Quarterly Report. Nordea 1 GBP Diversified Return Fund. Fund data. Overview. Portfolio Managers. Investment strategy. Third quarter 2018
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1 This report has been produced for professional investors in the UK For professional investors only* Quarterly Report Third quarter 218 Nordea 1 GBP Diversified Return Fund ISIN: LU (BI-GBP) Overview The Nordea 1 GBP Diversified Return Fund (BI-GBP share class) yielded a positive return of +2.9% in Q During the quarter, our equity positions offered large positive contributions, which more than offset the negative contributions stemming from our cross assets strategies. Meanwhile, our fixed income and currencies strategies had a negligible impact on performance The fund s cautious investment approach and positioning is fairly unchanged given the economic market environment and outlook. Given the composition of the equity allocation, it is still expected that the fund will continue to benefit from a relatively smaller exposure to future downside risk compared to the broader market in case of uncertainty and volatility in financial markets Fund data Share class BI-GBP Fund category Accumulating NAV in GBP 11.6 Base Currency GBP Fund AUM Million (GBP) 2, Front end fee in % Up to 5. Annual management fee in %.7 Launch date ISIN LU Sedol BZ96J2 WKN A143WS Bloomberg ticker NOGDBIG LX Number of holdings 419 Data as of ) Sources: Nordea Investment Funds S.A. and Bloomberg. Period under consideration: The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. Portfolio Managers Nordea Multi Assets Team Investment strategy The fund aims to ensure capital preservation over a three-year horizon (i.e. low probability of negative returns over three years) and maximizing returns within this constraint. In addition, we aim to generate attractive and stable returns with low volatility. More specifically, we target LIBOR +4 % (gross of fees) with less than half the volatility of global equities. The investment philosophy is based on the overall belief that, over a full investment cycle, positive total returns can be achieved in all market environments by investing in well diversified return drivers across multiple assets through an unconstrained approach combined with robust risk management. Investments are made globally across financial assets including equities, bonds and money market instruments denominated in various currencies. The strategy may also invest in financial derivative instruments such as equity and fixed income futures in order to adjust the portfolio s beta and duration. 2 Asbjørn Trolle Hansen Head of Multi Assets Claus Vorm Portfolio Manager Kurt Kongsted Portfolio Manager 2) There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. * investing for their own account - according to MiFID definition
2 Quarterly commentary Q3 218 Trade war tensions dominated global financial markets during Q Nevertheless, global equities registered positive returns overall, primarily thanks to US market strength fuelled by robust economic growth and earnings data. Equity markets witnessed a sector and style rotation early in the quarter, which favoured defensive securities against cyclical ones. In this context, Developed Markets (DM) got out ahead: trade-related concerns, political uncertainties and a strong US dollar weighed on other regions, especially Emerging Markets (EM). Moreover, the positive economic backdrop in the US allowed the Federal Reserve to continue with its policy normalisation, increasing again its short-term interest rates and reaching its highest levels since October 28. Finally, credit spreads tightened across the broad, especially in the High Yield (HY) segment. In this context, the Nordea 1 GBP Diversified Return Fund (BI-GBP share class) yielded a positive return of +2.9% in Q Our equity positions offered large positive contributions, managing to offset the negative contributions of our cross assets strategies. In the meantime, our fixed income strategies and currency positions had a negligible impact on performance. Our long equity exposure to developed markets (DM) and emerging markets (EM), implemented through our Global & EM Stable/Low Risk, delivered positive contributions and managed to outperform the overall market, both on an absolute and a risk-adjusted basis. Over the period, our Global Stable/Low Risk benefitted largely from rising concerns about trade tensions, as investors feared these would escalate into a full-on trade war. Additionally, our EM Stable/ Low Risk managed to offer positive contributions, in a context where EM assets were out of favour, thanks to their defensive bias. Our short equity positions (through various indices replicating the MSCI World), implemented to reduce the fund s beta, had a negative impact on performance. The momentum strategy impacted negatively on overall performance, as it was mostly activated during the quarter. The strategy s negative outcome was to be expected, given the overall good environment for equities. Within the fixed income space, we saw higher yields globally especially in the US, due to strong macroeconomic momentum. Consequently, in September, the Federal Reserve raised its short-term interest rate by 25bp. In this context, our long exposure to US Treasuries had a negative contribution to performance, which could not be offset by the contributions of our short exposure to German Bobls (5 years). Although our allocation to European Covered had a negligible impact on performance, our exposure to Scandinavian Mortgage did generate slightly positive contributions. Finally, our tactical positions in HY spreads contributed positively over the