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Fact sheet as of November 21, 2018
SEB Ethical Europe Fund
Investment Philosophy

Generally accepted financial theory claims the investor is rational, the market is efficient and the only way to generate excess return is to assume higher market risk (beta). The investment team believes that higher market risk does not always result in a proportionally higher return, thus investors are not always fully compensated for assuming greater risk. This is substantiated by recent research. The investment team is also of the opinion that market information is generally not interpreted consistently by market actors. A structured, rule-based investment process is objective in evaluating market risk and market information. Accordingly, we believe this type of investment process provides the best chance of utilising these two anomalies in order to generate better-than-market returns.

Key Facts
keyvalue
Base CurrencyEUR
Share ClassC (EUR)
ISIN-codeLU0030166333
BenchmarkSocially Resp. ...
Year of launch1988
Value at launch (EUR)1.00
Legal StructureUCITS
Fund Management CompanySEB Investment Management AB
Turnover Ratio*0.72
* 12 months rolling, last updated 31 Oct 2018
Dividend
The share class does not pay dividends; the return is reinvested
Fund costs
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Management Fee1.40
Ongoing Charges*1.51
Entry FeeMax 5%
* The ongoing charges includes the management fee and constitutes payment for fund management, including marketing and distribution. The ongoing charges does not include transaction costs such as brokerage commissions on securities transactions.
Risk Measures
No risk measures are calculated due to insufficient history
Investment Process

Investment universe

The fund invests in European companies across different sectors and industries. We use an objective and disciplined investment process to identify what we regard as high quality companies that are favourably valued and have stable share prices. This gives the fund a defensive character. Consequently, it is more likely that the fund may outperform its benchmark in gently rising and falling markets than in sharply rising markets. Additionally, we follow specific sustainability criteria in our investment process. These criteria are based on international standards for human rights, labour, environmental and anti-corruption issues. This means we invest in companies that follow these standards. We do not invest in companies where more than five percent of the company's revenue comes from the production and/or sale of weapons or pornographic material, the production of alcoholic beverages or tobacco products, or from commercial gambling. We do not invest in companies that manufacture or sell controversial weapons. The fund’s performance will be affected by fluctuations in the underlying foreign exchange rates against the fund’s base currency. Derivatives may be used to achieve investment objectives and facilitate fund management. The fund may invest in other instruments than those mentioned above. Information about the fund's complete investment possibilities is available in the full prospectus.

Investment team

The fund is managed by the Global Equities team within SEB Investment Management AB with Jonas Linnell as the lead portfolio manager. The team, based in Stockholm, employs a systematic and disciplined investment process.

Research

The team uses a rule-based investment process based on evaluating the quality, profitability, valuation, sentiment, and risk profiles of individual companies which are potential investment objects. These factors form the basis for an objective ranking that identifies attractive companies. The team’s rule-based approach makes it possible to include all the companies in the investment universe in the evaluation process.

Portfolio construction

The portfolio is built from a bottom-up perspective. In constructing the portfolio, the team focuses on selecting the holdings that will result in the intended active exposure and risk profile for the portfolio. The investment team also aims to maintain diversification, efficient execution and cost-effective implementation.

Performance
Currency: EUR        |        NAV: 3.17 (11/21/2018)        |        AuM (M EUR) : 26.88 (10/31/2018)
 Fund EURBenchmark
Return % EURFundBenchmark
Accumulated since  
1 day0.91.2
1 month-1.3-0.9
3 months-6.9-6.3
6 months-9.5-8.7
1 year-7.9-5.9
3 years-0.70.8
5 years23.223.0
Year to date--
Average annual growth  
3 years-0.20.3
5 years4.34.2
CurrencyAdd benchmark
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Period
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Largest Positions*
% of Total  
 % of Total
Roche Holding AG4.1
Novartis AG3.3
Allianz SE3.0
GlaxoSmithKline PLC2.8
Legal & General Group PLC2.3
BASF SE2.2
Koninklijke Ahold Delhaize NV2.2
Tate & Lyle PLC2.1
Peugeot SA2.1
Mondi PLC2.1
* Last updated 28 Sep 2018. Source: SEB
* Numbers are absolute, not relative
Other Information

As of 2 November 2016, the fund´s Management company is SEB Investment Management AB.

This material is prepared by SEB and contains general information regarding financial instruments marketed, sold or solicited by SEB. SEB is the global brand name for Skandinaviska Enskilda Banken AB (publ), its subsidiaries and affiliated companies. Neither this material nor the products described in it are intended for distribution or sale in the United States or to US persons, and any such distribution is not allowed. The offering of shares or units in the funds may also be restricted in other jurisdictions. This document may not be used to make an offer or solicitation with respect to the sale of shares or units where such an offer or solicitation is unlawful. Although the information in this material is based on sources deemed by SEB to be reliable, SEB assumes no liability whatsoever for incorrect or missing information or for any loss, damage or claim arising from the use of this material. Past performance does not guarantee future performance. The value of investment funds and other financial instruments may rise as well as fall and there is no guarantee you will recover your original investment. If you or a fund invests in financial instruments denominated in a foreign currency, changes in currency exchange rates can affect the return on the investment. SEB makes no representation that funds whose share or unit classes aim at hedging the fund’s return from changes in currency exchange rates will succeed in achieving this. Any tax information in this material is based on regulations valid as per the date of this presentation and may be subject to change. Note that any tax information in this material is general. Kindly contact your SEB investment advisor for tax and investment advice appropriate for your situation. You are fully and solely responsible for your investment decision. This material is not intended for or suitable as the sole basis for investment decisions. Instead, you should base your decision on the information in the fund’s product documentation, including its fact sheet, Key Information Document, fund regulations and prospectus. These are available on www.sebgroup.lu/funds.
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