Presentación Nordea: Funds Experience 2016

For Professionals Only*

* Investing for their own account – according to MiFID definition.

Nordea 1 – Flexible Fixed Income Fund

ISIN: LU0915365364 (BP-EUR)

October 2016

For Professionals Only

2

The starting point for the investment process

Risk Balancing

Our risk balancing principle Assets generating returns in bull markets are balanced by

assets generating returns in bear markets.

Construct a portfolio that balances the risk,

targeting an all-weather return.

Bear Markets

Return drivers which perform

during bear markets

• High Quality Gov. Bonds

Bull Markets

Return drivers which perform

during bull markets

• High Yield Spreads

• Emerging Market Debt Spreads


3

Risk balancing example – simple portfolio of credit & government bonds

Sources: Nordea Investment Management. Period under consideration: 01.01.2002 – 30.06.2016. The performance represented is historical; past performance is not a reliable indicator of future results and investors may not recover the full amount invested. Data for calculation: High yield return is based on iTraxx European Cross Over, Government Bond is based on German Bund Futures Index returns.

Investment Philosophy

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

High Yield Government Bond Total

Risk contributions

Po

rtfo

lio

ri

sk

Ris

km

itig

ati

on

(d

ive

rsif

ica

tio

n)

Global

financial

crisis Euro

sovereign

debt crisis

US Downgrade

Source: Datastream. Period under consideration: 01.01.2007 - 15.09.2016.


4

Strengthening Risk Balancing Principles

Return drivers which typically

perform during bull markets


• Emerging Markets Spreads

Return drivers which typically perform

during bear markets

• High quality Govt.

Re-establishing the risk balance: 1) Flexible SAA

2) Active Currency Management

3) TAA risk reduction

Bear Markets Bull Markets

• 3 attempts to “re-establish” the risk balance

(increase the risk protection without compromising the returns)

Note: For illustrative purposes only. Source Nordea Investment Management. Period under consideration: 01.06.2005 to 31.07.2016


5

Selecting return drivers performing well in up or down markets

Return drivers which perform during bear markets

Return drivers which perform during bull markets

Investment Universe

USD Emerging Markets

Gov.

US & EU Corp.

US & EU High Yield

Eurozone Gov.

European

Covered

High Quality

Gov.

Global Inflation Linked

G10 Currenci

es

High Quality

Currencies

Local

Currency

Emerging

Markets

Gov.

Source: DataStream. Period under consideration: 30.06.2009 – 15.09.2016.


6

Negative correlation to credit to facilitate risk balancing in the future

Note: For illustrative purposes only. Source Nordea Investment Management. Period under consideration: 01.01.2008 to 31.07.2016

2) Active Currency Management

Nordea Multi Assets’ response:

Implement investment strategies that have positive

expected return and anti-beta characteristics:

• Open currency positions for protection

• Use of valuation metrics to assess if a currency is

over/under valued

• Qualitative filter

Sources: Datastream. Performance of JPY and USD relative to EUR during a crisis .

Period under consideration:: 01.01.2007 – 15.09.2016


7

Bringing risk down in times of trouble

Note: for illustrative purposes only.

Tactical models are used to Reduce the Risk:

Strengthen the balance of risk by

adding risk-off strategies

Based on systematic valuation and

tactical assessment

3) Tactical Asset Allocation (TAA)

Source: Thomson Reuters Datastream. 3 months rolling, daily data annualized %. Period under consideration: 25.08.2013 – 25.08.2016.

TAA risk

reduction

TAA risk

reduction

Total portfolio duration:

Source Nordea Investment Management. Period under consideration: 31.05.2013 – 30.09.2016

Total portfolio credit exposure:

Source Nordea Investment Management. Credit exposure is measured as total portfolio sensitivity to high yield spread movements. Period under consideration: 31.05.2013 – 30.09.2016.


8

Note: Illustrative example based on Flexible Fixed Income Fund (BP-EUR) data. Source: Nordea Investment Management. 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 is not ensured. Period under consideration: 03.05.2013 – 30.09.2016..

Historical contributions


9


There can be no warranty that investment objectives, targeted returns and results of an investment structure are achieved.

