Services S.p.A., CACEIS Bank S.A – Succursale Italia 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 financial 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. Additional information for investors in the United Kingdom: The Facilities Agent is Financial Express Limited 3rd Floor, Hollywood House Chrisch Street East Woking, Surrey GU21 6HJ, United Kingdom.
Additional information for investors in Ireland: The Facilities Agent is Maples Fund Serviced (Ireland) Limited, a company incorporated in Ireland whose registered office is 5th Floor, 75 St Stephen´s Green, Dublin 2 (the “Representative”).
Additional information for investors in Sweden: The Paying Agent is Nordea Bank Abp, filial i Sverige, Smålandsgatan 17, SE-105 71 Stockholm, Sweden. The Representative Agent is Nordea Funds Ltd, Swedish Branch, Mäster
Samuelsgatan 21, M541 SE-105 71 Stockholm, Sweden. Additional information for investors in Denmark: The Representative and Sub-Paying Agent is Nordea Danmark, filial af Nordea Bank Abp, Finland, Grønjordsvej 10, DK-2300
Copenhagen S, Denmark. A hard copy of the above-mentioned fund documentation is available here. Additional information for investors in Norway: The Paying Agent is Nordea Bank Abp, filial i Norge, Essendrops gate 7, Postboks
1166 Sentrum, NO-0107 Oslo, Norway. The Representative Agent is Nordea Funds Ltd., Norwegian Branch, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo, Norway. Additional information for investors in Finland: The
Paying Agent is Nordea Bank Abp, Satamaradankatu 5, FI-00020, Helsinki, Finland. The Representative Agent is Nordea Funds Ltd, Centralgatan/Keskuskatu 3a, FI-00020, Helsinki, Finland. Additional information for investors in Latvia:
The Representative Agent is Luminor Bank AS, Skanstes iela 12, Riga, LV-1013. Additional information for investors in Estonia: The Representative Agent in Estonia is Luminor Bank AS, Liivalaia 45, 10145 Tallinn. Additional
information for investors in Lithuania: The Representative Agent in Lithuania is Luminor Bank AB, Konstitucijos pr. 21A, 03601 Vilnius. Shareholders must evaluate possible investment risks and take this into consideration when making
investment decisions. Information for investors in Brazil: This is a strictly privileged and confidential 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 specific 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 offer to buy or sell any securities or any related financial instruments, (iii) should not be construed in any manner as a public offer of any securities or any related
financial 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 offered or sold in Brazil except in circumstances which do not constitute a public offering or distribution under Brazilian laws and regulations. Any public offering, placement or distribution, as defined 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 offering of the Nordea 1, SICAV, as well as information contained
therein, must not be supplied to the general public in Brazil (as the offering of the Nordea 1, SICAV is not a public offering of securities in Brazil) or used in connection with any offer 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 and must not be passed to private investors. This document contains information
only intended for professional investors and financial advisers and is not intended for general publication. 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.
30
ConfidentialSie können auch lesen
