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Fact sheet as of April 17, 2024

SEB Eastern Europe Small and Mid Cap ex. Russia Fund

Marketing material

Fund manager: Pavel Lupandin

Investment Philosophy

Despite rapid development over the past decade, the team considers that equity markets in Eastern Europe continue to be inefficient. This applies particularly to small caps, where the sell-side coverage and the resulting investor interest are minimal. By following a structured investment process and utilising its local expertise, the team believes it can create added value for the fund’s investors.

Key Facts

key	value
Base Currency	EUR
Share Class	C (EUR)
ISIN-code	LU0086828794
Benchmark	MSCI Emerging M...
Year of launch	1998
Value at launch (EUR)	10.00
Legal Structure	UCITS
Fund Management Company	SEB Investment Management AB
Turnover Ratio*	0.45

* 12 months rolling, last updated 28 Mar 2024

Dividend

The share class does not pay dividends; the return is reinvested

Fund costs

key	value
Management Fee	1.75
Ongoing Charges*	1.82
Entry Fee	Max 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*

key	value
Standard Deviation (Fund)	31.9
Standard Deviation (Index)	38.9
Tracking Error	11.3
Active share **	60.9
Sharpe Ratio	-0.4
Information Ratio	0.5
Alpha	6.1
Beta	0.8

* 36 months rolling, last updated 31 Mar 2024

** Active share measures the difference between the fund’s and the benchmark’s holdings. From 28 Mar 2024

Investment Process

Investment universe

This actively managed equity fund focuses mainly on small-sized companies in Eastern Europe, including Russia. The fund invests in securities issued by small cap companies which are listed or traded on a regulated market in the eligible countries or derive at least 40 percent of their sales or profits from one or several of the eligible countries. For liquidity reasons, a portion of the portfolio invests in shares of larger companies. Countries considered as eligible for investment are Albania, Armenia, Azerbaijan, Belarus, Bosnia and Hercegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Tajikistan, Turkey, Turkmenistan, Ukraine and Uzbekistan. The fund has no benchmark. Derivatives may be used to achieve the investment objective. Derivatives will not be used for shorting purposes.

Investment team

The fund is managed by SEB’s Eastern European team, based in Tallinn, Estonia. The fund manager is Marko Daljajev. The fund manager is supported by sector specialists.

Research

The team applies a stock-picking approach, concentrating on analysing single-company fundamentals. The team seeks undervalued companies with interesting business opportunities and aims to identify emerging trends in company financials at an early stage. The team also follows company meetings and corporate governance trends and issues. Companies that refine and improve their corporate governance are a significant value-creating factor throughout the investment region. The team also reviews sell-side research to identify relevant information.

Portfolio construction

The portfolio is based primarily on stock-picking within sectors. Sector and country allocation are the result of stock-picking to a great extent. The fund typically includes 80 to 100 stocks. New investment alternatives can act as sell triggers; positions are also exited when deterioration in company financials is of a sustained nature.

Performance (EUR)

Currency: EUR | NAV: 3.56 (4/17/2024) | AuM (M EUR) : 115.51 (3/28/2024)

SEB Eastern Europe Small and Mid Cap ex. Russia Fu... (FundEUR)

MSCI Emerging Markets Europe 10/40 Index ex. Russi... (Benchmark, )

	Fund EUR	Benchmark
Return % EUR	Fund	Benchmark
Accumulated since
1 day	0.9	0.8
1 month	3.4	4.7
3 months	11.5	10.3
6 months	19.0	14.5
1 year	32.4	31.0
3 years	-33.3	-44.9
5 years	-20.3	-45.2
Year to date	9.6	9.9
Average annual growth
3 years	-12.6	-18.0
5 years	-4.4	-11.3

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Period

Largest Positions*

% of Total

	% of Total
Komercni banka	8.8
Bank Pekao SA	8.1
Powszechna Kasa Oszczednosci Bank Polski	5.2
Nova Ljubljanska Banka dd	5.0
Coca-Cola Icecek AS	4.0
Orange Polska SA	3.9
BIM Birlesik Magazalar	3.9
InPost SA	3.7
LC Corp	3.5
Allegro.eu SA	3.0

* Last updated 28 Mar 2024. Source: SEB

* Numbers are absolute, not relative

Sector Allocation*

* Last updated 31 Mar 2024. Source: SEB

* Numbers are absolute, not relative

Other Information

As of 13 February 2023, the fund changed name from SEB Eastern Europe Small and Mid Cap Fund. As of 2 July 2021, SEB SICAV 1 - SEB Eastern Europe ex Russia Fund and SEB Fund 2 - SEB Russia Fund have merged into the fund. As of 23 November 2018, the fund's name and investment strategy changed and a benchmark was added. As of 2 November 2016, the fund´s Management company is SEB Investment Management AB.

All figures net of fees.

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.

Thursday, April 18, 2024 7:10:46 PM