Objectives – Outcome:

• Build an optimal fixed income portfolio with a fairly low level of risk (normal target volatility 2-5%)

• Produce approx. 2% returns in excess of cash rate per annum over a full investment cycle

Nordea response to Low-Growth / Low-Yield Environment:

• Motivation – All-weather product:

• New risk-mitigating strategies in a low-yield environment

• Global asset allocation and unconstrained investment universe

• Risk balancing and true diversification

Capital preservation obtained via flexibility


10

Performance

Nordea 1 – Flexible Fixed Income Fund (BP-EUR)

Source (unless otherw ise stated): Nordea Investment Funds S.A. Period under consideration (unless otherw ise

stated): 02.05.2013 - 30.09.2016. Performance calculated NAV to NAV (net of fees and Luxembourg taxes) gross

income and dividends reinvested, in the base currency of the respective sub-fund, excluding initial and exit charges

as per 30.09.2016. 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 w here the investor resides

the represented performance might vary due to currency f luctuations.

Calendar Year Returns in % Fund

2014 5.65%

2015 1.32%

Cumulative Returns in % Fund

YTD 3.40%

1 month -0.19%

3 months 0.49%

6 months 1.12%

1 year 4.03%

3 years 11.10%

Since inception* 7.67%*Launch date: 02.05.2016

Appendix


12

Investment Committee and Management Structure

Caroline Henneberg Co-Portfolio Manager

TAA & Risk

Søren Lolle Co-Portfolio Manager

SAA & Risk

Asbjørn Trolle Hansen Head of Multi Assets

Karsten Bierre Portfolio Manager

Head of Fixed Income Allocation

Multi Assets Team in short*

Around 40 professionals

Total AuM: More than EUR 80 Billion, managed across multiple strategies

Strategic Dynamic Beta

Multi Assets – Process & Products

Portfolio Construction

Duration TAA

Equity TAA

Credit TAA

Proprietary Return Drivers

Reversal

Factor Models

Currency Premia

Low Risk

Volatility

Lead Momentum

…

Multi Assets – Research structure:

Products & Services

FI Asset

Allocation

Stable Equities

Enhanced

Equity

Equity Income

Alternatives

(Hedge Funds)

SAA

Advice

Balanced

Sweden

Balanced

Finland

Balanced

Norway

Balanced

Denmark

Unconstrained

Balanced

ALM

Advice

*Please note that not all MA team members are involved in the management of the N1 – FFIF. Assets managed according to the same philosophy and process of the fund are around EUR 2 bn. Data as of 30.06.2016.


13

Source: Hedgeye. Date: 27.07.2016

Living in a low growth / low yield environment

Source: Datastream. Data as of: 18.08.2016 Source: Datastream. Data as of: 18.08.2016

Source: Datastream. Data as of: 18.08.2016


14

Understanding asset class behaviour

We Consider Return Drivers

Example: European Corporate Bonds

Focus on returns from duration and credit risk rather than total return

• A return driver is interpreted as a risk

premium

• Risk is easier to identify when focusing

on risk premiums rather than asset classes

• Correlation analysis is more robust for

risk premiums than for asset classes

European Corporate Bonds Total Return

Risk Free Rate

German Duration

Risk Premium

Europe IG Credit Spreads

Focus on risk premiums rather than asset classes


15

• Due to the low yield environment the risk is no longer in balance

Strengthening Risk Balancing Principles

Return drivers which typically

perform during bull markets


• Emerging Markets Spreads

Return drivers which typically perform

during bear markets

• High quality Govt.

Bear Markets Bull Markets

“Everyone has a plan ’till they get punched in the face.” Mike Tyson


16

Non-euro sovereign bond markets offers attractive return or risk characteristics

1) Flexible SAA: Finding return and diversification outside the euro area

Source: DataStream. Period under consideration: 01.01.2011 – 15.09.2016. Source: DataStream. Period under consideration: 30.06.2009 – 15.09.2016.

Source: Hedgeye. Date: 14.06.2015.


17

The power of diversification and TAA

Distribution of Risk Budget

Overall portfolio risk is significantly reduced thanks to truly diversifying return drivers and TAA

Note: For illustrative purposes.

Source: Nordea Investment Management AB.

Exposure working in periods of recession (Defensive) Exposure working in periods of recovery (Aggressive)

Total risk and the individual return drivers’ contribution to risk

Diversification and TAA overlay can

reduce total portfolio risk from

7.7% to only 2.2%


18

• All weather product – total return portfolio

• Low risk and capital preservation based on risk balancing principles

• Exploit opportunities across global fixed income asset classes

• Unconstrained – flexibility to reduce risk in times of trouble

• Core holding to build a fixed income portfolio

Key takeaways


19

Positioning 30.09.2016

1) % of notional exposure is a breakdown designed to represent the fund’s ownership of both traditional fixed income securities and derivatives including, futures, credit default swaps, options and swap contracts. Internal calculations taking derivatives and funds into account. Derivatives count with their notional exposure. Internal calculations and MSCI Barra. These figures may differ from our standard monthly reports, as only physical positions are taken into consideration. Sources: Nordea Investment Management. Date: 30.09.2016.