quarter thanks to spreads tightening. Open currency positions in our FX Valuation strategy had a negligible impact this quarter. Our defensive currencies (e.g. SEK, JPY) suffered mostly in September, but they managed to preserve capital during August as investors flew to safer assets. Additionally, our Cross Assets Anti-Beta strategy, which combines fixed income and currency futures to offer downside protection in weak equity markets, detracted from performance. This was very much in line with what one could expect over a strong period for risky assets. According to Barra, the annual ex-ante volatility of the fund was slightly lower at 3.37% as of the end of Q Meanwhile, the duration of the portfolio was moderately higher at 2.2 years, as well as the net equity exposure, which increased to around 42%, resulting in a portfolio beta of.26. Strategically speaking, there were no major changes to the portfolio during Q3. From a tactical point of view (as opposed to our Strategic Asset Allocation), we have a positive stance on credit, duration and equities, going into October. Currency-wise, the fund continues to be almost fully hedged to GBP, while the overall exposure to FX Valuation open currency positions is now at around 13%. At quarter-end, our FX Valuation strategy included long defensive currencies (e.g. JPY, SEK) and short commodity-linked currencies (e.g. AUD, NZD). As for the Cross Assets Anti-Beta strategy, it was long duration at quarter-end. The decision to leave some of our currency exposure unhedged is on one hand relying on valuation metrics as a part of our FX Valuation strategy, and on the other hand on short-term correlation patterns between currencies and riskier assets in our Cross Assets Anti-beta strategy. Both strategies are primarily expected to provide diversification and positive returns in weak equity markets. The fund s cautious investment approach and positioning is fairly unchanged given the economic market environment and outlook. Granted the composition of the equity allocation, it is still expected that the fund will continue to benefit from a relatively smaller exposure to future downside risk compared to the broader market in case of uncertainty and volatility in financial markets. 3) Sources: Nordea Investment Funds S.A. and Bloomberg. Period under consideration: The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested.
3 Performance of the fund (since inception) Cumulative returns as of in % Time frame Fund 4 Year to date 8 1 month months months year.75 Since launch 1.6 4) ISIN Code LU Inception date: Sources: Nordea Investment Funds S.A. and Bloomberg. Period under consideration: The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested Nov-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Nordea 1 GBP Diversified Return (BI-GBP) Data Source Morningstar, Inc. All Rights Reserved as at Period under consideration: Performance in GBP and net of fees. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. Contribution by asset class as of in % Currencies Fixed Income X-Asset Source: Nordea Investment Management AB. Performance contributions based on the Nordea Stable Return Diversified Growth GBP Strategy. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. Period under consideration: Exposure by asset class as of in % DM Government Covered EM Cash Credit Equity Futures Fixed Income Futures Sources: Nordea Investment Funds S.A. and Nordea Investment Management AB.
4 Contribution by return drivers as of in % n DM Equity Beta n DM Equity Low Risk Anomaly n EM Equity Low Risk Anomaly n Momentum n Cross Assets Anti-Beta n Government & Mortgage n EM Equity Beta n Tactical Overlay n FX Valuation Source: Nordea Investment Management AB. Performance contributions based on the Nordea Stable Return Diversified Growth GBP Strategy (gross of fees). The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. Period under consideration: Contribution to risk (volatility) by return driver as of in % Gov Duration Global Stocks Low Risk Anomaly EM Stocks Low Risk Anomaly Momentum FX Valuation Cross Assets Ant-Beta Credit Global EM Stocks Beta Stocks Beta TAA Diversification Total Return drivers contributing during bear markets Return drivers contributing during bull markets Note: For illustrative purposes. Sources: Nordea Investment Management AB. Currency breakdown as of in % Duration breakdown as of in years GBP JPY CHF SEK USD CAD DKK NOK NZD AUD EUR Other DM FX EM FX.5 US -3 UK.1.13 Europe - ex UK Other Total Source: Nordea Investment Management AB. Date: Note: Illustrative example based on the Nordea Stable Return Diversified Growth GBP Strategy, hence there might be some minor deviations relative to the sub-fund. Source: Nordea Investment Management AB.
5 Source (unless otherwise stated): Nordea Investment Funds S.A. Period under consideration (unless otherwise stated): 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 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 currency of the respective share class differs 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 29/65/EC of 13 July 29. 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, L17 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 214/59/ 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, L17 Luxembourg, which is authorized by the Commission de Surveillance du Secteur Financier in Luxembourg. Approved by Nordea Bank Abp, which is regulated by the FCA in the United Kingdom. Further information can be obtained from your financial advisor. He/she can advise you independently of 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.
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