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Fact sheet as of December 04, 2023

SEB Corporate Bond Fund EUR

Marketing material

Fund manager: Mikael Anttila, Marianne Gut, Mattias Ekström

Investment Philosophy

The team believes that credit as an asset class provides a good source of diversification and increases risk-adjusted return. In addition to the credit-risk premium received, defined as return in excess of defaults, the team believes that an active approach to the credit market gives them many opportunities to earn positive alpha, i.e. return not correlated with the market. Alpha is generated by allocation and security selection, but also by relative value strategies.

Key Facts

key	value
Base Currency	EUR
Share Class	C (EUR)
ISIN-code	LU0133008952
Benchmark	Bloomberg Euro-...
Year of launch	2001
Value at launch (EUR)	1.00
Legal Structure	UCITS
Fund Management Company	SEB Investment Management AB
Morningstar Rating (3 years) 31 Oct 2023
Turnover Ratio*	0.13
Duration	4.34

* 12 months rolling, last updated 31 Oct 2023

Dividend

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

Costs

key	value
Management Fee	0.70
Ongoing Charges*	0.77
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)	5.4
Standard Deviation (Index)	6.0
Tracking Error	1.0
Active share **	97.2
Sharpe Ratio	-0.7
Information Ratio	0.0
Alpha	0.0
Beta	0.9

* 36 months rolling, last updated 31 Oct 2023

** Active share measures the difference between the fund’s and the benchmark’s holdings. From 31 Oct 2023

Investment Process

Investment universe

The credit spread is divided into three components: Swap-spread, Spread-over-Libor and company-specific spread. Each component has its own process, which is affected by different factors. Exposure to various spread components is decided based on the outcome of each process. Credit allocation meetings are used to gain a view of the credit market and determine the portfolio’s risk level. Focus is placed on fundamentals, sentiment, supply/demand and valuation. When deciding on company-specific risk, a four-step process is used: 1) filtering; 2) credit analysis; 3) relative value; and 4) trade ideas. The sensitivity of each spread component is monitored using duration contribution and tracking error. The team believes that a well-diversified portfolio is essential for keeping event risk low.

Investment team

The team, led by Thomas Kristiansson, consists of five members with a strong combination of broad and varied academic and quantitative backgrounds and an average financial market experience of 13 years. The team is dedicated to the creation of value in the credit field. The team is based in Stockholm.

Research

Credit analysis revolves around management, business strategy, financial policy and ownership structure. Assessment of financial risk includes analyzing debt levels, meaning on- and off balance sheet liabilities, liquidity and maturity profiles. Financial risk is contrasted with the level and stability of cash flow generated. Competition within the industry is a key factor when evaluating future cash flows.

Portfolio construction

Portfolio construction is based on the conclusions of the monthly credit allocation meeting. General risk level is determined at these meetings, which are attended by relevant credit groups within SEB. Weekly team meetings are also held to identify events between the daily market monitoring meetings and the monthly macro meetings. When taking on new positions, relative value between issuers and various issues is considered.

Performance

Currency: EUR | NAV: 1.63 (12/4/2023) | AuM (M EUR) : 244.73 (10/31/2023)

SEB Corporate Bond Fund EUR (FundEUR)

Bloomberg Euro-Aggregate Corporate Index (Benchmark, )

	Fund EUR	Benchmark
Return % EUR	Fund	Benchmark
Accumulated since
1 day	0.4	0.2
1 month	2.6	2.2
3 months	3.2	2.9
6 months	4.1	3.5
1 year	4.2	3.5
3 years	-8.6	-9.2
5 years	-2.3	-0.8
Year to date	6.3	6.1
Average annual growth
3 years	-3.0	-3.2
5 years	-0.5	-0.2

Currency

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Period

Largest Positions*

% of Total

	% of Total
EURO-BOBL FUTURE Dec23	5.0
Cooperatieve Rabobank UA 3.250% 701229	1.8
Hannover Rueck SE 5.875% 430826	1.7
Credit Mutuel Arkea SA 4.125% 310402	1.7
Svenska Handelsbanken 5.000% 340816	1.7
Electricite de France 4.250% 320125	1.7
Sampo 2.500% 520903	1.6
Swedbank 3.625% 320823	1.6
British Telecommunications 3.375% 320830	1.6
ABN AMRO Bank 4.375% 710922	1.6

* Last updated 29 Sep 2023. Source: SEB

* Numbers are absolute, not relative

Other Information

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.

Tuesday, December 5, 2023 7:02:30 PM