% Notional Exposures1

Portfolio Characteristics1

Duration 1.0 years

YTM 0.86%

Average rating AA-

AUM 2,834 m EUR


20

Currency positioning 30.09.2016

Sources: Nordea Investment Management. Date: 30.09.2016.



21

1)% of notional exposure is a breakdown designed to represent the fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, credit default swaps, options and swap contracts. Sources: Nordea Investment Management. Period under consideration: 31.05.2013 – 30.09.2016.

Historic Allocation

% Notional Exposures1

As of 30.09.2016


22

Example: Duration model

Note: For illustrative purposes only.

Tactical Asset Allocation Models

Valuation is measured by yield curve steepness.

Model output is the probability that bonds will

outperform cash.

Yield curve

steepness

LONG

DURATION

LONG

DURATION

SHORT

DURATION

SHORT

DURATION

SHORT

DURATION

LONG

DURATION

Momentum

in macro

and risk

assets

Duration investment philosophy: Buy attractive

valuation given certain conditions (supportive

fundamental momentum and/or relative price changes).

Examples of models and parameter contributions:

Total portfolio duration:


Source Nordea Investment Management. Period under consideration: 31.05.2013 – 30.09.2016


23

Example: Credit model

Tactical Asset Allocation Models


Credit spread

LONG

CREDIT

LONG

CREDIT

SHORT

CREDIT

SHORT

CREDIT

SHORT CREDIT

LONG CREDIT

Momentum in

expected defaults

Valuation is measured by credit spreads

adjusted for expected defaults.

Model output is the probability that credit bonds

will outperform government bonds.

Credit investment philosophy: Buy attractive

valuation given certain conditions (supportive

fundamental momentum and/or relative price changes).

Examples of models and parameter contributions:

Total portfolio credit exposure:


Source Nordea Investment Management. Credit exposure is measured as total portfolio sensitivity to high yield spread movements. Period under consideration: 31.05.2013 – 30.09.2016.


24

Sources: Nordea Investment Management Multi Assets. Actual performance is from the Nordea 1-Alpha 15 Fund, in which the duration and credit strategies have been used since inception (launched in July 2011). The performance represented is historical; past performance is not a reliable indicator of future results.

Tactical Asset Allocation Overlay – Performance

100

105

110

115

120

125

130

135

140

145

150

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Duration model

Backtest

Actual performance

100

120

140

160

180

200

220

240

260

280

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Credit model

Backtest

Actual performance

Duration: Backtest 2002-Jun2011, Actual Jul2011-Aug2016

Hit ratio 67%

Ann. Return 2.79%

Return volatility 2.36%

Information Ratio 1.18

Duration: Actual performance Jul2011-Aug2016

Hit ratio 63%

Ann. Return 2.36%



Credit: Backtest 2002-Jun2011, Actual Jul2011-Aug2016

Hit ratio 68%

Ann. Return 6.72%



Credit: Actual performance Jul2011-Aug2016

Hit ratio 66%

Ann. Return 4.00%



Date: 31-08-2016


25

FX Valuation model with a quality filter


Active Currency Management Model

Source Nordea Investment Management. Period under consideration: 01.01.2000 –

31.08.2016. The performance represented is historical; past performance is not a

reliable indicator of future results.

FX Valuation Model

Ann. Return 2.53%


Information ratio 0.35

Correlation to S&P500 -33%


26


Investment Process

Focus on Return Drivers & Strategic Asset Allocation Research

Optimization Implementation

Tactical Asset Allocation &

Risk Monitoring

• Identification of investable assets and return factors

Risk/return characteristics

Based on Strategic Asset Allocation Research

• Selection of relevant assets

Based on factor risk

Security selection consistent with factor

• Focus on both Risk-on and Risk-off strategies

Risk-on assets work in periods of recovery

Risk-off assets work in periods of recession

• Conviction setting based on SAA research

Sharpe ratios

• Efficient frontier optimization

• Investment committee meeting

Signs off portfolio composition

• Daily monitoring of proprietary asset allocation models

• Portfolio adjustments based on output from tactical asset allocation models

Duration

Credit

Currency

• Daily risk monitoring

• Implementation

Cash bonds

Synthetic replication

Step 1 Step 2 Step 3 Step 4

Monthly Monthly Monthly Daily


27


Step 1: Strategic Asset Allocation & Research

SAA Research & Analysis Return Drivers & Risk Characteristics

Risk On Drivers Risk Off Drivers

Identification of all investable assets and factors

Factor Risk Screening

Selection

of relevant

assets Yield-to-Risk Mapping

Assets grouped according to main return driver

• Duration region

• Duration curve

• FX valuation

• HY credit spread

• IG credit spread

• EM spread

• Covered bond spread

• Eurozone govies spread


28


Step 2: Optimization

The optimization is based on our proprietary optimization model

The Optimal portfolio is calculated based on our internal return

and risk expectations

Alpha strategies (asset allocation and paper selection) are not

included in the

optimization

Volat.

Return

4%

The expected return will

depend on the slope of the

efficient frontier and the

selected risk level. In this

example the risk is set to be

4% ex-ante volatility.

Determine the optimal SAA portfolio


29

Security selection


Step 3: Implementation

Strategic Allocations

Eurozone

Government

Spread

Cash bonds,

duration

hedged

Outsourced

to

International

FI Team

Global High

Qual.Govies

and Inflation

Cash bonds

Internally

Selected

Cash

Cash bonds

(Europ. cov.

Bonds), duration

hedged

Outsourced

to Euro

Covered

Team

Investment

Grade

Spread

Synthetic

replication

(CDS)

Internally

selected

High Yield

Spread

Synthetic

replication

(CDS)

Internally

selected

Emerging

Markets

Spread

Synthetic

replication

(govies + CDS +

FX contr.), ETFs,

duration hedged

Internally

selected

Tactical Strategies

Credit

CDS contracts

Duration

US and German 10 year

bond futures

Currencies

FX forwards


30

Used only to reduce the overall risk level of the portfolio


Step 4: Tactical Asset Allocation Overlay

Two main input parameters:

The steepness of the

yield curve

The momentum in macro

& risk-assets

Yield curve

steepness

LONG

DURATION

LONG

DURATION

SHORT

DURATION

SHORT

DURATION

SHORT

DURATION

LONG

DURATION

Momentum

in macro

and risk

assets

Two main input parameters:

The credit spread

The momentum in

expected defaults

Credit spread

LONG

CREDIT

LONG

CREDIT

SHORT

CREDIT

SHORT

CREDIT

SHORT

CREDIT

LONG

CREDIT

Momentum

in expected

defaults

FX valuation: Active

management through the use of

valuation metrics to assess if a

currency is over/under valued.

1. Duration 2. Credit 3. Currency


31

Main Characteristics

Feature Nordea 1 – Flexible Fixed Income Fund

Instruments used Cash bonds, CDS, forward contracts, NDFs, futures, ETFs and funds

(max. 10% in ETFs and funds)

Exposure Net Long (but can use short instruments)

Duration Net Long (but can use short instruments)

Benchmark Unconstrained


32

Key fund data


Sub-fund's name Nordea 1 - Flexible Fixed Income Fund

Fund Manager Multi Assets Team

Fund Domicile 562, rue de Neudorf, 2220 Luxembourg, Luxembourg

Share class BP

Annual Man. Fee 0.800 %

Security number (ISIN) LU0915365364

Security number (WKN) A1T96A

Fund Size in millions 2834.43

Currency EUR

Reference index N/A

No. of holdings 247

Launch date 02/05/2013

Minimum investment (EUR) 0Source: Nordea Investment Funds S.A., Date: 30.09.2016


33


Conceptual Investment Approach

The Economic Cycle

Return drivers working in periods of recession

Return drivers working in periods of recovery

Total performance

Illustrative performance

Peak

Trough

Peak

Recession

Expansion

Actual growth

Growth trend

Time

Output (GDP)

Time

Return)

Capital preservation is achieved by focusing on truly diversifying return

drivers


34

Source: © 2016 Morningstar, Inc. All Rights Reserved. European Open End Funds database. Peer group: Morningstar EAA OE Global Flexible Bond – EUR Hedged. Data as at: 13.10.2016. Period under consideration: 01.06.2013 - 30.09.2016. Performance in EUR. Please note that the Nordea 1 – Flexible Fixed Income Fund has no official benchmark. 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 is not guaranteed

Attractive risk / return profile (since FFIF inception)

Return p.a.

2.73% and

Volatility p.a.

2.84%

Sharpe ratio:

0.94


(BP-EUR)

Peer Group


35

2015-16 was a tough period for many flexible fixed income funds

Source: © 2016 Morningstar, Inc. All Rights Reserved. European Open End Funds database. Peer group: Morningstar EAA OE Global Flexible Bond – EUR Hedged. Data as at: 13.10.2016. Period under consideration: 31.12.2014 - 30.09.2016. Performance in EUR. Please note that the Nordea 1 – Flexible Fixed Income Fund has no official benchmark. 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 is not guaranteed


36

A stable bank among the largest European players

Source: Nordea. Date: 30.06.2016

Nordea is the largest institution in the

Nordic region with 600 branch

locations serving 10 million personal

customers

The three main business lines are

retail banking, wholesale banking and

wealth management

S&P has a stable outlook for

Nordea’s AA-rating

Continuous growth in operating

income over the last 5 years

Nordea

Ratings:

• Standard & Poor's

• Moody's

• Fitch

AA-

Aa3

AA-

Core Tier 1 capital 16.8%

Market Capitalisation EUR 30 bn

Total assets EUR 671 bn

AuM EUR 300 bn


37

Stable partner with focus on delivering alpha and outcome

Source: Nordea Bank. Date: 30.06.2016. * Source: Morningstar Direct. Data (expressed in EUR billion, for funds, funds of funds and ETFs (excluding money market funds)) provided by Morningstar on 15.04.2015 for 2012, 2013 and 2014, and on 12.04.2016 for 2015.

Active Manager:

Alpha through our multi-boutique

approach combining our internal strengths

with exclusive external competences

Outcome built on stability to meet clients‘

risk appetite and needs

Stable Partner:

Stable relationship model and large

product breadth: reliability and trust

One platform, many specialists: Alpha

and outcome solutions in one platform to

serve clients in all weathers.

Nordea Asset Management

AUM EUR 202 bn

Net sales in 2015 EUR 12.7 bn

Only European asset manager to consistently feature in the

annual list of top ten cross-border asset managers in terms

of European net flows as published by Morningstar*

Multi-boutique Approach Internal Boutiques

External Boutiques

AUM 85%

15%

Global Distribution Captive Distribution

Non-Captive Distribution

50%

50%

Team

out of which investment team

600 160

Flat Organisation structure and Global Presence:

Stockholm, Copenhagen, Oslo, Helsinki, Luxembourg,

Cologne, Frankfurt, Madrid, Vienna, Zurich, Paris, London,

Milan, New York, São Paulo, Singapore


38

Combining internal strengths with exclusive external competences to deliver alpha and outcome to our clients

Nordea multi-boutique approach

Internal Boutiques Covered Bond Team

Credit Team

Danish Fixed Income Team

European Small & Mid Cap Equities Team

Fundamental Equities Team

International Fixed Income Team

International Focus Equities Team

Multi Asset Team

Norwegian Equity Fund

Norwegian Fixed Income Team

Swedish Fixed Income Team

Stable Equities Team

External Boutiques Aegon USA Investment Management LLC

Capital Four Management A/S

Clarivest Asset Management LLC

DoubleLine Capital L.P.

Eagle Asset Management, Inc.

European Value Partners AG

Income Partners Asset Management (HK) Limited

Itaú USA Asset Management Inc

Libra Capital Management (HK), Ltd

MacKay Shields LLC

PGIM Limited

STANLIB Asset Management Limited

The London Company of Virginia LLC

T. Rowe Price International Ltd.


39

*Building on its Nordic expertise, Nordea also manages internally a full range of Nordic equity, bonds and currency strategies such as Norwegian Equity, Norwegian Bond, Swedish Bond. Note that some of the strategies listed above are only available as a sub-fund vehicle within the Nordea 1, SICAV. The Nordea 1, SICAV consists of 72 sub-funds covering the full asset spectrum out of which 50 products have more than EUR100mn AuM and 33 products have more than EUR 250mn AuM. Source: Nordea Investment Funds S.A. Date: 30.06.2016

Selected Nordea solutions to meet your needs

Strategies

Unconstrained

Core Credit

Flexible Fixed

Income

European High

Yield Bond

US Total Return

Bond

European Covered

(Low Duration) US High Yield

Bond

Unconstrained

Bond

Nordic Fixed

Income*

European Cross

Credit Bond

Stable Return European

Corporate Bond

Multi Asset US Corporate

Bond

Europe Global / Theme North America Emerging

European Value North American

Value

Stable Emerging

Markets Equity

European Focus

Equity

Global Stable

Equity

North American

All Cap

Emerging

Stars Equity

Europ. Small &

Mid Cap Equity Global

Dividend

North American

Small Cap Latin American

Equity

Nordic Equity

(Small Cap)

Emerging

Consumer Indian Equity

African Equity

Chinese Equity

Bond Equity

Heracles

Long/Short MI

Emerging

Emerging Market

Blend Bond

Emerging Market Bond

Emerging Market

Corporate Bond

Renminbi High

Yield Bond

Nordic Ideas

Equity Climate and

Environment

European

Financial Debt

Fund

Global Stars

Alpha 15


40

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, 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. For further details of investment risks associated with these sub-funds, please refer to the relevant Key Investor Information Document, available as described above. 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. Additional information for investors in Switzerland: The Swiss Representative and Paying Agent is Nordea Bank S.A. Luxemburg, Zweigniederlassung Zürich, Mainaustrasse 21-23, CH-8008 Zürich. Telephone (+41) 44 421 42 42, Fax (+41) 44 421 42 82. 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. A hard copy of the above-mentioned fund documentation is also available from here. Additional information for investors in Austria: Sub-paying Agent and Representative in Austria is Erste Bank der Österreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. 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, 75013 Paris. Investors are advised to conduct thorough research before making any investment decision. Additional information for investors in Belgium: The Representative Agent in Belgium is BNP Paribas Securities Services S.C.A., Brussels branch, 25 Rue de Loxum, Brussels, B-1000-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. 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, at State Street Bank S.p.A. branches (located in the main towns of each region), BNP Paribas Securities Services, Banca Sella Holding S.p.A, Banca Monte dei Paschi di Siena, Allfunds Bank S.A. Sucursal de Milan, Société Générale Securities Services Sp.A. and on the website www.nordea.it. Any requests for additional information should be sent to the distributors. Before investing, please read the prospectus 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: Approved by Nordea Bank AB, 5 Aldermanbury Square, London EC2V 7AZ, which is regulated by the FCA in the United Kingdom. Additional information for investors in Sweden: The Paying Agent is Nordea Bank AB (publ), Smålandsgatan 17, Stockholm SE-105 71. The Representative Agent is Nordea Funds Ltd, Swedish Branch, Mäster Samuelsgatan 20, Stockholm, SE-105 71. Additional information for investors in Denmark: The Information and Paying Agent is Nordea Bank Danmark A/S, Strandgade 3, Christiansbro, DK-1401 Copenhagen K. A hard copy of the above-mentioned fund documentation is available here. Additional information for investors in Norway: The Paying Agent is Nordea Bank Norge ASA, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. The Representative Agent is Nordea Fonds Ltd., Norwegian Branch, Essendrops gate 7, Postboks 1166 Sentrum, NO-0107 Oslo. Additional information for investors in Finland: The Paying Agent is Nordea Bank Finland Plc, Satamaradankatu 5, FI-00020 NORDEA, Helsinki. The Representative Agent is Nordea Funds Ltd, Centralgatan/ Keskuskatu 3a, FI-00020 NORDEA, Helsinki. Additional information for investors in Latvia: The Representative and Paying Agent is Nordea Bank AB Latvijas branch, K. Valdemara St. 62, Riga, LV-1013. Additional information for investors in Estonia: The Representative and Paying Agent in Estonia is Nordea Bank AB Estonia Branch, Liivalaia 45 10145 Tallinn. Additional information for investors in Lithuania: The Representative and Paying Agent in Lithuania is Nordea Bank AB, Lithuania Branch, Didzioji str. 18/2, LT-01128 Vilnius. Shareholders must evaluate possible investment risks and take this into consideration when making investment decisions. Information for investors in Brazil: Nordea 1, SICAV have not been, and will not be, registered with the CVM and may not be offered or sold in Brazil except in circumstances which do not constitute a public offering or distribution under Brazilian laws and regulations. Investors within Brazil should consult with their own counsel as to the applicability of these laws and regulations or any exemption there from. This material aims to provide information only and does not constitute and should not be construed as an offer to buy or sell or solicitation of an offer to buy or sell any security or financial instrument. 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 independent 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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Presentación Nordea: Funds Experience 2016

Economy & Finance

Transcript of Presentación Nordea: Funds Experience 2016